Everstage, a software-as-a-service startup backed by venture capital firms Elevation Capital and 3one4 Capital, has raised fresh funding in its Series B round, led by Fidelity-backed VC firm Eight Roads Ventures.
The company has raised $30 million in the new round, which takes its total capital raised till date to $45 million. Existing investors, Elevation Capital and 3one4 Capital also participated in the latest round.
The Chennai- and New York-based startup will use the capital to expand its product capabilities, and further invest in its in-house professional services, it said in a statement.
“Our Series B is not just about growth; it’s about a long-term commitment to our customers”, said Siva Rajamani, co-founder and CEO of Everstage. “This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before.”
The startup, founded in 2020 by Rajamani and Vivek Suriyamoorthy, offers sales performance solutions for enterprises worldwide. It provides operations and finance professionals with tools to improve their work, and bring certainty to the earnings of sellers.
“We are excited to partner with Siva and Vivek, who have assembled a strong team with extensive experience in revenue operations,” said Aditya Systla, Partner at Eight Roads Ventures. “Everstage’s modular product helps organizations dynamically manage their evolving sales performance management needs.”
Additionally, Everstage announced an Employee Stock Ownership Plan (ESOP) buyback worth Rs 5 crore.
Everstage’s clientele includes companies like Postman, Chargebee, Nitro among others. The company claimed to have achieved about quadrupled its revenue last year.
The latest round of funding comes more than two years after the startup secured Series A funding worth $13 million led by Elevation in April 2022. Everstage raised $1.7 million (approximately Rs 13 crore) from 3one4 Capital and other investors in August 2021.
