Quotapath raises $41M Series B round as rapid growth continues
By Ryan Mulligan – Digital ProducerApril 26, 2022, 09:16am EDT Updated 21 hours ago
QuotaPath has secured $41 million in Series B funding less than a year after raising $21.3 million in a Series A round.
Co-headquartered in Philadelphia and Austin, Texas, the startup offers software that tracks performance and calculates commissions for sales teams. The company previously raised seed rounds of $3.5 million and $1.5 million, along with the Series A last July. Its total funding is roughly $70 million.
QuotaPath has grown rapidly since its 2020 launch. Revenue is up 480% year over year as of March, the company said Tuesday, and paid users have increased 335% in the past eight months. The startup saw revenue grow near 1,000% last year.
The latest funding round was led by San Francisco-based Tribe Capital. Existing investors Insight Partners, ATX Venture Partners, Stage 2 Capital and Integr8d Capital also participated. QuotaPath CEO AJ Bruno told the Business Journal in September that he was already being approached by investors about a Series B round just months after closing the Series A last summer.
The $41 million infusion will help the company expand its product offerings with the goal of housing the entire commissions process for sales teams. The money will also help the company further expand its team after doubling its headcount over the past eight months. The startup plans to invest in technical strategy and increase its partnerships with other companies as well.
“When you build a solution – and continuously improve it – it sells itself,” said co-founder Cole Evetts in a statement. “This new funding will help us provide our customers with solutions they can’t find anywhere else.”
The uniqueness of the platform helped attract investors, with Sri Pangulur, a partner at Tribe Capital, adding that the venture capital firm believes QuotaPath can be the dominant commission tracking software for sales teams.
In order to be a force in the industry, the founders of QuotaPath want to put together an “ecosystem of partners” that allows the company to integrate with other customer relationship management, enterprise resource planning and payroll programs.
Bruno has experience growing a startup from the ground up. Prior to launching QuotaPath, the Penn State alum founded tech-focused PR platform TrendKite, which is headquartered in Austin. In 2019, he sold the company to Cision for $225 million.
SOURCE https://www.bizjournals.com/philadelphia/inno/stories/fundings/2022/04/26/philadelphia-startup-quotapath-raises-41m.html