Scratchpad Nabs $33M In Series B Funding To Help It Continue To Grow Its Sales Workspace
Scratchpad nabs $33M in Series B funding to help it continue to grow its sales workspace
This week, the founders of Scratchpad, a startup that is developing a tool that will make it easier for salespeople to enter data into Salesforce, announced that they have broadened their mission to include providing access to the data they are collecting to the entire revenue team. With the announcement of a $33 million Series B round of funding today, it appears that investors have approved of the company's expanded approach.
Craft Ventures, a previous investor, was the lead investor in the round, which also included Accel Partners. It follows a $13 million A round last year and a $3 million seed round in fall 2020, bringing the total amount of funding raised by the company to nearly $50 million.
According to co-founder and CEO Pouyan Salehi, the funding is directly related to the expansion of the product, which has resulted in increased usage as well as increased sales. According to him, "What's interesting is that it evolved from being a single-player tool or single-player mode, where an individual salesperson sees a lot of benefits, to that benefit suddenly being felt and visible across the entire revenue team."
As a result, the company has gained greater penetration within customer organizations and has closed larger transactions. This concept of a revenue team workspace, which was really just a nugget of an idea a year ago, appears to have taken hold across these revenue teams, according to him. The company's growth strategy has become increasingly dependent on product expansion as a result of this development.
With a bottoms-up sales approach, the startup continues to offer a free product in order to attract sales representatives, who then serve as brand ambassadors, spreading the word about their product throughout their organization. Salehi claims that the approach is effective, with tens of thousands of users inside thousands of businesses using the product, demonstrating that the approach is effective.
According to the product description provided by the company, "These organizations have adopted Scratchpad to manage their sales pipeline, take and share notes, work on their to-do lists, forecast with their managers, facilitate team handoffs, and collaborate more effectively with their revenue teams."
The company has grown from around ten employees to close to fifty today, with plans to hire more employees this year if growth allows it to expand further. In order to attract a diverse pool of candidates, the company prioritizes competencies and motivations over previous work experience that is directly related to a technology startup.
"Individuals who did not appear to be a good fit on paper have now been given the opportunity to be hired as a result of this decision. And that's worked out extremely well for us because we've been able to hire people who have no prior experience with software, technology, or sales, but who come from backgrounds or experiences such as retail, hospitality, or therapy, which on paper is a big leap to technology, but we've been able to unpack what makes someone successful here, and we've been able to hire people who have no prior experience with software, technology, or sales, but who come from backgrounds or experiences such as retail, hospitality, or "He went on to explain.
Allstate, Twilio, PitchBook, and Talkdesk are among the companies that use the product today.
