Palette sells a sales commission tool for modern sales teams – TechCrunch
Meet Palette, a software-as-a-service startup that’s going to be particularly interesting if you’re too running a software-as-a-service startup. The company has built a modern tool to design, manage and optimize sales commission plans for your internal team.
Earlier this year, the startup raised a $6 million funding round led by Bain Capital Ventures. Liquid 2 Ventures, Twenty Two Ventures and Kima Ventures also participated in the funding round, as well as several business angels, such as Mathilde Collin, Nicolas Dessaigne, Julien Lemoine, Nick Mehta, Allison Pickens, Thejo Kote, Kyle Porter, Adam Pettit, Danny Zorotovich and Peter Kazanjy.
What sets Palette apart from other commission management solutions is that it integrates with many different sales products. For example, the product can pull data from all major CRM platforms (Salesforce, Hubspot, Close, Sellsy, Outreach, and Pipedrive), several billing services, like Stripe, Chargebee, QuickBooks, and Xero, as well as databases. raw SQL data.
Once your data is centralized in Palette, the product can act as a single source of truth. You can set up multiple conditional rules and start testing various scenarios until you get the right commission plan.
At any time, sales team members can log into Palette and see how many deals they’ve closed this quarter and if they’re on track to hit their quota. This way, they don’t have to track their progress in their own Excel spreadsheet.
When it’s time to issue payments, you can export your commission data as a CSV file. It can be imported into major payroll platforms, such as Gusto, Rippling, Payfit and ADP.
Palette co-founder and CEO Jean-Edern Lorillon names Xactly, Captivate IQ, and Spiff as potential competitors. But the reality is that many companies still rely on Excel spreadsheets to calculate commissions because they run into limitations.
For example, if you sell a product with different levels and add-ons, you may be comparing apples and oranges. Likewise, if your customers pay more as they use the product more, you want to reflect that usage-based pricing in your commissions.
In other words, Palette wants to build the sales commission platform for companies with customer success managers and ongoing sales operations. The startup targets medium-sized companies with 100 to 1,000 employees. Some businesses using Palette include Nextech AR, EverCommerce, Gorgias, Mews, Kandji, and GetAccept.