When we founded CaptivateIQ four years ago, compensation leaders were tracking and managing sales data using outdated legacy software or, in the worst cases, a single spreadsheet. Administrators (like ourselves at the time) had no other option but to use rigid, painstaking processes to calculate commissions. We knew we could do better. So we created the solution that we’d want to use ourselves: CaptivateIQ.
Our instincts — that business leaders would flock to a modern, flexible engine for sales compensation — proved to be correct. Today, CaptivateIQ is the leader of an emerging class of Incentive Compensation Management (ICM) solutions that make commissions easier to manage with automated, adaptable workflows and tools.
As we look to what’s next, we’re thrilled to announce a $100 million Series C, led by ICONIQ Growth, Accel and Sequoia, with Sapphire also joining as a new investor this round. This latest financing brings CaptivateIQ’s total funding to date to $164.6 million at a post-money valuation of $1.25 billion.
A strategic commission solution for today’s leading companies
The best revenue teams use CaptivateIQ to strategically manage and maximize the power of incentives. Twenty-eight of the Forbes Cloud 100, including leading brands such as Amplitude, Gong and Hopin, use CaptivateIQ to power their commission programs.
Because we built our infrastructure to evolve with our customers, we provide the flexibility and adaptability that high-growth companies need. And we’re deeply grateful for all of the feedback and support we’ve received along the way. Customers are loving their experience and we’re proud to achieve top positions in industry reports like Capterra and G2 — earning a 95 CSAT rating from more than 1,650 reviews.
“We process our monthly commission payouts 60 times faster with the CaptivateIQ platform without sacrificing accuracy for speed,” said Bryan Bayless, vice president of revenue operations at Gong. “Through its flexibility, transparency and automation, CaptivateIQ has become an essential partner in scaling revenue operations for our fast-growing sales organization.”
Creating the new standard
The global disruption of the past two years has taught us all new ways to work, be productive, and create success. We’ve had to innovate to keep employees engaged and motivated. Companies are embracing the power of incentives as a way to keep employees engaged and motivated in this new era of work.
Our shared experiences make it clear that organizations need agile commission solutions that can evolve to meet the needs of a changing world. As such, companies that do a better and more responsive job of rewarding people for their efforts can make incentives and compensation a true point of differentiation as they compete for top talent.
Deeper, broader core product innovations
Our latest investment will accelerate core product innovations while delivering solutions that empower all teams in the commission process. Some critical areas include:
- More simplification and automation: We’ll continue to look for efficiency gains across the commissions process. For example, we’ll be adding more integrations, releasing user-friendly enhancements, and continuing to simplify frequently-executed manual tasks — such as overrides, approvals and compensation plan agreements — to improve productivity.
- A delightful experience for payees: We recognize that remote-first environments bring their own set of challenges, so we are innovating on payee experiences that provide greater visibility into performance and earnings potential. We’re also refining our payout statements and using customer feedback to prioritize UI improvements.
- Enterprise support: We will continue to push the limits of scalability and performance, working with the most complex plans from our enterprise customers. In addition, we plan to release additional functionality in our sandbox offering, improve workflow automation, and enhance permissions and controls for additional enterprise security and compliance.
We have many exciting new features and enhancements on the way, and we look forward to our many customer-driven innovations to come.
Join us on this journey
We’ve spent the majority of our careers solving cumbersome business challenges, and we’re going to keep using that experience to make life easier for our customers. Looking toward the future, we see several opportunities to apply our knowledge and technology to other complicated business problems.
To that end, we’re excited to grow our team of highly-talented employees. We’re hiring across every department. So if you’re up for solving mission-critical challenges, we’d like to hear from you!
We’re honored to have a remarkable team, incredible customers, world-class investors, and supportive partners who believe in our mission to make Incentive Compensation Management a strategic business advantage by fostering transparency, job satisfaction and productivity. And we’re thrilled about this next stage in our journey!
- Mark, Conway & Hubert