SetSail Has Strong Series A Funding Round as Startup Reimagines Sales

By Thomas Price Wednesday, February 3, 2021

Many companies and businesses that rely on sales often pay their employees through commission for products or services sold. However, that commission occurs only after the company has officially finalized the sale. While this payment structure serves as an incredibly strong incentive to close the deal, it also incentivizes employees working in sales to take the shortest and easiest path to complete a deal — rather than devote the extra time for a more lucrative sale. SetSail is a startup looking to reward these employees every step of the way instead of just looking out for the bottom line. The startup has attracted a strong Series A funding round as it grows its business, with many companies already using the service.

Businesswoman taking a sales call while at her laptop.

SetSail’s Business Model and Growth

SetSail is a startup that looks to help different companies reward their employees for taking the right proactive steps on the path toward achieving a sale. The startup connects an employee’s CRM, email, calendar, and sales system into SetSail’s system to properly track and reward different phases in the sales process through machine learning. The machine learning process allows for a company to document and reward actual progress instead of meaningless activity, motivating the employee to create new business deals instead of simply trying to game the system.

This startup’s system has proven to be successful already, with workers at a company using the product becoming 15% to 20% more productive within weeks of it being implemented. On the business side, the startup is growing quickly too.

In fact, after starting 2020 with just five different companies using the service, the startup has quadrupled that number to 20, currently representing 5,000 sales representatives with major names in the business world. Some of SetSail’s major clients include Cisco, Dropbox, and HubSpot. SetSail’s growth has attracted several investors as well who see strong potential in the startup and its business model.

SetSail’s Funding Round and Future Plans

In SetSail’s Series A funding round, the company raised an impressive $26 million, bringing the total money raised up to $37 million. The funding round was led by Insight Partners with participation from Wing Venture Capital, Team8, and Operator Collective. With this new funding and business picking up, the company plans to expand its current workforce from 35 up to 70 employees throughout 2021. Furthermore, there are also talks of the company creating an in-person business office in one of the many cities where they currently employ workers, though even with an in-person office, the company would still be using a hybrid approach.

When commenting on the latest funding round, Praveen Akkiraju, SetSail board member and managing director at Insight Partners, said, “Machine Learning is enabling enterprises to unlock major productivity gains through actionable insights built into existing processes. Haggai and team have leveraged their deep expertise in Data & Machine Learning to transform sales productivity by helping every sales rep perform like a top rep and close deals faster. We believe SetSail is fast becoming a must-have tool for all go-to-market teams.”

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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