Spiff, the sales commission software provider, has raised $50 million in Series C funding and launched Spiff Designer, a new model builder designed to help finance and revenue teams. Salesforce Ventures led the new investment, which takes the total funding for the company to $117 million.
Spiff Designer offers hundreds of models and features that enable sales professionals to manage their own commission programs, with type ahead, error handling and testing, all built in. Jeron Paul, Spiff’s founder and CEO, discussed the impact of the company’s growth with TechCrunch three years on from their $10 million Series A raise. Paul credited the success of Spiff to the fact that they are tackling a problem that had not yet been solved and are now delighting customers.
The global pandemic has caused many changes to commission plans, and Spiff is geared towards helping companies navigate those changes in an efficient manner. Competitors have come and gone but this has not decelerated their growth, with the company boasting 800% growth in the last three years, as well as doubling customer numbers and revenue in the past 12 months.
Using the new funding, Spiff is undertaking a major overhaul of their core commission engine, focusing on the use of AI to provide almost no-code or natural language options. They are improving their integrations, including with Salesforce. As well as driving the business towards profitability, the aim is to continue to develop innovative solutions that will help the company reach a “very, very big prize”.
Spiff was founded by Jeron Paul in 2016 during the pandemic. His experience in the industry means that he is equipped to guide the business through a complex set of changes to ensure it is a success. Prior to founding Spiff, he was a Director of Business Development at a large technology company. Paul is based out of Portland, Oregon, where the company is headquartered. He is committed to continuing to grow Spiff, and has big ambitions for the future.
