Toplyne has raised $15 million to assist SaaS businesses sell more

Toplyne has raised $15 million to assist SaaS businesses sell more ...

Toplyne, a California-based company that provides a platform to assist product-led businesses improve their conversion rates, has today announced that it has raised $15 million in a series A round of financing.

The software-as-a-service (SaaS) has evolved into a major market segment, with a growth of $31 billion in 2015 to $152 billion in 2021. However, many other lesser-known corporations are tackling key issues across the spectrum with software. They are continually increasing their investment, collecting capital and increasing their business on a daily basis.

Most SaaS enterprises are experiencing a significant decrease in the number of users being driven by freemium offerings, but they are struggling to convert them into paying or premium customers. In fact, today, most hyper-growth product-led businesses are experiencing a decrease of 1.5 percent. This is far from superior and has a significant impact on revenue growth.

Toplyne identifies users to target

Toplyne, which was established in 2021, works to address this challenge by providing a tool that identifies which users are most likely to convert and shares that information directly with sales teams, so they may be available for immediate use.

Both strategies require a lot of time and resources, especially when data engineers and scientists must collaborate to extract and transform product usage data, iterate on models, and then sync insights from them with CRMs.

The most straightforward way to visualize Toplyne is that you are between your data (product usage, billing, support, etc.) and end applications where work gets done. Ruchin Kulkarni, the cofounder of Venturebeat, has said that we have productized and generalized what is between the two sides of the stack.

The solution fits directly into an analytics infrastructure (Snowflake, Amplitude, or any other) and analyzes user signals such as product usage and paywall interactions to classify users into three groups high intent users, low intent users, and fence-sitters. Then, the information about these is then sent to the sales teams CRMs (Salesforce, Outreach, etc.), enabling them to use the data to perform faster GTM experiments, like personalized calls with discounts for fence-sitters, and implement scale strategies.

Key customers

Although Kulkarni, who worked with Sequoia India, did not disclose the exact growth figures, he noted that the company has involved prominent SaaS players in the past few months, including Canva, InVideo, Grafana, BrowserStack, and GatherTown.

Toplyne''s most powerful leads are synced into their CRM systems, from where the sales team drives conversions. He said that since Toplyne''s release, customers have seen a 1.8 increase in sales conversion rates.

According to the company''s cofounder, PLG CRMs that show user journeys through activity charts (under other words) do not provide insights to this level to assist product-driven teams aggressively identify potential customers and sell to them. In fact, the company claims that its intent models can easily identify 50% or more conversions by targeting only the highest 1-2% of the highest intent users.

Plan ahead

Toplyne will continue to expand its team and deliver on its product roadmap in the coming three months. This includes launching a fully self-service product in the next three months to onboard waitinglisted SaaS players, and scaling key business functions such as sales, growth, product marketing, and customer success.

According to Fortune Business Insights, the worldwide SaaS market will surpass $700 billion by 2028. Enterprises may expect to see the development of further tools in the next years.

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