About three months after QuotaPath cofounder and CEO AJ Bruno told us to look out for a Series A, the SaaS company has closed a $21.3 million round.
In the spring, the two-time RealLIST Startups list maker had taken a strategic investment from HubSpot after launching an integration with the platform earlier this year. HubSpot joins this round, which was led by Insight Partners with participation from Stage 2 Capital, Integr8ted Capital and ATX Venture Partners — a mix of new and existing investors (peep its seed round in 2018).
QuotaPath, which makes a commission tracking and compensation management platform, went live with its first paid launch in June 2020, slightly delayed because of the pandemic. By this spring, it was used by local customers like Guru and and Thrive, and had about 1,000 orgs using the platform.
The three-year-old startup is split between Philadelphia and Austin. Employees in Texas were allowed to head into their office starting in May, if they were vaccinated, Bruno said. The Philly team, which is made up mostly of the company’s technologists, is looking for a space to open in September.
“When you’re already doing the dual HQ thing, remoteness is already a part of your company,” Bruno told Technical.ly.
Bruno said his experience as a second-time founder — previously leading TrendKite to a $225 million acquisition by Cision in 2018 — helped guide this round of fundraising. The company’s market is hot, and they met with a handful of funds before choosing Insight. Bruno got to have his first in-person funding meeting with Insight back in May.
When it launched, QuotaPath first step was consumer-facing app for sales reps and teams that would help them track their quotas and monitor their performance en route to commissions and bonuses. What it’s focusing on 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 CRM software like HubSpot.
“With the recent raise, we’ve reflected on where we are and where we’re headed,” reads the company’s Series A announcement post.
In the past year, QuotaPath has tripled its sales team and have made leadership hires in marketing and finance. Its revenue has grown by 600% in 2021, per the announcement post, and built integrations with Salesforce and Close.com as well as HubSpot. The funding will aid in doubling the team, which is current 28 people, by the end of the year.
It will also go toward new integrations, like accounting and payroll software, and tools toward the customer journey, the company said. Hiring will also focus on customer journey, although that will span most teams, Bruno said. (See open roles here.)
“As a product-led company, we are total nerds when it comes to building a product that creates more simplicity, efficiency, and accuracy in the commission process. This means helping companies move out of spreadsheets and into an automated solution,” the post says. “And supporting every stakeholder involved in commissions — commission and attainment tracking for sales reps and managers, deal auditing for sales and revenue operations, and payouts for finance and HR.”
Knowledge is power!
Subscribe for free today and stay up to date with news and tips you need to grow your career and connect with our vibrant tech community.