Business-to-business marketplace startup Glencoco Inc. today launched to announce that it has raised $3 million in new funding for platform and infrastructure development, service expansion and artificial intelligence augmentation.

The company was founded in 2022 by Ingwon Chae, the former head of growth at cloud security startup Wiz Inc., and Jason Bao, previously a senior software engineer at cloud-based security company Verkada Inc. and Meta Platforms Inc. It offers a marketplace that connects companies with business development consultants to generate qualified opportunities.

Glencoco provides the tools, software and interface for companies to list campaigns on its marketplace and allows certified business development consultants to source sales-qualified meetings and submit them to companies on a flexible, gig and remote basis. Features of the platform include the ability to embed elements of sales productivity tools, such as phone dialers, calendar scheduling and sales training modules, to enable outbound freelance prospectors with campaigns uploaded by enterprise companies on the platform.

The company has focused on developing infrastructure, including same-day payments for qualified meetings, call analytics, recordings for quality assurance and training, and scheduling infrastructure. Glencoco takes a 30% take rate of every qualified meeting passed through the platform.

Discussing his previous experiences in tech companies, Chief Executive Chae explains that he saw how challenging staffing teams can be for both small companies because of a lack of budget or resources to provide infrastructure and large companies. The average tenure of hires is said to be six to nine months, meaning that in a team of 100 outbound sales reps, most will be gone in around a year.

“With Glencoco’s platform, you have one of the most broadly accessible skillsets known to humankind — connecting with and talking to people — something college students, voiceover actors, aspiring entrepreneurs, semi-retired consultants who’ve sold to chief information security officers before, and you have businesses everywhere that rely on new customer intros as their lifeblood to grow their business,” Chae added.

Felicis Venture Inc. and Crossbeam Inc. led the founding round. Liquid 2 Ventures LLC, Browder Capital LLC, SOMA Capital LLC, Gold House Ventures LLC, angels and advisers from Stripe Inc. and a former vice president of product at Roblox Corp. also participated.

“Practically every startup we speak to is constantly looking for a better solution to scale up their sales function,” noted Crossbeam partner Ryan Morgan. “We believe Glencoco solves so many problems companies face when selling: how do you find great talent affordably, how can you scale up for seasonality and how can you align incentives so talent and companies both win.” 

Image: Glencoco