QuotaPath, a commission tracking and automation solution, raised $41 million in a Series B funding round led by Tribe Capital, with participation from existing investors Insight Partners, ATX Venture Partners, Stage 2 Capital and Integr8d Capital. The latest investment round brings QuotaPath’s total funding to $62.3 million.
QuotaPath plans to use the capital to expand its global team, deepen its investment in technical strategy and expand its product portfolio with more tools to track, automate and optimize compensation strategies. Additionally, the company hopes to increase its focus on helping customers with compensation planning, strategy and design. These initiatives seek to complement QuotaPath’s mission of creating the shortest path to maximize quota attainment and provide full visibility and access to track and automate commissions.
“My Co-founders – Eric Heydenberk and Cole Evetts – and I created QuotaPath in 2018 to solve a problem we saw firsthand while building our last startup: The way companies pay their salespeople is broken,” said AJ Bruno, QuotaPath’s Co-founder and CEO, in a statement. “After two years of carefully developing our product, we created a sophisticated-but-user-friendly solution to that problem and today’s round means QuotaPath can help more companies fix their broken compensation systems –– and, critically, retain their restless sales and growth teams.”
Looking ahead, QuotaPath’s Co-founders plan to build an ecosystem of partners that includes integrations with additional CRMs, ERP and payroll programs to house the entire commission process.