The funding round, closed in August 2022, was led by Elevation Capital that invested $9 million in equity, founder and chief executive Bastin Gerald told ET. The remaining was debt from multiple banks based in the US.
The fresh capital will be used to scale up the sales and customer success teams at the company, as per a statement.
Founded by Gerald in 2018, Profit.co’s platform enables OKR planning, review and execution in its clientele’s businesses.
Gerald, a Wharton School alumnus, had previously founded another business software maker, Apptivo, and held multiple leadership roles at technology companies such as CashEdge (now owned by Fiserv) and Oracle.
The US-based startup, with 220 employees in total, generates 40% of its revenue from the US. It sources another 40% from India and the Europe, Middle East and Africa (EMEA) region. The remaining 20% is generated off the rest of Asia Pacific, Gerald told ET.
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The company declined to share exact revenue figures. In India, the average contract value is no more than 25% of the overall average contract value of the company, Gerald told ET. Profit.co claimed growth of more than nine-fold in annual recurring revenue (ARR) from 2020 to 2022.Currently, the company services about 1,300 clients spread across industries of financial services, telecommunications, manufacturing, consumer, retail, services, not-for-profits, technology and government.
Profit.co’s competitors include Ally.io, the Accel and Lee Fixel-backed company that Microsoft acquired in 2021, 2011-founded Quantive that was previously called Gtmhub and SoftBank backed WorkBoard.
“Profit’s deep product, coupled with the implementation muscle, has forged several stories of strong impact on their customers across the US, India and EMEA,” Akarsh Shrivastava, principal, Elevation Capital, said in a statement.
Last week, Elevation Capital announced having led a $12.3 million funding round at Bengaluru-based Rigi, an online content broadcasting and mentoring platform provider. Having invested in over 150 companies across consumer Internet, software as a service, fintech, consumer brands, edtech, health-tech, Web 3.0 and crypto, the fund had announced its eighth pool of capital of $670 million in April 2022.
