B2B software-as-a-service platform ElevateHQ has raised $1.1 million in its pre-seed funding round from Leo Capital.
PointOne Capital, Veda VC, and 100X Entrepreneurs have also participated in this funding round.
The firm plans to use the funds to acquire talent, further strengthen the product and create further inroads in North America.
The India and Singapore-based ElevateHQ was founded in 2021 by Apoorv Singh and Kartik Arora, It helps companies motivate their sales teams and drive performance through its sales commission automation platform.
It focuses on serving diverse customers so that the product can mature into a wide range of commissioning plans, team sizes and structures.
“Our product eliminates the grunt work, ambiguity and errors associated with manual commission calculation, and allows businesses to use incentives as a sales enabler, rather than a chore. Our goal is simple, we want to normalize transparent, real-time commissions for sales teams,” said Apoorv Singh, co-founder and CEO, ElevateHQ.
“Today, you can automate any commission rule under the Sun using our no-code commission builder,” said Singh.
The startup has dozens of customers in the United States, Europe and Asia, and automated sales commissions across industries including insurance, pharma, education, services and software-as-a-service (SaaS).
Some of its customers include Edgepetrol, Airmeet, Mercer-Mettl, Vymo, FreshConsulting, LeverageEdu, Horangi and ESCO.
The startup plans to capitalize on this strength and grow its customer base 10X next year.
“Sales enablement tools are becoming increasingly popular around the world, and sales commissions are becoming an essential component of this stack. ElevateHQ is uniquely positioned to serve global customers,” said, Dinesh Singh, partner, Leo Capital.
They are a B2B SaaS company that is re-imagining how companies use sales incentives to motivate their employees. They believe great results are only achieved when people are motivated – and their product is nothing but an extension of that philosophy.
On a more day-to-day level, their product takes away the ambiguity and grunt-work behind manual sales incentive calculation, and allows companies to experiment with incentive plans that actually work for every employee – and not just top performers. They are a team of experienced founders who between them have built and sold software products pretty much all across the globe. They are backed by some of the best angels and institutional investors in India – and are growing at breakneck speed.