Sales team compensation tracking startup QuotaPath is projecting 1,000% revenue growth in 2021, signaling a quick rise for the Philadelphia startup after a recent Series A funding round.
The startup is already most of the way there. QuotaPath has had 800% revenue growth since the beginning of 2021, co-founder and CEO AJ Bruno told the Philadelphia Business Journal. He declined to share specific revenue figures.
“I think we'll get to 1,000% year-over-year growth by the end of this year, which is fantastic,” Bruno said. “But then that just makes 2022 — the bar fairly high there.”
QuotaPath is a software-as-a-service platform that tracks commission and compensation for sales teams. The platform can be integrated into other apps like HubSpot and Salesforce.
The company has been growing at a rapid clip since it launched its paid product last year. QuotaPath’s platform has about 10,000 sales representatives, and its staff has nearly doubled since June to about 40 people, Bruno said.
This isn’t Bruno’s first rodeo. He previously co-founded TrendKite, a public relations software startup that sold to Cision for $225 million in 2019. Just a month after selling TrendKite, he and some former team members from TrendKite started building QuotaPath.
Bruno said he’s already been approached about raising a Series B round, just a few months after bringing in $21.3 million through a Series A in June. QuotaPath raised a $3.5 million seed round in 2019, bringing its total funding to $26.5 million.
QuotaPath is well-financed through 2023, Bruno said, and the company would likely look at raising a Series B in mid-2022, but that timeline could change.
The company is currently eyeing expansion into Europe, the United Kingdom and Australia. That could lead to an international presence for QuotaPath starting next year, Bruno said.
“At this stage in the game, whether it's the war on talent or the opportunity to expand and go international, those are all things that I would be thinking about opportunistically raising ahead of where we are or ahead of where my time frame to do so is,” he said.
The startup primarily began working with tech firms and e-commerce companies, but it has since extended its reach to businesses with rapidly-growing sales teams. About 15% of QuotaPath's clients have doubled their sales teams this year, Bruno said. Among QuotaPath's clients is Guru, a Philadelphia AI-based knowledge management software startup company, as well as software firm Blackthorn.
QuotaPath has been using its growth capital to hire. Headquartered in both Philadelphia and Austin, about a third of its 40-member team is based in Philadelphia and another third in Texas. The remaining third of the employees are remote. The startup is hiring for its product and engineering teams in Philadelphia, along with sales and customer service roles in Austin and management roles.
Bruno also wants to invest in hiring younger talent, from hosting Drexel University co-op students to multiple interns. QuotaPath has hired a student from the Drexel co-op before, he said.
“We really want to cultivate and make sure that from the Philadelphia standpoint, that we’re reinvesting back into the ecosystem,” he said.
