Everstage, a Chennai and Delaware-based SaaS company that provides a modern sales commission management platform, has raised $13M in a Series A round of funding led by Elevation Capital with participation from its existing investor, 3one4 Capital.
The company plans to utilize the funds to further expand the sales, engineering, and solutions teams to serve customers worldwide. The 50-member team is expected to grow 3x by the end of the year.
Speaking on the funding, Siva Rajamani, Co-founder & CEO of Everstage, said, “We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy-to-set-up and use a product that was high on ongoing configurability. Our conviction for disrupting the market has only gone up in the last one year with the number of customers choosing us over established players.”
Commenting on the investment, Akarsh Shrivastava, Principal at Elevation Capital, said, “With ever-increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage elegantly allows companies to design and manage even the most complex plans while ensuring a modern UI/UX and a consumer app-like experience. This is currently missing from the legacy vendors’ value chain. Super excited to back the Everstage team as they build the RevOps platform of the future.”
“We have been extremely privileged to be working with Siva, Vivek, and the entire Everstage team over the last two years and have been highly impressed by their execution. We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cements themselves as the most trusted sales commission management software for the enterprise,” Anurag Ramdasan, Partner at 3one4 Capital, further added.