A Chicago sales tech startup just raised a seed round to make the process of lead generation smarter.
RepIQ announced it raised a $1.1 million seed round Tuesday. The startup, cofounded by former Googler and YCharts founder Shawn Carpenter and former Amazon executive Jonathan Suchland, received investments from Pritzker Group Venture Capital, Amicus Capital, Arba, Hyde Park Angels, Tao Huang (former COO of Morningstar), Jeremie Bacon (CEO of Synap) and Kadir Rathnavelu (an Amazon executive).
RepIQ's database includes information on over 1.2 million companies. Sales teams can make filtered queries about desired targets (by industry, location, revenue, job title and more) and find verified contact information for key decision makers at those companies. The platform also offers email tracking with engagement insights to help sales teams know where to focus their energy. The technology is also quick and in-depth, processing nearly 2,300 data points per second, the startup says.
"We call it a sales intelligence engine, but the overriding theme of what we’re trying to do is make it easy for salespeople to be able to find their ideal customer profile," Carpenter told Chicago Inno.
The startup was first announced last year, and they've been doing a private beta test with 2,000 users over the last several months.
Sales teams can register for the platform for free, but to make full use of RepIQs tech, they pay on a tiered basis, starting with $500 for 30 users to access a total of 1,000 lead matches per month.
Carpenter said the RepIQ team is up to seven, and they'll used the seed round to continue hiring as they bring their product to market. He believes RepIQ's headcount will be "in the 20s" by the end of next year.
“The RepIQ team is solving a hard problem that almost all sales teams face," said Eddie Leshin, Hyde Park Angels Member and RepIQ Board Member, in a statement. "I’m excited to see them bring the product to market and expect to see major innovations in the coming years from this team.”
