Total amount raised
$112 Millions
Latest funding date
05/01/2023
Location
Spiff has successfully raised significant funding over multiple rounds, culminating in its acquisition by Salesforce for $374 million. The platform offers a comprehensive commission management solution designed to automate complex processes and motivate sales teams.
With backing from notable investors like Lightspeed Venture Partners and Salesforce Ventures, Spiff continues to innovate in the financial services and sales automation sectors. Keep reading to explore the intricacies of Spiff's fundraising journey and the investors supporting this dynamic platform.
What Is Spiff?
Spiff, founded in October 2017, is a leading player in the financial services, FinTech, SaaS, and sales automation industries. The company is headquartered in Sandy, Utah, and was established by a team of founders including Albert Candari, Casey Crouch, Jean-Philippe Maitre, Jeron Paul, Matt Stapleton, Mike Ries, Tanner Lacey, and Travis Ashby.
With a workforce of 101-250 employees, Spiff specializes in commission management software that automates complex commission processes. The platform integrates machine learning to ensure accurate and error-free commission calculations, providing sales teams with the tools they need to generate more sales efficiently.
How Much Funding Has Spiff Raised?
- Seed Round
- Amount Raised: $3M
- Date: June 19, 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the Spiff platform and validate the market need for commission automation software.
- Seed Round
- Amount Raised: $3M
- Date: October 21, 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team to support early customer acquisition.
- Series A
- Amount Raised: $10M
- Date: June 26, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen customer relationships, particularly in sales and finance, and redesign the flagship product, Spiff Commission Designer.
- Series B
- Amount Raised: $46M
- Date: June 1, 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 commission process, enhance real-time finance automation software, and deepen integrations with platforms like Salesforce and Netsuite.
- Series C
- Amount Raised: $50M
- Date: May 16, 2023
- Lead Investors: Salesforce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business, enhance the platform, and expand market reach.
Total Amount Raised: $112M. Current Valuation: Not publicly disclosed.
Key Investors
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments. They have a strong presence in the enterprise, consumer, and health sectors.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snap, AppDynamics, MuleSoft.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, a leading CRM platform. They focus on enterprise cloud companies that extend the power of the Salesforce platform.
- Investment Focus Areas: Enterprise cloud companies.
- Notable Investments: Zoom, DocuSign, Twilio.
- Stripes
- Details: Stripes is a growth equity firm that invests in software and consumer businesses. They aim to partner with market-leading companies to drive growth.
- Investment Focus Areas: Software, consumer businesses.
- Notable Investments: Monday.com, Snyk, Flatiron Health.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a multi-stage investment firm that invests in early to late-stage companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, Jet.
What's Next for Spiff?
Spiff stands at the cusp of significant growth opportunities, driven by the increasing need for automation in commission processes. With deep integrations with major platforms like Salesforce and Netsuite, Spiff is well-positioned to expand its customer base and replace legacy commission software with more efficient solutions. The market for sales performance management is vast, and Spiff's innovative approach could revolutionize how businesses handle commission calculations.
Future fundraising opportunities appear promising, given the successful Series B round and the involvement of high-profile investors. As Spiff continues to enhance its product offerings and deepen customer relationships, additional funding rounds could support further expansion and technological advancements. However, challenges such as convincing enterprises to transition from traditional spreadsheets and managing complex integrations remain. Overcoming these hurdles will be crucial for Spiff's sustained growth and market dominance.
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