Spiff, a provider of sales commission software for revenue and sales organisations, has scored $50m in a Series C funding round.
The substantial $50m funding was led by Salesforce Ventures and saw participation from notable investors including Lightspeed, Norwest, Kickstart Fund, Album, and others. This investment round represents a significant vote of confidence in Spiff’s vision and its pioneering solutions.
The firm’s core product offering focuses on sales commission software, which streamlines complex financial processes that were previously reliant on manual spreadsheet management. With the aim of revolutionising commission automation, Spiff has also launched its latest model builder, Spiff Designer. This state-of-the-art tool bridges the gap between traditional spreadsheet users and financial automation, providing a familiar, user-friendly interface powered by automated processes.
The new capital will be utilised to expand the company’s already robust sales commission portfolio, as well as to tackle other intricate sales and finance processes. Spiff Designer, a groundbreaking tool in commission automation, will play a crucial role, enabling finance and sales ops professionals to manage their commission programs more efficiently and effectively.
In addition to Spiff Designer, the businesses commitment to resolving broader issues within the Sales Performance Management category is evident. The company is on a mission to transform complex financial processes that hamper efficiency and productivity, such as Revenue Recognition, Forecasting, Allocations, and Territory & Quota Planning.
Spiff Founder and CEO, Jeron Paul, said, “With sales commission, Spiff cut its teeth on solving a very specific challenge enterprises were facing – how to rebuild trust in the sales commission process. Now with an influx of investment, we hope to build on the success we’ve already demonstrated with commission management and solve for broader challenges within the Sales Performance Management category.”
The fresh funding also strengthens Spiff’s existing relationship with Salesforce. The company is enhancing its suite of tools that integrate with Salesforce’s ecosystem, thereby ensuring seamless integration for their customers.
The Series C round follows Spiff’s previous enhancements and integrations within Salesforce to Spiff Commission Estimator, which were announced last year.
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