Spiff, the next-generation sales compensation platform that automates commissions traditionally calculated in spreadsheets, today announced a $10M Series A funding round led by Norwest Venture Partners (Norwest). New outside investors include NextWorld Capital and Epic Ventures. Series Seed investors Kickstart, Album Ventures, Pipeline Capital and Peterson Ventures also participated. Sean Jacobsohn, Partner at Norwest, will join the Spiff board.
Spiff will use this funding to expand into new markets and acquire new customers. Many high-growth businesses have already chosen Spiff to automate commissions including Brex, Workfront, Algolia, Logz, Weave, Lucid, Xant, Qualys (NASDAQ: QLYS), and Podium. As sales teams try to reduce costs, save time, and increase operational efficiency, Spiff predicts a multi-billion-dollar opportunity in creating a new category for sales compensation management.
Spiff Founder and CEO Jeron Paul said, “Uncertainty is fast becoming the new normal and sales teams need the right tools to adapt and motivate sales. Commissions are a major cause of anxiety for teams who don’t understand or trust their incentive plan and many waste hours every month correcting mistakes or arguing with finance, which hits bottom lines. Norwest’s investment will help us automate commission calculations so sales teams have one less thing to worry about in these challenging times.”
Spiff has shown remarkable resilience during the economic fallout of the pandemic. The business has grown 1,000% in the last nine months and been named Best Sales Compensation Software for two consecutive quarters by software review platform G2. NVP’s investment serves as further validation the team is doing the right thing for customers who’ve suffered the inefficiency of Excel or costly legacy software.
“The world of sales compensation software is long overdue for a revamp,” said Sean Jacobsohn, partner at Norwest Venture Partners. “With 85 percent of companies still calculating sales commissions manually in Google Sheets or Excel, I’m excited to partner with Spiff to help transform the way people think about sales compensation and provide sales teams with a deeper level of visibility into their commissions.”
Spiff aims to set a new standard for sales compensation management, offering real-time commission visibility in a clean, intuitive UI. Such transparency calls for an end to ambiguity and arguments while letting sales, finance, and ops teams self-manage compensation plans. Employees can then spend more time on their jobs and less time worrying about compensation – a result that pays for itself many times over.
“I like that I always know what my commission is during the month. I can focus on doing my job without worrying about staying on top of my compensation. It has a really clean layout and is easy to use. I also like that it tracks what my average commission is so I can accurately guess what my income will be, or know if I am having a better month than usual.”
Braydon G, Account Executive, G2 review
“Spiff has rescued us from the behemoth spreadsheet we used to use and rebuild every year for calculating commissions. Not only is this less work for our finance team, but we now have the ability to provide much more transparency to our sales team in how they are getting paid.”
Preston R, Director of Operations, G2 review
“Spiff has taken out the grueling aspect of calculating commissions in a spreadsheet and manually creating commission statements for each sales rep, thereby saving us a lot of time on the financial reporting side. An added bonus is the sales team has on-demand visibility (at a summarized and granular detail level) into their commissions through the integration with Salesforce. Spiff fully automated the calculation of our commissions and now serves as a source of truth for the sales team and accounting/ finance team. When questions arise I can rely on Spiff for the accurate information. Spiff is easy to navigate as an end user and overall has been well received within our organization.”
Kim Halamicek, Accounting Manager, HireVue
“From the sales representative to the implementation specialist, everyone at Spiff has been great to work. It’s clear the company has a solid culture focused on taking care of their customer’s.”
Ryan Randall, VP of Finance and Accounting, Atmosera
“As the sole Rev Ops person at Reonomy, I’m always trying to find ways to create efficiencies and scale myself through technology in order to focus on the highest value activities, like spending time with Reps and improving processes. Before Spiff, I would spend at least two full days a month calculating commissions. Now, I have that time back to focus on less administrative tasks! Not to mention, the visibility and clarity it has provided for our reps is unmatched. I receive noticeably less emails from reps around the what & why of their commission payout. They find it extremely valuable to have real-time information on their performance to date.”
Adriana Brown, Senior Revenue Operations, Reonomy
“Before purchasing Spiff our process was more tedious due to an emphasis on manual processing. Spiff has allowed our sales team to have accurate visibility into their commission so that they can focus on doing what they do best – sales. I’ve been blown away by the Spiff team and their willingness to make sure that our commission process is a success. From late night video calls to onsite visits, they’ve gone the extra mile to learn and help our sales ops team be successful. Spiff allows us to calculate commissions fast and accurately, freeing up time for us to be less operational and more strategic in how we run commissions.“
Robbie Matthews, Senior Sales Operations Analyst, Podium
Spiff’s positive impact on sales teams is clear, and with the help of Norwest’s investment and Sean Jacobsohn’s expertise, it could boost morale and motivation at a time when both may be running low.
Spiff is a next-generation sales compensation platform that automates sales commissions traditionally calculated in Google Sheets or Excel and motivates sales teams. Some of the reasons people choose Spiff are fast implementation, real-time commission visibility and transparency for sales teams, and the ability for finance and sales ops teams to self-manage compensation plans.
About Norwest Venture Partners
Norwest is a leading venture and growth equity investment firm managing more than $9.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 150 active companies currently in our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.