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Spiff, an automated commissions platform for businesses, today announced it has raised $46 million in a series B round of funding from Lightspeed Ventures Partners, Salesforce Ventures, Stripes, and Norwest Venture Partners.
Founded out of Sandy, Utah in 2017, Spiff is one of several platforms designed to automate sales commission payments, a greater challenge for enterprises that have to deal with complexities such as geographical spread and multiple commission plan structures, Spiff said.
How it works
Companies connect Spiff to their customer relationship management (CRM) platform, business intelligence (BI) tools, or accounting and payment systems to automatically glean real-time sales data. While its prebuilt integrations include the likes of Salesforce, Looker, Snowflake, Quickbooks, and Stripe, the company also follows an API-first philosophy that opens things to just about any data conduit.
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“If you think about commissions, it sits at the center of CRM, ERP, HRIS, BI, and data lake systems,” Spiff founder and CEO Jeron Paul told VentureBeat. “These aren’t ‘Excel-oriented’ systems. These are object-oriented systems. So Spiff is perfectly positioned to connect to these systems [and] transform the data using Excel-like syntax to achieve complex mathematical and logical modeling and automate processes.”
Through the no-code Spiff commission designer dashboard, companies can combine rules, variables, and conditions around commission payments so that when an employee meets certain preset criteria, they automatically receive their dues. This can support any number of commission structures, including deal splits, ramps, and team roll-ups.
Managers can assign or unassign sales reps to commission plans, with Spiff automatically adjusting the commission payable based on the dates they were assigned to a deal.
The Salesforce factor
The addition of Salesforce to Spiff’s roster of investors is particularly notable, given that almost 70% of Spiff’s customers use Salesforce as their CRM. Alongside today’s funding, Spiff also announced that it has launched a new Spiff iframe for Salesforce.com, enabling customers to see their commissions and calculations without leaving the CRM.
Spiff has now raised around $60 million since its inception, and while its latest series B round ushered in some notable VC backers, it also attracted individual investors, including UiPath CEO Daniel Dines and Alteryx CEO Mark Anderson.
With its latest cash injection, Paul said the company is prioritizing road map items that “put trust back into motivational compensation,” including adding new sales performance management functionality and making its core designer product “more powerful and easier to use.” Other investments will include machine learning, sales forecasting, and planning integrations, deeper integrations with payroll, and more.
“As far as what is driving investor interest, it’s a combination of factors — it’s a large market that desperately needs innovation with a lot of old-school legacy vendors,” Paul said. “Commissions represent 10% of the typical company’s budget, and investment in sales reps remains one of the best ways to grow revenue. So there’s little doubt sales commissions are a critical area to get right. So many finance people are pulling their hair out with manually intensive, error-prone processes that end up demotivating sales teams.”
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