• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Pitch a Startup
    • Make a Contribution
  • Startup Jobs
  • Market Reports
  • Technologies
    • Technology Events
  • Domain Names for Startups
  • About
    • How to raise venture capital
    • How to raise seed funding from angel investors
    • How private equity and venture capital firms operate
    • What is the difference between private equity and VC funding?
    • What technology trends are considered hot among VC firms?
    • What is elevator pitch?
    • What is startup burn rate?
    • Does failure to launch a startup spell the end of the entrepreneur’s ambitions?
    • How to avoid pitfalls in founding a startup
    • Why do startups fail?
    • What are the traits of successful startup founder?
    • What are startup vanity metrics?
    • Why investing in the next generation of women and diverse entrepreneurs is a crucial part to the success of the tech infrastructure
    • Where are VCs seeing opportunity
    • How do startup valuations work?
    • What is startup accelerator?
    • How to scale an early-stage startup team, how much to pay and how to distribute equity
    • Don’t mix business with friendship: when it comes to building a founding team for a startup, this adage may not always apply
    • What is a social unicorn?
    • Secure Your Startup’s Future: The Importance of Succession Planning
  • Contact

Spiff Raises $46M in Series B Funding to Put Trust Back Into the Commissions Process

June 1, 2021 By admin Leave a Comment

Revolutionizing commissions automation with a new class of software, Spiff has raised more than $60 million in funding in less than a year

SALT LAKE CITY – Spiff, the leading sales commission software for forward-thinking revenue and sales organizations, today announced $46 million in Series B funding from new and existing investors. The amount raised reflects the critical need every business has for the right kind of revenue growth that aligns both the “top-line” and “bottom-line” aspects of an organization.

Led by Lightspeed Ventures Partners, the new round includes investments from Salesforce Ventures and Stripes, along with existing partner Norwest Venture Partners and all of the original investors. In total, Spiff has raised $68 million. This latest investment follows a year in which Spiff secured its Series A funding, deepened customer relationships, particularly those in sales and finance, and redesigned its flagship product, Spiff Commission Designer, making it the sales performance management industry’s first enterprise-grade compensation platform that is easier to use than a spreadsheet. For its accomplishments in 2020, G2, the peer-to-peer review site, named Spiff one of the top 10 fastest growing software companies of 2021 with the highest rankings across both the Sales Performance Management and Incentive Compensation Management categories.

This funding will fuel Spiff’s mission to put trust back into the commissions process. “It’s been an amazing year at Spiff,” Jeron Paul, chief executive officer, Spiff, said. “Our product goal is simple: Put trust back in the commissions process. Commissions you can trust should drive dramatic, measurable revenue growth. They should motivate reps to perform at their peak. And most of all they should free finance from endless spreadsheet challenges. For salespeople, a smoother commissions process gives them peace of mind and motivational insight into their earnings. For finance and sales ops executives, it’s buttoning up and trusting a process that has grown manual, error-prone, time consuming, and expensive.”

Real-Time Finance Automation Software
Automating commissions is hard. Commissions are complex, mathematically and logically-intensive, and they require seamless integrations with object-oriented systems like Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resources Information Systems (HRIS) , Business Intelligence (BI), and data lake systems in real time. Spiff believes that solving these problems requires building a new class of software that provides the flexibility of custom-coded applications with the ease-of-use of spreadsheets.

Deep Integrations with Salesforce and Netsuite
Welcoming Salesforce Ventures as an investor allows Spiff to build on its market-leading Salesforce.com integration and collaborate even further with Salesforce for Spiff customers. Nearly 70% of Spiff’s customer base uses Salesforce.com as its CRM. The collaboration follows a recent partnership with Netsuite where Spiff achieved Built for Netsuite status, enabling it to integrate with a growing list of important platforms for its customers. Along with the funding, Spiff also announced today that it has released a Spiff iframe right inside the Salesforce.com platform so that customers can see their commissions and calculations in the platform they use most frequently.

