SaaS startup Everstage raises $30 Mn led by Eight Roads Ventures

Entrackr · 8m

Everstage, a sales performance management software provider for enterprises, has raised $30 million in a Series-B funding round led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital. This latest investment brings Everstage’s total funding to $45 million. Previously, the Chennai and Delaware-based SaaS startup raised $13 million in a Series A round in April 2022. The newly raised funds will be allocated to expanding Everstage’s product capabilities and enhancing its in-house professional services to deliver faster time-to-value for customers, the company stated in a press release. Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage offers a modern platform for managing sales commissions. Its products are widely used by publicly listed companies and large enterprises, including GrayTV, Wiley, Diligent, Trimble, and Paychex. Everstage caters to various industry verticals, including technology, manufacturing, and financial services, aiming to position sales compensation as a key driver of business growth. Its flagship product, Crystal, provides real-time commission forecasting for sales representatives, allowing sales teams to visualize potential earnings from closed deals, reducing financial uncertainty and enhancing motivation. In addition to Crystal, Everstage offers BI-powered reporting and analytics, delivering actionable insights that support profitable growth through effective sales compensation strategies. Everstage is recognized as the top sales compensation platform on leading software review sites, including G2 and Gartner, with over 2,000 positive customer reviews underscoring its leadership in the space. While not disclosing specific revenue figures, Everstage claims a 300% year-on-year revenue growth last year. Alongside its recent funding round, the company announced an employee stock ownership plan (ESOP) buyback worth Rs 5 crore ($600,000). With this move, Everstage joins companies like Swiggy, Whatfix, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, Purplle, DeHaat, Leverage Edu, Pocket FM, and Adda247, all of which have conducted ESOP buybacks to benefit their employees.