Less than 10 months after raising $46 million in a Series B, CaptivateIQ has raised $100 million in a Series C round.
The San Francisco-based startup, which has developed a no-code platform to help companies design customized sales commission plans, says it more than tripled its revenue compared to the year prior.
Three firms co-led CaptivateIQ's latest investment, including ICONIQ Growth and existing backers. The company's total funding raised to date is $164.6 million, with a new investor joining.
More than a quarter of the Forbes Cloud 100 and Affirm, Amplitude, ClassPass and Podium are part of the customer base.
In the winter of last year, CaptivateIQ was founded and came from Y Combinator. According to Mark, CaptivateIQ is part of a new wave of Incentive Compensation Management solutions that have sprung up in recent years to help companies automate and improve the task of designing, processing and reporting commission.
Sales compensation is the single largest go-to-market investment for most B2B companies.
Those legacy solutions can only handle certain types of commission plans and require users to learn programming languages, according to Schopmeyer.
He said that they are often cost prohibitive with implementation fees in the six-figure range.
The image is from CaptivateIQ.
In his view, CaptivateIQ alleviates these pain points by taking the flexibility of spreadsheets and combining it with the performance of software technology to set commission plans with minimal support.
Each company has a unique commission plan that involves a lot more calculations and data than your typical salary payroll math.
CaptivateIQ raises $46M for its no-code sales commissions platform
Schopmeyer said that the company is in growth mode and focused on investing in the product.
At the time of its Series B in April of 2021, CaptivateIQ had 90 employees, but now it has more than 200.
ICONIQ Growth General Partner Doug Pepper believes the market opportunity in sales commissions is enormous.
He wrote via email that CaptivateIQ is flexible and powerful and can be adapted to diverse compensation plans and sales organizations.
No-code is having a moment. A $35 million Series B financing was announced last week by the company that creates sales and marketing demo experiences. Softr, a Berlin-based startup that lets customers build apps atop Airtable databases, recently raised $13.5 million in a Series A round.
Don’t hate on low-code and no-code
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