Revenue Grid, a Ukrainian-founded sales automation startup now headquartered in California, has secured $20 million in equity funding. Valuing the company at $70 million, according to Forbes Ukraine, this Series A round was led by US VC firm W3 Capital and Ukrainian ICU Ventures. The previous round ($1.5 million) took place back in 2006.
Previously known as InvisibleCRM, Revenue Grid was founded in 2005 году by Vlad Voskresensky, Konstantin Vaganov and Anton Zubenko. Of the 170 current employees, 145 are based in Ukraine, where all the R&D is carried out, while 25 employees work in the US office.
Sales to Europe are organized from Kiev while sales to North America are under the responsibility of an Atlanta, Georgia-based team.
Followings its Series A round, the company plans to expand the team from 170 to 250 specialists, and aims to grow 3-4 times in the next three years.
Revenue Grid’s revenue already grew 2.2 times last year, exceeded $10 million, while the number of its customers increased by 35-40%, Voskresensky claims.
Next-gen functionalities for sales team
Revenue Grid touts itself as a “AI-guided selling platform that nudges sales teams with step-by-step guidance towards actions that bring the best results, shows deals at risk, and prioritizes tactics with the greatest impact.”
The company has introduced a “seller-centric concept” called ‘Guided Selling:’ “The goal is to help sales teams have better visibility into the pipeline and deals, gain more controllability over the sales process, and put them in the best position to win.”
Revenue Grid has also brought “a revolutionary functionality for sales teams: actionable data-backed Signals that provide step-by-step guidance on each deal they are working on.”
The startup generates revenue via subscription revenues ($99 monthly). It claims 800,000 employees of sales departments from some 20,000 companies across the world use its platform. The service is sold directly as well as via such partners as Microsoft, Oracle, Salesforce, SAP, and others.
Backing from tech stars
ICU Ventures joined the latest round on the initiative of the American investor. “W3 Capital understood that we are more of a Ukrainian company, not an American one. Therefore, we wanted someone from the locals to enter into the agreement, “Revenue Grid’s co-founder Vlad Voskresensky told Forbes Ukraine.
Revenue Grid’s early investors, ABRT founders Andrei Baronov and Ratmir Timashev, also took part in the round — just enough to keep their shares undiluted, Voskresensky said to Forbes Ukraine. Timashev and Baronov are among the most successful Russian-speaking tech entrepreneurs established abroad.