Sales commission management platform Everstage on Wednesday said it has raised $30 million in its Series B round of funding led by Fidelity-backed global venture capital firm Eight Roads Ventures.
Everstage, which counts SaaS unicorns like Chargebee, Postman and Nitro as some of its customers, said the round also saw participation from existing investors, Elevation Capital and 3one4 Capital, bringing its total funding to $45 million.
The enterprise-SaaS company’s new round of funding will be used to expand Everstage’s product capabilities and further invest in its in-house professional services to accelerate time-to-value for customers.
“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,” Siva Rajamani, Co-founder and CEO of Everstage, said in a statement.
Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage last raised $13 million in a Series A funding round from Elevation Capital in April 2022. In 2021, it raised a $1.7 million seed round led by 3One4 Capital.
Everstage is set to launch its AI Agent Creation Studio, a feature that will empower RevOps professionals to build and customise their own AI assistants. These AI agents will be capable of performing tasks such as sales performance analysis, plan building, and modelling recommendations, further streamlining the sales operations process, the company said.
In addition, Everstage also announced an Employee Stock Ownership Plan (ESOP) buyback worth Rs 5 crores.
Eight Roads, the lead investor in the Series B round, manages $11 billion of assets across Asia, Europe, Israel and the US, with a focus on technology, fintech, consumer and healthcare. Some of Eight Roads Ventures’ global tech investments include Appsflyer, Icertis, HiBob, Whatfix, Neo4J, MoEngage, Plaid, Fireblocks, Gloat, SaaS labs, Kyligence, Red Points, Recurly, Spendesk, Wovn and Yappli.
