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Total amount raised
$112M
Latest funding date
2023-09-07
Location
Spiff has successfully raised funding over four rounds, with the latest being a Series C round. The platform is backed by notable investors, including Lightspeed Venture Partners and Salesforce Ventures.
What Is Spiff?
Spiff is a compensation platform designed for revenue and sales organizations, helping to automate complex commission processes and motivate sales teams. The company operates in the Financial Services, FinTech, SaaS, Sales, and Sales Automation industries.
Founded in Sandy, Utah, Spiff has a workforce of 101-250 employees. The platform was acquired by Salesforce in February 2024 and has received significant investments from Lightspeed Venture Partners and Salesforce Ventures.
How Much Funding Has Spiff Raised?
- Seed Round
- Amount Raised: USD 6,000,000
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Investors: Kickstart Seed Fund, Peak Ventures, Peterson Partners, Pipeline Capital, Spiff management team
- Series A
- Amount Raised: USD 10,000,000
- Date: June 2020
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Investors: Norwest Venture Partners (lead), NextWorld Capital, Epic Ventures, Kickstart Fund, Album VC, Peterson Ventures, Pipeline Capital
- Series B
- Amount Raised: USD 46,000,000
- Date: June 2021
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: USD 190,000,000 (per PitchBook)
- Investors: Lightspeed Venture Partners (lead), Salesforce Ventures, Stripes, Norwest Venture Partners, Kickstart Fund, Album VC, Peterson Ventures; angels including Mark Anderson, Daniel Dines, Marc Maloy, Paul Melchiorre, Hanno Renner, Alexi Robichaux, Leslie Stretch
- Series C
- Amount Raised: USD 50,000,000
- Date: May 2023
- Lead Investors: Salesforce Ventures
- Valuation at Round: USD 260,000,000 (per CBInsights)
- Investors: Salesforce Ventures (lead), Lightspeed, Norwest Venture Partners, Kickstart Fund, Album, and others
- Secondary Market
- Amount Raised: Undisclosed (approximately USD 1,022,441 per Crunchbase)
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
Total Amount Raised: At least USD 112,000,000 based on disclosed funding. Current Valuation: Not publicly disclosed (acquired by Salesforce for approximately USD 419,000,000 in February 2024).
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. They participated in Spiff's Series B and led the Series C funding round, and ultimately acquired Spiff in February 2024 for approximately $419 million.
- Investment Focus Areas: Enterprise cloud companies.
- Notable Investments: DocuSign, Twilio, Zoom.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm focusing on early-stage investments in the enterprise, consumer, and health sectors. They led Spiff's Series B funding round and participated in the Series C.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snap, AppDynamics, MuleSoft.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a multi-stage investment firm that invests in early to late-stage companies across various sectors. They led Spiff's Series A and participated in the Series B and Series C funding rounds.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, Casper.
- Stripes
- Details: Stripes is a growth equity firm that invests in software and consumer businesses. They participated in Spiff's Series B funding round.
- Investment Focus Areas: Software, consumer businesses.
- Notable Investments: Monday.com, Snyk, Reformation.
What's Next for Spiff?
Spiff stands at the cusp of significant growth opportunities, driven by its deep integrations with platforms like Salesforce and Netsuite. The demand for accurate and transparent commission calculations presents a vast market, especially as enterprises shift from traditional spreadsheets to modern, user-friendly software solutions. This transition is crucial for sales and finance teams seeking efficiency and trust in their commission processes.
Future fundraising appears promising, given the strong backing from high-profile investors such as Salesforce Ventures and Lightspeed Venture Partners. These relationships not only bolster Spiff's financial standing but also pave the way for potential strategic investments and acquisitions. As Spiff continues to innovate, enhancing its product features and expanding its market reach, additional funding rounds are likely to support its ambitious growth plans.
However, challenges remain. Overcoming the entrenched use of legacy systems and ensuring seamless integration with various enterprise systems are significant hurdles. Additionally, maintaining a competitive edge in a rapidly evolving market will require continuous innovation and a keen focus on customer satisfaction. Despite these challenges, Spiff's trajectory suggests a bright future, marked by growth and industry leadership.
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