Spiff, a Salt Lake City, UT-based sales commission software provider for revenue and sales organizations, has announced the successful closing of a $50 million Series C funding round.
The investment was led by Salesforce Ventures, with participation from Lightspeed, Norwest, Kickstart Fund, Album, and other investors.
Spiff plans to use the funding to further enhance its sales commission portfolio and expand into solving complex sales and finance processes traditionally reliant on spreadsheets.
Additionally, the company has unveiled Spiff Designer, a new model builder that revolutionizes commission automation for finance and revenue teams.
Spiff Designer, the latest addition to Spiff's suite of tools, aims to bridge the gap between spreadsheet-centric users and financial automation. It combines the familiarity and ease of use of spreadsheets with the scalability, power, and speed of automation, enabling finance and sales operations professionals to effectively build and manage commission programs.
“With sales commission, Spiff cut its teeth on solving a very specific challenge enterprises were facing - how to rebuild trust in the sales commission process. With Spiff Designer, we have built the easiest to use and most powerful commission builder on the market. Previously, With other solutions, time to value has been measured in quarters or years and the customers' ability to self-manage commission plans has been non-existent,” Jeron Paul, Founder and CEO, Spiff, said.
Company: Spiff Inc.
Raised: $50.0M
Round: Series C
Funding Month: May 2023
Lead Investors: Salesforce Ventures
Additional Investors: Lightspeed, Norwest, Kickstart Fund, and Album
Company Website: https://spiff.com/
Software Category: Sales Commission Software
About the Company: Spiff is a new class of commission software that combines the familiarity and ease of use of a spreadsheet with the power of automation at scale- enabling finance and sales operations teams to self-manage complex incentive compensation plans with ease. Spiff is designed to facilitate trust across organizations, motivate sales teams, increase visibility into performance and earnings, and ultimately, drive top-line growth. The platform's intuitive UI, in-depth reporting capabilities, and seamless integrations make it the first choice among high-growth and enterprise organizations.
Source: https://spiff.com/press-release/series-c/