Ending The Cold War Between Sales and Finance
Commission design and management has become the bane of the organization – and a morale killer. Sales doesn’t trust the math behind the commission numbers and reps have little to no transparency into the activities that will get them paid. Finance teams are focused on the bottom line and making the company money – which is often at odds with plans for individuals. At bare minimum, it monopolizes the time of finance and sales organizations but, more often than not, also requires the attention of others on the senior leadership team. From design, to planning, to managing through adjustments, commissions planning has become an onerous responsibility for most organizations.

This challenge is magnified in enterprises that deal with the complexities of different geographies, various plan structures, and thousands of global salespeople who are motivated by their commissions. Quick to experiment and fail with other emerging technologies, enterprises have been slow to adapt from the aged-old solution for commissions planning and management: spreadsheets.

While unarguably still a valuable business tool, spreadsheets lack the flexibility and scale to work effectively with today’s commissions.

“Commission spreadsheets and other legacy commissions apps continue to have a stranglehold over sales and finance teams when it comes to commission design,” Paul said. “Spreadsheets have become the ripped and tattered sweatshirt of the commission process and it’s time to toss them. We are in the waning years of spreadsheets as enterprise tools. Spreadsheets will always be amazing scratchpads but they are horrible enterprise automation platforms. Similarly, legacy commission software is just professional services masquerading as software. Spiff is a completely new breed of software, and a spreadsheet replacement for forward thinking businesses looking for a low-code/no-code commissions solution that can grow with the organization.”

Individual investors in the round include: Mark Anderson, CEO, Alteryx; Daniel Dines, CEO, UIPath; Marc Maloy, CRO, BetterUp; Paul Melichiorre, CRO, Anaplan; Hanno Renner, CEO, Personio; Alexi Robichaux, CEO, BetterUp; Leslie Stretch, CEO, Medallia and former CEO, Callidus.

Supporting Investor Quotes
Arsham Memarzadeh, Partner, Lightspeed Venture Partners: “Spiff takes commissions out of obscurity, both from legacy systems or manual spreadsheets, to a modern, drag and drop interface that’s integrated into your entire stack. They’re being used as the control plane behind sales motivation and planning, and their daily usage rates among customers – from individual reps to the C-suite – indicate how critical incentives are in driving behavior. It reminds us more of consumer apps than what we’re used to seeing in enterprise software.”

Bill Patterson, EVP of CRM Applications, Salesforce: “Sales reps are the foundation for getting businesses back to growth, so Spiff is revolutionizing how companies drive motivation for sales teams by bringing transparency and trust to compensation. We’re thrilled to be traveling this growth path with Spiff as it simplifies the complexities of the commissions process that currently pains enterprises.”

Sean Jacobsohn, Partner, Norwest Venture Partners: “Norwest saw early the potential Spiff offers in solving a massive, underserved problem: the dogfight happening between finance and sales. Spiff not only automates the commission process, providing transparency and visibility into it, but it has a profound impact on employee experience. In our conversations with Spiff customers, we repeatedly heard that Spiff delights customers, who reduce their compensation calculation error rate from five percent to less than one percent. That’s math any sales or finance team can get behind.”

Paul Melchiorre, Operating Partner, Stripes: “From SAP to Ariba to Anaplan, I’ve witnessed great innovation in enterprise software over the course of my career. Spiff is the next generation Sales Performance platform that will replace the old school legacy products from Anaplan, Callidus and Xactly “

About Spiff
Spiff is a leading sales compensation platform that automates commission calculations and motivates teams to drive top-line growth. With a combination of intuitive UI, real-time visibility, and seamless integrations into current systems, Spiff is the first choice among high-growth businesses. https://www.spiff.com

