SetSail Secures $26 Million Series A to Reinvent How Sales Reps Are Motivated and Rewarded
Silicon Valley Startup Combines Machine Learning and Behavioral Science to Proactively Discover and Reward Signals that Close Deals
SAN MATEO, Calif.–(BUSINESS WIRE)–#AIforSales–SetSail, an AI-powered platform that combines data and behavioral science to drive more revenue per sales rep, has secured $26M in Series A funding. The round, led by Insight Partners with participation from existing seed investors Wing Venture Capital, Team8 Capital and Operator Collective, brings SetSail’s total funding to date to $37M. SetSail experienced 9X revenue growth in 2020, serving customers like Cisco, Dropbox, and Pendo among others.
Founded in 2018 by former Google machine learning experts, SetSail uses AI to identify the buying signals needed to close a deal. The platform then converts these signals into recommendations for sales reps, providing micro-rewards (e.g. monetary rewards and recognitions) for following the best path of action and building good selling habits.
“Today, about 25% of sales reps drive 75% of revenue for B2B businesses,” said Haggai Levi, CEO of SetSail. “SetSail’s technology bridges this gap, tapping into the potential of every rep and enabling sales teams to capture new revenue.“
SetSail’s new financing will be used to grow its product, go-to-market, and customer success teams. Currently more than 5,000 sales reps use SetSail, with the number growing weekly.
“Machine Learning is enabling enterprises to unlock major productivity gains through actionable insights built into existing processes,” said Praveen Akkiraju, Managing Director, Insight Partners and new SetSail board member. “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.”
SetSail offers three products as part of its signal-based selling platform:
- SetSail Collect integrates all sales data from disconnected sources into a single view in CRM or any other platform;
- SetSail Discover is an AI engine with 370+ prescriptive buying signals and enables laser-focused selling on deals that matter; and
- SetSail Accelerate uses real-time micro-incentives to increase sales motivation, rewarding reps for the right actions throughout the customer relationship
After deploying SetSail, sales teams are experiencing 15-20% increase in their sales reps’ productivity in only a few weeks. Sales leaders see this new technology as a groundbreaking way of making their teams more engaged and productive.
“SetSail gives us real-time visibility into our customer relationships, saving our reps time while increasing productivity and collaboration across our business,” said Christian Vogt, Chief Innovation Officer, Data and Analytics, at Cisco. “And the speed of how fast we went live was enormous. In just a few months, we launched the platform in 90 countries.”
SetSail is a sales data and acceleration platform that provides learning-based insights and incentives for sales teams. SetSail empowers organizations with deep visibility into the sales pipeline and smart, real-time incentives that drive superior sales behaviors and ultimately results. Backed by many years of experience in sales, data science, and enterprise-level CRM, SetSail is changing how organizations think about sales performance in the age of artificial intelligence. To learn more, please visit https://www.setsail.co/.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.