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Spiff Pitch Deck to Raise $46m Series-B Round

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Spiff Pitch Deck to Raise $46m Series-B Round

This is the Spiff pitch deck to raise a $46m series-b round in 2021.

About

Spiff is a commission automation software that creates trust across the organization by delivering real-time, automation of complex commission processes. The platform uses machine learning to connect with all the commission systems including ERP, payments, and payroll, as well as matches records and eliminates errors between systems that enable clients to provide their sales teams with proper tools to generate more sales easily.

Jeron Paul is a successful serial founder:

Between 2003 and 2017, he founded and sold three startups for undisclosed amounts: communication portal Boardlink, valuation firm Scalar, and equity management startup Capshare.

While running Capshare, he hit on the problem that would become the foundation for his latest venture.

The issue? How difficult it was to get salespeople paid out on their commissions, which are a crucial part of their compensation. Employees relied on Microsoft Excel to track payouts, but it was complicated to calculate because the percentage of the commissions could vary.

Paul remembers Capshare’s sales and finance teams staying up late trying to figure out what everyone was owed.

“No matter what answers we gave to the sales team, they would always have a problem with it,” Paul said.

So, he decided that he’d try to solve this problem not just for Capshare, but for everyone., and his latest startup, Spiff, was born in 2018.

“It sounds really simple,” Paul said. “I remember when I told my mom and dad the idea of Spiff. Really, how hard can this be? It turns out it’s actually a really complicated challenge.”

Spiff’s platform automatically tracks and calculates commissions and unlike Excel, it can process commissions in real-time, give role-based access, and more.

“We believe Excel is in its waning days as a true enterprise automation platform,” Paul said. “It’s dying. It’s way overdue. Excel will always be an amazing scratchpad, but it’s a horrible enterprise automation platform.”

Spiff’s tool ultimately saves finance teams time while also motivating sales representatives, who can see how much commission they’re earning in real-time, Paul said. Plus, the software reduces disputes overall, as it helps salespeople get accurate commission checks on time.

“We call it ending the cold war between finance and sales,” Paul said.

Because of his track record, raising money was the easy part.

Paul called his previous investors: Within three days of Spiff’s fundraising efforts, he had already raised $6.5 million in seed money.

The tough part in those early days came after Spiff started working with large customers. It had expected to serve mostly small and medium-sized businesses, but “almost immediately” the firm got pulled into bigger deals.

That lead to “just a crazy stressful time,” Paul said, as the firm faced problems it did not expect. For example, an early customer axed Spiff because, at the time, it did not support foreign currencies.

“Entrepreneurship is a roller coaster ride,” Paul said. “We were identifying problems and needs for customers that had no possible way to build out a product to meet their needs fast enough.”

Spiff eventually built support for foreign currencies and other features suited for small and large businesses alike. And there’s more growth ahead:

The firm announced on June 1 that it closed a $46 million Series B round led by Lightspeed Venture Partners, with participation from Norwest Venture Partners, Salesforce Ventures, and Stripes, as well as angel investors like UiPath CEO Daniel Dines.

Spiff has now raised a total of $67.6 million at a $190 million valuation, according to PitchBook.

Funding Rounds

Announced Date
Transaction Name Number of Investors Money Raised Lead Investors
Jun 1, 2021Series  B – Spiff 11 $46M
Lightspeed Venture Partners
Jun 26, 2020 Series A – Spiff 6 $10M
Oct 21, 2019 Seed Round – Spiff 4 $3M
Jun 19, 2019 Seed Round – Spiff 5 $3M

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