Everstage Secures $30M in Series B - 3one4 Capital Continues to Champion Growth
We’re thrilled to share that Everstage has raised $30 million in a Series B funding round, led by Eight Roads Ventures, with participation from 3one4 Capital and Elevation Capital.
3one4 Capital, having led the Seed round in 2021 and participated in Series A in 2022, is proud to continue supporting Everstage in this latest round.
A Rapid Rise to Industry Leadership
Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage has quickly established itself as a leader in sales compensation management. The company's journey from inception to industry front-runner has been nothing short of remarkable, with a staggering 300% year-on-year growth since its founding.
Everstage's success is rooted in its founders' deep understanding of the challenges faced by sales teams and operations professionals. Siva Rajamani, who previously served as the head of global revenue operations at Freshworks, witnessed firsthand the complexities of managing sales compensation as a company scales. This experience became the catalyst for Everstage's mission: to simplify the work of operations and finance professionals while bringing certainty to the earnings of sales representatives.
Sales Performance Management: A Growing Enterprise Space
Sales Performance Management at the enterprise level is a rapidly growing space driven by the need for large organisations to optimise and align sales efforts with broader business objectives. With global enterprises managing expansive sales teams, often spanning multiple geographies, there is a growing need for solutions that provide a comprehensive framework to track, analyse, and improve sales performance.
The rise of cloud-based platforms and AI-driven analytics has fueled the adoption of advanced tools, offering real-time performance tracking, automated incentive compensation, and predictive analytics for better forecasting. This creates a fertile ground for growth, particularly as enterprises recognise the need to remain agile in the face of shifting markets and buyer expectations.
Despite the potential, there are significant untapped opportunities in personalised sales coaching, AI-enabled deal guidance, and seamless integration with CRM platforms. Many companies still struggle to align sales compensation with real-time performance data and ensure accuracy across distributed teams due to legacy systems and fragmented data, creating a gap for innovative companies like Everstage to offer more integrated solutions.
Product Led Growth for Cross-Industry Impact
Since its inception, Everstage has been on an impressive upward trajectory, recording a staggering 300% year-on-year growth. Clients using the platform have reported up to a twofold increase in deal closures, a direct reflection of the platform’s ability to optimise sales compensation and align incentives with broader business objectives. The company's modular product approach allows enterprises to dynamically manage their evolving needs while reducing the complexity of traditional systems.
At the heart of Everstage’s product offering is Crystal, a real-time commission forecasting tool that provides sales teams with visibility into their potential earnings. This transparency not only reduces financial uncertainty but also acts as a powerful motivator for sales representatives to close more deals. Complementing Crystal is Everstage’s BI-powered analytics platform, which provides organisations with actionable insights to optimise their sales strategies for profitability.
With over 2,000 positive customer reviews on leading software review sites like G2 and Gartner, Everstage has established itself as a leader in the sales compensation management space. The platform is consistently rated as the top solution for sales performance, with a customer satisfaction rating of 4.8 out of 5. Fortune 1000 companies such as GrayTV, Wiley, Diligent, Trimble, and Paychex trust Everstage to manage their sales compensation, a testament to the platform’s reliability and effectiveness. The company now serves over 200 clients, spanning industries such as manufacturing, financial services, pharmaceuticals, and technology.
Funding to Fuel Innovation and Growth
The $30 million Series B investment will be used to:
- Expand product capabilities to meet the evolving needs of global enterprises.
- Strengthen in-house professional services to accelerate customer onboarding and time-to-value.
- Drive product innovation with tools like Everstage’s soon-to-launch AI Agent Creation Studio, which will allow Revenue Operations (RevOps) professionals to build customised AI assistants for tasks like sales performance analysis and plan building.
“Our Series B is not just about growth; it’s about a long-term commitment to our customers”, said Siva Rajamani, Co-founder and CEO of Everstage. “In a market dominated by traditional vendors, we’ve questioned the status quo by offering a modern, strategic approach to sales performance management. This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before.”
3one4 Continues to Back Everstage
As early backers since 2021, we've witnessed Everstage’s vision firsthand, and with revenues quadrupling over the past two years and set to triple again in 2024, we continue to be impressed by Siva, Vivek, and the team’s exceptional execution. We’re excited to see them scale further and solidify their position as the most trusted sales commission management platform for enterprises.
