Highlights:
- CaptivateIQ raises $46M for its no-code sales commissions platform
- CaptivateIQ, has developes a no-code platform to help companies design.
- Investors include Amity, S28 Capital, Sequoia and Y Combinator also participated in the financing.
- The company plans to use its new capital to improve upon the user experience.
Introduction:
CaptivateIQ is a modern sales compensation software aimed to help businesses leverage the power of incentives to motivate teams
The company makes commissions clear and accurate with a flexible, automated solution designed to save teams countless hours and costly errors. CaptivateIQ believes people are motivated by incentives which is why processing commissions correctly and in a timely manner can make or break team morale and company performance.
The company’s solutions helps businesses design and measure the right incentive plans to keep their teams aligned and motivated.
It was founded in 2017 by Conway Teng, Mark Schopmeyer, and Hubert Wong.
CaptivateIQ Raises $45 Million in Sequence B Round Seed funding.
Incentive compensation platform CaptivateIQ at the moment introduced that it raised $45 million in sequence B financing led by Accel. The firm says it plans to use the funding to increase its attain, in addition to to develop AI applied sciences that profit sales planning and different elements of the enterprise linked to sales.
Management processes round commission programs may be each inflexible and costly. But in reality, sales compensation represents the only largest funding for many business-to-business firms. U.S.-based enterprises alone spend over $800 billion on it every year, in combination. This is thrice greater than what they spend on promoting.
CaptivateIQ, which launched in 2017 as a part of Y Combinator’s 2018 winter cohort, claims to automate commission workflows utilizing AI. The 90-employee startup was based by Conway Teng, Hubert Wong, and Mark Schopmeyer, who has a fintech background in funding banking and personal fairness.
Teng was a company finance analyst at McKinsey who later helped launch loyalty rewards startup Fivestars and labored on finance at Gusto.
CaptivateIQ’s no-code software collates data from disparate sources like invoices and billing systems.
CaptivateIQ’s no-code software collates data from disparate sources like invoices and billing systems to power real-time calculations. Customers can use it to build, preview, and launch commission plans and share them in customized reports.
CaptivateIQ is more than just commission software. Similar to UiPath, Ada, and Celonis, the CaptivateIQ is also a powerful and easy-to-use no-code platform. It automates an important aspect of the sales and finance workflow
Ninety-employee CaptivateIQ says that a portion from this latest funding round will enable it to build AI models . This will help people understand how taking certain actions will impact future earnings.
The idea is to be able to model and predict outcomes. Therefore, the companies will be able to drive behavior that helps employees achieve their financial goals.
