UPDATED 08:00 EDT / JANUARY 26 2022

CLOUD

Cloud-based sales commission software firm CaptivateIQ becomes a unicorn with $100M round

Sales commission management software provider CaptivateIQ Inc. is getting a $100 million cash injection to pursue its mission of helping businesses leverage the power of sales team incentives.

Today’s Series C round was led by Iconiq Growth and existing investors Sequoia and Accel, with Sapphire Ventures also participating as a new investor, bringing CaptivateIQ’s total amount raised to date to $164.6 million at a $1.25 billion valuation.

CaptivateIQ is one of the biggest players in an emerging class of incentive compensation management platforms that help companies to track and manage sales commissions with automated workflows.

Its platform combines automation with the ease of traditional spreadsheets, helping organizations of all sizes to create, preview and launch custom sales commission plans and calculate payouts for their sales teams. Meanwhile, administrators can track the performance of individual agents, share their results and earnings and settle pay inquiries.

Other capabilities in CaptivateIQ’s platform allow companies to design and apply employee assumptions, manage exceptions, implement calculation formulas, handle adjustments and run payout simulations in real time. Administrators can also gain insights into trends and deal volume by average size, type and more using metrics and key performance indicators. Additionally, the platform supports integration with Salesforce, facilitating synchronization of data across deals and consolidate information from multiple spreadsheets and systems into a unified workbook.

All told, CaptivateIQ offers an extensive range of functionality for sales team management and it has won the company a lot of fans. Over the last year it has gained momentum, with its revenue growing by three times, it said today, though it didn’t provide specific revenue numbers.

Co-founder and co-Chief Executive Officer Mark Schopmeyer said businesses today more than ever are embracing the power of incentives to ensure their employees are motivated and engaged in the remote work era.

“We process our monthly commission payouts 60 times faster with the CaptivateIQ platform without sacrificing accuracy for speed,” said Bryan Bayless, vice president of revenue operations at Gong.io Inc. “Through its flexibility, transparency and automation, CaptivateIQ has become an essential partner in scaling revenue operations for our fast-growing sales organization.”

CaptivateIQ said it will use the funding received today to continue developing its core product and features. To that end it will add more hires to its engineering, product and design teams. It will also look to expand its sales and marketing teams to sustain its growth.

Image: CaptivateIQ

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