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The company helps salespeople keep track of their commissions
While many salespeople still live and die based on their commissions, the way those omissions are currently tracked is sadly outdated and haven't kept up with current technology. It's a system stuck in the previous century, and salespeople whose pay is determined by commission are stuck potentially losing out on their hard earned money.
"In today’s world, sales commission plans are rolled out every year, or quarter. Typically, then a handful of sales reps and managers that will build spreadsheets so they can track and understand how they are earning commissions or bonuses. That spreadsheet will 'live' on their computer and they quickly become outdated or inaccurate. Worse yet, there is no single source of truth since this exists outside of their sales enablement stack," AJ Bruno, co-founder and CEO of QuotaPath, told me in an interview. QuotaPath is a SaaS company that help employees who earn commissions track their pay and quota attainment.
"We are helping to build clarity to this by creating a free-to-use application that sales teams can use to collaborate and empower each other to hit more quotas. We'll allow them to easily see how much they are going to make in real time, set personal and company goals, and fuel their daily productivity."
On Monday, the company announced that it raised $3.5 million in funding led by existing investment group ATX Seed Ventures. With this latest round, QuotaPath has now raised a total of $5 million.
Founded in April of last year, QuotaPath is currently in beta with 300 customers, who are mainly individual sellers. While the most common use case is salespeople tracking how close they are to their quota and how much money they’re going to make, there are more advanced use cases that the company is discovering every day.
"Some people use the product to understand how different accelerators or affect their compensation. Some people are using the tool to forecast their deals for the future. A manager will soon be able to join into the workspace and share compensation plans so that everyone is aligned and they can track towards team goals. Alignment across the entire sales floor is our goal," Bruno explained.
In terms of competition, according to Bruno, the majority of its users don't even use an official commission tracking tool. And while there are some other companies offering a similar service, such as Xactly and CallidusCloud, they "are designed and built for accounting and finance teams. We’re taking a new approach and designing our product for the sales professionals, which has already set us apart from anything else on the market."
At least 50 of QuotaPath's users are logging in month over month, and "are saving time and energy tracking their commissions and becoming more effective and efficient sellers with QuotaPath." The company plans to open access to the public in the second quarter of 2019.
QuotaPath says it plans to use the funding to build out Premium and Enterprise features on the platform, which means it will be solving the pain points of at least five personas in companies: individual contributing sales reps, managers, VPs, sales ops, and finance.
"So far, our focus has been on building solutions for the individual sales rep and manager personas. As we continue to improve on that functionality, this round of funding will allow us to build solutions for the VP, sales ops, and finance persona. Executive level reporting, CRM integration, admin controls, forecasting, and role history tracking are a few of the features coming this year," said Bruno.
The company also says it will use the funding to expand its current team, which consists of eight people, with another two joining this month. That will include its first backend engineer.
"We also have an extremely talented front end team, 75 percent of the engineering team is currently front end, as there are a lot of pieces on the front end to match the persona use cases," Bruno told me. "We’re a diverse and passionate group of problem solvers and we’re looking for the best of the best to join our team. Our goal is to be tracking towards a billion dollar outcome in the years to come and we need some great people on the bus to do that."
The long term goal for QuotaPath is to build a connected community of high performing sales teams, and to be as ubiquitous as a company like Saleforce.
"I think the company has a huge opportunity to do this effectively based on how the business model is set up, similar to Slack or Dropbox. In five years, the goal is to have QuotaPath be a household name in the sales community like Salesforce or Salesloft is now."
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Joined Vator onAbout Xactly Corporation
Xactly Corporation is the market leader in on-demand sales performance management. The company’s flagship product, Xactly Incent, enables sales and finance executives to design, implement, manage, audit and optimize sales compensation management programs easily and affordably. Xactly solutions automate the process of aggregating data from disparate systems into a secure, hosted repository, and enable companies to leverage this business data, which is the lifeblood of sales performance management. Xactly helps companies improve operational performance, optimize sales effectiveness, proactively manage risk and compliance, and maximize profits. The Xactly family of products is used by sales and finance executives, compensation analysts, sales operations and sales professionals across a variety of industries, ranging from SMBs to large enterprises. For more information, visit www.xactlycorp.com or call 1-866-GO-XACTLY.