Total amount raised
$112 Million
Latest funding date
05/01/2023
Location
Spiff has successfully raised funding over four rounds, with the latest being a Series C round. The platform is backed by notable investors, including Lightspeed Venture Partners and Salesforce Ventures.
Keep reading to explore the intricacies of Spiff's fundraising journey and the investors backing this innovative platform.
What Is Spiff?
Spiff is a compensation platform designed for revenue and sales organizations, helping to automate complex commission processes and motivate sales teams. The company operates in the Financial Services, FinTech, SaaS, Sales, and Sales Automation industries.
Founded in Sandy, Utah, Spiff has a workforce of 101-250 employees. The platform has been acquired by Salesforce and has received significant investments from Lightspeed Venture Partners and Salesforce Ventures.
How Much Funding Has Spiff Raised?
- Seed Round
- Amount Raised: USD 3,000,000
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Spiff's platform and establish initial market presence.
- Series A
- Amount Raised: USD 10,000,000
- Date: June 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen customer relationships and redesign the flagship product, Spiff Commission Designer.
- Series B
- Amount Raised: USD 46,000,000
- Date: June 2021
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel Spiff’s mission to put trust back into the commissions process and enhance product development.
- Series C
- Amount Raised: USD 50,000,000
- Date: May 2023
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and further integrate with enterprise systems.
Total Amount Raised: USD 109,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They participated in Spiff's Series B and led the Series C funding rounds.
- Investment Focus Areas: Enterprise cloud companies.
- Notable Investments: DocuSign, Twilio, Zoom.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments in the enterprise, consumer, and health sectors. They led Spiff's Series B funding round.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snap, AppDynamics, MuleSoft.
- Stripes
- Details: Stripes is a growth equity firm that invests in software and consumer businesses. They participated in Spiff's Series B funding round.
- Investment Focus Areas: Software, consumer businesses.
- Notable Investments: Monday.com, Snyk, Reformation.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a multi-stage investment firm that invests in early to late-stage companies across various sectors. They are an existing partner and participated in Spiff's Series B funding round.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, Casper.
What's Next for Spiff?
Spiff stands at the cusp of significant growth opportunities, driven by its deep integrations with platforms like Salesforce and Netsuite. The demand for accurate and transparent commission calculations presents a vast market, especially as enterprises shift from traditional spreadsheets to modern, user-friendly software solutions. This transition is crucial for sales and finance teams seeking efficiency and trust in their commission processes.
Future fundraising appears promising, given the strong backing from high-profile investors such as Salesforce Ventures and Lightspeed Venture Partners. These relationships not only bolster Spiff's financial standing but also pave the way for potential strategic investments and acquisitions. As Spiff continues to innovate, enhancing its product features and expanding its market reach, additional funding rounds are likely to support its ambitious growth plans.
However, challenges remain. Overcoming the entrenched use of legacy systems and ensuring seamless integration with various enterprise systems are significant hurdles. Additionally, maintaining a competitive edge in a rapidly evolving market will require continuous innovation and a keen focus on customer satisfaction. Despite these challenges, Spiff's trajectory suggests a bright future, marked by growth and industry leadership.
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