The Tribe Capital Series B round will be used by QuotaPath to boost product development and expand integrations with CRMs, ERPs, and payroll software.
PHILADELPHIA & AUSTIN, Texas(BUSINESS WIRE)April 26, 2022
, a commissions tracking and automation solution for sales and revenue teams, announced today that it received a $41 million Series B financing round led by Tribe Capital, with input from existing investors Insight Partners, ATX Venture Partners, Stage 2 Capital, and Integr8d Capital.
QuotaPath's latest round will be used to expand its worldwide team, strengthen its technical strategy, and expand its product portfolio, bolstering its exponentially growing number of paid users with additional resources to track, automate, and optimize compensation strategies.
"My co-foundersEric Heydenberk and Cole Evettsand I created QuotaPath in 2018 to solve a problem we saw firsthand while developing our last startup: the way companies pay their salespeople is broken," said the founder of QuotaPath, who sold his last startup, TrendKite, in 2019 for $225 million. "We now have a complex but user-friendly solution, and QuotaPath can, in turn,
QuotaPath's founders envision establishing a network of partners that includes integrations with additional CRMs, ERP, and payroll programs. This will allow the platform to handle the entire commission process, starting with plan modeling and ending in payment of commissions. In addition to technical upgrades and integration plans later this year, QuotaPath will focus more heavily on collaborating with customers on compensation plan strategy and design.
"Backing QuotaPath was an easy decision," said Sri Pangulur, a partner of Tribe Capital, who led the round. "In today's rapidly evolving talent markets, unified incentives are more important than ever to ensure continuous visibility across sales teams. "We believe QuotaPath can be the dominant commission tracking software for businesses of all sizes while growing alongside its customer base. We believe that QuotaPath will be a critical component of any business's GTM stack
QuotaPath's salary has increased by 325 percent in the last eight months, which has increased its employee headcount.
When you design a solution, and continuously improve it, said QuotaPath Co-founder Cole Evetts, who leads the company's product team. This new funding will help us provide our clients with solutions they cannot find anywhere else.
The founders of QuotaPath attribute the triple-digit growth to their customers' results: QuotaPath gives customers greater quota attainment, CRM cleanliness, and commissions transparency. QuotaPath's customers also indicate that it reduces the time required to run commission payouts by 17 hours on average.
According to Evetts, QuotaPath will continue to expand its platform's support for large organizations' complex compensation plans, giving its customers full visibility and access to track and automate commissions.
Insight's acquisition of QuotaPath is a testament to the company's leadership team, vision, and product, said Rachel Geller, Managing Director of Insight Partners. By making compensation plans more accessible and easier to deploy, QuotaPath is empowering worldwide sales teams to do their best work and be rewarded for it. We are looking forward to continuing to continue to drive QuotaPath's growth path.
QuotaPath: What Happened?
QuotaPath has an expanded network of sales organizations serving all industries. QuotaPath is dedicated to generating powerful results and achieving consistent ROI. Visit quotapath.com or Twitter for more information.
About Tribe Capital
Tribe Capital, a company founded in Silicon Valley, is a global investment advisor. To learn more, visit tribecap.co.
Insight Partners is a global software investment partnering with high-growth technology, software, and ScaleUp firms, which has increased its regulatory assets by $90 billion as of February 24, 2022. Insight Partners has partnered with over 55 companies across the country, including those who have invested in their first product or service. Visit insightpartners.com or follow us on Twitter @insightpartners.
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