Investment led by 3L, Whitecap Venture Partners, Harbourvest, and RRE Ventures
PartnerStack, provider of the only partnerships platform designed to create new revenue channels for SaaS businesses, today announced that it has closed $29 million USD in Series B funding. This investment round was led by 3L with participation from Whitecap Venture Partners, Harbourvest and existing investor RRE Ventures, and caps off a fourth consecutive year of triple-digit revenue growth for the company since its founding through Y Combinator in 2015.
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With this new round of funding, PartnerStack will invest in recruiting more high-value partners into its partner network, building more opportunities into its platform for SaaS companies and partners to discover each other, improving its built-in payments and automation technologies, and scaling up its go-to-market efforts alongside its own partner program to bring the power of partnerships to even more SaaS companies.
“We started building PartnerStack when we saw that other partner management software just isn’t built for SaaS businesses, at a time when most SaaS businesses weren’t yet looking for it,” said Bryn Jones, PartnerStack CEO and co-founder. “That’s changed: this investment comes as more SaaS businesses today see how partnerships can scale revenue faster than sales and marketing alone. We’re proud to work with many of the fastest growing programs in SaaS, and this investment will allow us to reach and support many more.”
“We increasingly see businesses in our portfolio and across the industry doubling down on channel partners as a major growth lever, and we see PartnerStack as the only company that has built a platform, marketplace and payments layer that powers indirect software distribution,” said Jodi Kessler, partner at 3L. “We’re excited to support PartnerStack — and their customers — in this next stage of growth.”
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In the past year, PartnerStack’s network of 65,000+ active partners has driven over $120 million USD in revenue and over 1.6 million new customer sign ups for companies hosting their partner programs on the PartnerStack platform. The platform is ranked #1 in Partner Management Software by leading business software review site G2, which also named PartnerStack one of the Top Products for Sales and Fastest Growing Products in its 2021 Best Software list.
PartnerStack was ranked Canada’s #1 Best Workplace in its size category by Great Place to Work®, and more than doubled its headcount to 136 people in the past year, all while the company transitioned from working in its Toronto headquarters to being fully remote during the coronavirus pandemic. As it gears up for the next stage of growth, PartnerStack is looking to continue growing its team and to establish a new headquarters in Toronto.