French startup Qobra announced a €10 million Series A funding round led by Singular with the participation of the UK investment group Revenue Syndicate and existing investor Breega.
After their initial €5 million fundraising in March 2022, they managed to boast annual growth of 300%. With this new round of funding, Qobra’s mission continues, and will begin by accelerating new international acquisitions, especially in the UK, where they will be opening a London office in early 2024. With the ambition of becoming the world’s number 1 commission management platform, they will also double their workforce in 2024, from 30 to 60 employees.
Founded in 2020 with a view to making commissions the number one motivational and sales performance lever for companies, the founding team developed a no-code platform, enabling, among other things, the implementation of precise calculation rules and the automation of commission calculations.
To make the automation of commission calculations possible and scalable, Qobra’s platform is compatible with the majority of CRM, ERP and data warehouses on the market (Salesforce, Hubspot, Pipedrive, Microsoft Dynamics, Google Big Query, Snowflake, PostgreSQL, Zoho, Amazon Redshift, etc.). In this way, data is collected at source and in real-time, making commission calculations more reliable and limiting the margin for error.
According to its founders, this revolution has enabled the Operations and Finance teams to save precious time and ensure the reliability of commission data. The development of new functionalities on their commission management platform is also planned, and they want to go even further by expanding their product offering on the platform.
“Variable pay is the No. 1 go-to-market investment for the vast majority of B-to-B companies, and the commission plan is one of the most powerful tools management has to guide the behaviour of its sales staff. We are part of the new generation of software that is more flexible and more motivating for sales teams,” said Antoine Fort, co-founder and CEO at Qobra.
The startup has already convinced over 100 companies in more than 10 countries (France, UK, USA, Canada, Brazil, Germany, Sweden, Denmark, Spain, Italy, Czech Republic, etc.), including Doctolib, CoachHub, Make, Agicap, Figaro Classifieds and Payfit.
“We’re seeing strong traction from customers in different verticals, such as advertising agencies, pharmaceuticals, medical devices, real estate, financial services, insurance brokers, automotive… Everyone in sales-led industries needs us, and we know how to help them,” added Antoine Fort, co-founder and CEO at Qobra