Filed Under: PR

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

DevOps and Agile: Integrating Development and Operations
China’s Use of Golden Shares: From Reducing State Role to Quietly Controlling Tech Giants
Why Amazon Acquired One Medical: Disrupting the Healthcare Industry with Technology-Enabled Care
The End of an Era: Why China is No Longer Viable as the World’s Factory
Cloudflare’s FedRAMP authorization opens up a huge market opportunity in the US government sector
Datadog’s strong financial results for the fourth quarter and fiscal year 2022 provide a solid case for a Buy recommendation
Cisco: Struggling to find new avenues of growth

Market Research Media

Agile Leadership: Leading Agile Teams for Success
Chinese Brands Reach New Heights of Popularity in the West Amid Growing Political Tensions
Unrestricted Streaming: How VPNs Can Enhance Media Consumption Experience
How the world’s biggest companies have built and defended their moats
Virtual Learning Environments: A Game-Changer in Education?
Streaming video, training, and gaming coming together to form a cohesive and diverse media and entertainment ecosystem
Turn Your Story into a Game: The Art of Gamifying Your Plot

Secondary Sidebar

Technologies

AI Developer
Nvidia’s Lead in AI: Disrupting the Tech Industry
Canva Launches Brand Management Features and AI-Powered Design Tools to Empower Creatives and Professionals
Cloudflare Enters Fraud Detection Market with Cloudflare Fraud Detection
Devices utilizing Wi-Fi HaLow technology are gaining momentum

Tech Events

The Yugabyte’s third annual Distributed SQL Summit (DSS) Asia, March 28, 2023
NVIDIA GTC, a global conference for the era of AI and the metaverse, March 20-23, 2023
Splash User Conference and Partner Summit will take place from April 17 to 20, 2023 in Washington, D.C.
Fiber Connect 2023, August 20-23 2023, Orlando, Florida
International Battery Seminar & Exhibit (IBSE) on March 20-23, 2023 in Orlando, FL

Footer

Recent Posts

  • African Venture Investment Soars to Record High, Fueled by Tech Startups
  • Pitchly Secures $7 Million Series A Funding for SaaS-Based Data Enablement Solution
  • Agile Project Management: Roles and Responsibilities
  • Candidly, a student debt and savings optimization platform, has raised $20.5 million in a Series B round of financing
  • GameTech Startups Attracting Venture Capital Funding: The Importance of VPN Security
  • Spreetail Secures $208M Funding to Enhance Ecommerce Acceleration Capabilities
  • Metomic secures $20 million in Series A funding to expand its SaaS data security solution in the US
  • The Texas A&M University System is set to create a boom in startups
  • Goose Insurance Services, a Vancouver-based insurance technology company, has recently closed a $4 million Series A funding round
  • Smile Identity, the leading identity verification platform in Africa, has raised $20 million in its Series B funding round

Dossier

Agile Coaching: The Key to Successful Agile Implementation
GameTech 2023, GameDev Conference, March 3, 2023
AI is Disrupting Software: Key Takeaways from Tech Summit 2023
indie Semiconductor has entered into a definitive agreement to purchase GEO Semiconductor
Why UK faces chronic labor shortages

Press Media Release

Webinar: Agile Software Development Metrics and Measurement
VPN Workshop Program Offers Comprehensive Training on VPN Technology
New Technology Job Board Launches to Connect Job Seekers with Top Employers
Media Release: Israelis Protest Proposed Judicial Reforms Amid Knesset Debate
S3H.com to Showcase Cutting-Edge Technology at MWC Barcelona 2023

App Coding

Common Pitfalls in Agile Development and How to Avoid Them
How Much Does It Cost to Build a FinTech App?
The annual GameTech Market 2023 is back and better than ever!
Appy Pie Introduces AI App Generator to Expedite App Development Process
Understanding Data Structures and Algorithms

API Coding

Building More Resilient APIs through Negative Testing
API governance is essential for ensuring the secure and reliable use of APIs
How to re-write a legacy API
How to Build API in Next.js
API Hub for Business Allowing Companies to Launch Custom Hubs in Minutes

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT