Qstream Secures $15 Million Series B Funding
BURLINGTON, Massachusets, December 1, 2016
Qstream, makers of sales acceleration software that uses science, data, and mobile technology to ignite high-performing teams, has completed a $15 million Series B round of funding led by Polaris Partners, with participation by existing investors Frontline Ventures, Launchpad Venture Group, and Excel Venture Management. The Series B funding brings Qstream’s total VC investment to $23 million, and will be used to help the company more rapidly increase US and EMEA market share. As part of the funding, Gary Swart, partner at Polaris, will join the Qstream board of directors.
Selected as one of the top 100 fastest growing companies in North America on the 2016 Deloitte Fast 500 list, Qstream has achieved cumulative revenue growth of 1,000%+ over the past three years. Its award-winning sales acceleration platform allows large sales organizations to drive revenue through a data-driven approach to helping busy sales leaders reinforce critical sales behaviors with an engaging user experience that’s non-disruptive to selling time. Client results have included a 20% increase in annual quota attainment, 3% improvement in gross margin, and 12% market share gain. With offices in Boston, San Francisco, Dublin, and London, Qstream currently serves 300+ global brands in the technology, financial services, and pharmaceutical industries, including LinkedIn, Mastercard, Sun Life Financial, Pfizer, and Bristol–Myers Squibb.
Polaris’ Swart specializes in the emerging sales technology market and formerly served as CEO of oDesk, the world’s largest online workplace, which he guided to industry leadership and through a successful merger with Elance. “Qstream’s promise as a transformative SaaS technology lies in its unique ability to use data, science, and an engaging mobile interface to address the human side of sales acceleration,” said Swart, partner, Polaris Partners. “While there has been an influx of innovative new sales technologies, we were immediately impressed with Qstream’s ability to tackle an aspect not yet addressed by others, and the scientific backing of its ability to change sales behaviors at scale.”
“We’re tremendously honored to have the validation of Polaris Partners, with its notable track record in the $12 billion sales acceleration market, to complement the expertise we have come to enjoy from our existing investment partners as Qstream enters its next phase,” said Duncan Lennox, CEO and co-founder of Qstream. “Sales processes remain ripe for disruption and, with the addition of this funding and expertise, Qstream’s singular ability to address the human side of sales is well-positioned to change how enterprises achieve sales optimization now and into the foreseeable future.”
Qstream‘s sales performance platform is used by leading brands in technology, financial services and life sciences, including 14 of the world’s top 15 pharmaceutical companies, to manage the effectiveness of their sales teams and front-line managers at scale. Qstream’s scientific approach has been validated in more than 20 randomized control trials to boost performance and durably change behaviors in just minutes a day using any mobile device.