Some of Spiff's investors include Norwest Venture Partners, Next World Ventures and Epic Ventures, with seed investors Kickstart Album Ventures, Pipeline Capital and Peterson Ventures also participating.
The concept behind Spiff is to invent an entirely new category for software based around sales compensation management, which CEO Jeron Paul said can be a "major cause of anxiety" for teams who don't understand or trust their incentive plans, according to the report.
"[M]any waste hours every month correcting mistakes or arguing with finance, which hits bottom lines,” Paul said, according to TechCrunch. “Norwest’s investment will help us automate commission calculations so sales teams have one less thing to worry about in these challenging times.”
The Salt Lake City-based company has high profile firms using its software, including Brex, Workfront, Algolia and Qualys, the publicly traded start up.
Norwest Venture Partners partner Sean Jacobsohn said the sales compensation software field had long been overdue for a revamp.
“With 85 percent of companies still calculating sales commissions manually in Google Sheets or Excel, I’m excited to partner with Spiff to help transform the way people think about sales compensation and provide sales teams with a deeper level of visibility into their commissions," he said, according to TechCrunch.
Spiff isn't Paul's first foray into the tech world; he previously started Capshare, which was sold to Solium in 2017, TechCrunch reported.
Automating payments has become a trend amid the pandemic, with companies looking to optimize their payments departments for an age in which payments have to be done online. The transformation for some has been slow, PYMNTS reported, with paper processes still used in many cases. But Anna Leo, vice president of Medius Ascendo North America, said digitizing could be critical for the survival of small businesses in the current climate.