Sales commission software company tripled revenue; Increased post-money valuation to $1.25 billion since Series B ten months ago
CaptivateIQ, the leader in sales commission software, today announced it has raised $100 million in Series C financing led by ICONIQ Growth, Accel and Sequoia, with Sapphire also joining as a new investor this round. CaptivateIQ is the leader of an emerging class of Incentive Compensation Management solutions that makes sales commissions easy to track and manage with automated and flexible workflows.
This investment comes at a time of great momentum for the company, having more than tripled its revenue compared to the year prior. Today, CaptivateIQ fuels high-performing revenue teams, including those at companies like Amplitude, ClassPass, Gong, and Grammarly. In 2021, the company raised a Series B for $46 million, bringing total funding to date to $164.6 million at a post-money valuation of $1.25 billion.
Read More: Eventzee Announces Partnership With Fundraising Platform Provider, Qgiv
The company plans to use this investment to continue the development of the core product features that further empower everyone involved in the commission process – finance, operations and sales teams – to better adapt to change and more easily tailor plans, workflows and outcomes to meet the unique needs of their business. The company also intends to fuel hiring across all teams including engineering, product and design and sales and marketing.
“Companies are embracing the power of incentives, as evidenced by our overall revenue and customer growth, as a way to keep employees engaged and motivated in this new era of work,” said Mark Schopmeyer, co-CEO and co-founder of CaptivateIQ. “We’re honored to have incredible customers, world-class investors and supportive partners who believe in our mission to make incentive compensation management a strategic business advantage by fostering transparency, job satisfaction and productivity.”
“We process our monthly commission payouts 60 times faster with the CaptivateIQ platform without sacrificing accuracy for speed,” said Bryan Bayless, vice president of revenue operations at Gong. “Through its flexibility, transparency and automation, CaptivateIQ has become an essential partner in scaling revenue operations for our fast-growing sales organization.”
Read More: SalesTechStar Interview with Karam Malhotra, Partner and Global Vice-President at SHAREit Group
“With the CaptivateIQ leadership team’s strong background in finance and direct experience managing commissions in prior roles, they have an intrinsic understanding of the challenges faced by revenue leaders and commissions administrators,” said Doug Pepper, general partner at ICONIQ Growth. “CaptivateIQ has set the new standard in commission management, and we are thrilled to support them in advancing their leadership of this new category.”
CaptivateIQ is the most flexible compensation platform, empowering customers to sync their data, design any plan and build workflows that work best for their business. With its logic-based modeling and robust reporting, teams on CaptivateIQ are more productive and can iterate with confidence to achieve their revenue goals. Built-in collaboration and reporting tools enable seamless communications between sales professionals and compensation plan administrators.