Building internal sales agreement software, often known as quote-to-cash, is an expensive and time-consuming process that RevOps wants to take off the plate of fast-growing startups.
Today, RevOps announced an oversubscribed $5 million follow-on seed round led by Caffeinated Capital, Coatue Management and Gradient Ventures. Angel investors, including Twilio’s Jeff Lawson and executives from Airtable, GitHub and Twilio, also participated. The round brings the company’s total seed funding to $6.7 million.
Company founders Adam Ballai and John Solis saw this problem firsthand while working at Twilio and PullString, respectively. Ballai led the team that built Twilio’s billing software to automate receivables, payables, reconciliations and pricing engines, while also launching hundreds of new products annually. However, much of the deal management was still being done via spreadsheet.
After Twilio, Ballai moved on to Stripe, and again saw that familiar spreadsheet. After meeting Solis, the pair did a study on the time it took to put these pricing deals together.
They found out that not only did it take hours to go through the approval process, but that many salespeople were often new to their positions and hadn’t yet have nailed down all of the ins-and-outs, like terms and conditions. They noticed much of that sales workflow could be automated as the salespeople worked in their company’s CRM.
RevOps developed a software stack that enables users to build “the knobs and switches” that make automated approvals, Ballai told TechCrunch. Users can also create a pricing calculator that already has terms and conditions baked in, as well as the ability to customize the payment structure of the deal. And, by taking a headless approach to deal management, users can integrate RevOps with other parts of the operations stack as they work with engineering.
The company, founded in 2018, is already working with startups like Onna, Ketch, Stytch, Loom and Retool.
“We’re experiencing rapid growth as a company, and RevOps is helping us operationalize our sales infrastructure so we can feel confident about scaling quickly in 2022 and beyond,” said Jonathan Krangel, Retool’s head of sales, success strategy and operations, in a written statement. “It’s on track to become a critical part of our go-to-market stack, not just integrating with our CRM but also with other platforms we rely on like Slack, Stripe and DocuSign.”
Meanwhile, Ballai plans to use the funding to grow the company, including building out its executive team and investing in R&D for further integrations and programs targeted to early-stage startups.
The new funding comes as the company experienced a 146% growth in customers between 2020 and 2021. Many of them are looking to scale their sales representatives, in some cases by five times, he said.
In addition to the funding announcement, RevOps also recently launched its agreement automation integration into the HubSpot marketplace so that those using the CRM can quickly quote prices and create deals.
“We try to tackle the right product that is going to be most effective, and we have an amazing team that created a repository of features,” Ballai added. “Our goal is to help people have choice on how they have their quote-to-cash, a space that has not had innovation.”