Our Investment in CaptivateIQ: Automating Sales Commissions
Today, we’re excited to announce our investment in CaptivateIQ, the leader in compensation management software. CaptivateIQ provides businesses with the tools they need to successfully scale and optimize their sales organizations by helping teams automate the sales commission process while offering better visibility for performance-based teams. At the helm, Mark Schopmeyer, Conway Teng, and Hubert Wong are building the product they wish they had at their previous companies – one which partners with customers to transform the way they think about sales compensation.
The sales commission process touches a myriad of departments from HR, finance, sales, operations, payroll, compliance, and more. However, for a majority of businesses, sales commissions have largely been handled by hacking-together spreadsheets, PDFs, and institutional knowledge. What results is a highly finicky and unscalable set of documents that provide no visibility for sales reps. Between repetitive data entry, calculating payments, building reports, and fielding questions from sales reps, managing this system is time-consuming and tedious. Furthermore, if one of these steps is wrong, it could result in miscalculated payment to the sales rep and affect the cash flow of an organization. CaptivateIQ solves these problems by automating the process from end to end. The platform has the flexibility and familiarity of spreadsheets, so users can intuitively get up and running quickly, but leverages the power of automation to improve accuracy and efficiency.
CaptivateIQ first came on our radar through our portfolio. Customers such as Klaviyo, Plaid, Lever, and Udemy love the power and simplicity of the product. “It feels powerful like custom-code but familiar like a spreadsheet”. As we continued to do our work in the space, we found that CaptivateIQ had become an integral part of many leading companies' tech stacks – enabling them to move away from manual work or six-figure contracts with year+ implementations. In addition to saving customers time and money, CaptivateIQ is working on new functionality to help model and predict business outcomes, to continue to benefit customer bottom lines while helping employees achieve their financial goals.
Similar to other leading automation companies in our portfolio – UiPath in RPA, Ada in Customer Support, Celonis in Process Mining, and Scale AI in Data Training, CaptivateIQ is bringing a simple automated approach to an outdated and cumbersome industry. We’re honored to partner with Mark, Conway, Hubert and the entire CaptivateIQ team as they modernize the sales commission process. Read about CaptivateIQ in TechCrunch here.
– Ben Fletcher and Rich Wong