SaaS startup QuotaPath took a ‘strategic investment’ from HubSpot Ventures

Last fall, HubSpot Ventures’ Brandon Greer called QuotaPath cofounder and CEO AJ Bruno and asked if the company was actively raising.

They weren’t, Bruno said — but they’d be interested in making something work.

And, after launching an integration with the HubSpot platform earlier this year, they did: The three-year-old startup, which makes a commission tracking and compensation management platform, announced Thursday that it had taken a “strategic investment” from HubSpot Ventures.

Bruno had worked with the HubSpot team while running TrendKite, an analytics platform aimed at public relations firms. When the HubSpot conference launched in 2018, Bruno said he was blown away with how they handled their customers and, and was interested in their workings with small and mid-market customers, compared to just going after enterprises.

This strategic investment comes before the company plans to raise a Series A sometime this year. Bruno said he couldn’t share the deal’s monetary details. QuotaPath previously raised $3.5 million in seed funding.

The company’s first step was consumer-facing app for sales reps and teams that will help them track their quotas and monitor their performance en route to commissions and bonuses. What it’s seeing now is what the founders described back in 2018 as its “second act,” aimed at the enterprise software market: an analytics platform that will let managers get insight into their compensation models and connect the platform with customer relationship management software like HubSpot.

The two-time RealLIST Startups list maker pushed back its initial paid launch because of COVID-19, but finally went live with it in June 2020. To date, it’s used by local customers like Guru and and Thrive, and the company has about 1,000 orgs using the platform.

“The Ventures team loves spending time with founders and partners building in categories that provide unique value beyond our own core products — and do so in a way that centers a differentiated customer experience,” Greer wrote in a blog post about the investment. “QuotaPath is doing just that and has built a team that is up for the challenge of building an enduring and successful business.”

QuotaPath has team members based in both Philadelphia and Austin. With an upcoming Series A, the team also has plans to add to its local headcount, likely in product and engineering. (Check out its current open roles here.) The company’s sales and marketing teams are mainly out of Austin, Bruno said.

“We’ve been hanging out in Philly and watching other SaaS startups do very well, and we’re excited to be a big part of it,” Bruno said. “Took us a little while to get here, but we’re here.”