Palette Raises $6M Led by Bain Capital Ventures to Help Finance and Operations Teams Design, Manage, and Automate Sales Commissions
May 18, 2022
On May 18, 2022
Palette, provider of sales compensation software, has raised $6 million in Seed funding to accelerate product development and expand its sales and marketing efforts. The round was led by Bain Capital Ventures, with additional participation from Liquid 2 Ventures, Twenty Two Ventures, and Kima Ventures. Palette , provider of sales compensation software that helps finance and operations teams design, manage, and optimize sales commission plans, today announced that it has raised $6 million in Seed funding to accelerate product development and expand its sales and marketing efforts. The round was led by Bain Capital Ventures, with additional participation from Liquid 2 Ventures, Twenty Two Ventures, and Kima Ventures. The company also received angel funding from industry leaders Mathilde Collin, CEO of Front; Nicolas Dessaigne, former CEO of Algolia and Group Partner at Y Combinator; Julien Lemoine, CTO of Algolia; Nick Mehta, CEO of Gainsight; Allison Pickens, former COO of Gainsight; Thejo Kote, CEO of Airbase; Kyle Porter, CEO of Salesloft; Adam Pettit, CEO of Kandji; Danny Zorotovich, CFO of Kandji; and Peter Kazanjy, founder of Atrium and Modern Sales Pros. More and more modern technology companies sell their services on a usage, consumption, or transaction basis. Palette is the only sales commission solution designed natively for transaction and usage-based business models. Palette offers cloud-based sales compensation software that helps businesses calculate commissions automatically, track performance and quota achievement in real time, and centralize data in a single source of truth. The company was founded in December 2020 by Jean-Edern Lorillon, a former sales executive at the San Francisco-based search-engine-as-a-service startup Algolia, Fabien Pinel, and Jean-Yves Delmotte. The three entrepreneurs together cumulate decades of experience in the SaaS industry. “In my career as a sales executive, I saw first-hand how slow and painful it can be to manage sales commissions. Surprisingly, none of the existing solutions we evaluated back then were able to accommodate our modern sales compensation plans, which were designed for product-led sales and pricing based on consumption and usage,” said Jean-Edern Lorillon, CEO and co-founder of Palette. “So I started Palette to provide finance and operations teams with a much-needed solution that is flexible, simple to use, and built for modern sales tech.”
Palette’s platform includes a commission plan designer that allows businesses to set up even the most-complex calculation logic and provides performance dashboards built for sales teams. Palette allows businesses to leverage their commission data to extract mission-critical insights, optimize ramp-up time, set quotas, budget commission costs, and forecast future payouts.Palette is already trusted by many companies, from small businesses to publicly traded corporations, including companies like Nextech AR, EverCommerce, Gorgias, Mews, Kandji, or GetAccept. “We are excited to lead the seed round in Palette based on their early customer momentum and the architecture of their solution,” said Ajay Agarwal, partner at Bain Capital Ventures. “More and more modern technology companies sell their services on a usage, consumption, or transaction basis. These companies include cloud services, fintechs, and API companies. Palette is the only sales commission solution designed natively for transaction and usage-based business models.”
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