Everstage, a leading sales performance management software provider for enterprises, has successfully raised $30 million in a Series B funding round led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital.
This latest investment elevates total funding to $45 million, following a $13 million Series A round in April 2022.
The newly raised capital will be directed toward enhancing Everstage’s product capabilities and improving in-house professional services to ensure faster time-to-value for customers, as stated in a press release.
Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage offers a modern platform for managing sales commissions. Its innovative products are widely utilized by publicly listed companies and large enterprises, including GrayTV, Wiley, Diligent, Trimble, and Paychex.
Everstage serves various industry verticals, including technology, manufacturing, and financial services, positioning sales compensation as a vital driver of business growth. Its flagship product, Crystal, provides real-time commission forecasting for sales representatives, enabling sales teams to visualize potential earnings from closed deals, thereby reducing financial uncertainty and enhancing motivation.
In addition to Crystal, company offers BI-powered reporting and analytics, delivering actionable insights that support profitable growth through effective sales compensation strategies.
Recognized as the top sales compensation platform on leading software review sites such as G2 and Gartner, Everstage boasts over 2,000 positive customer reviews, underscoring its leadership in the industry.
While specific revenue figures are not disclosed, firm reports an impressive 300% year-on-year revenue growth last year. Alongside this funding round, the company announced an employee stock ownership plan (ESOP) buyback worth Rs 5 crore ($600,000).
This move aligns Everstage with notable companies such as Swiggy, Whatfix, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, DeHaat, Leverage Edu, Pocket FM, and Adda247, all of which have implemented ESOP buybacks to benefit their employees.