RevOps platform Fullcast raises $34M to set the stage for growth
Reading Time: 2 minutesDharmesh Singh and Bala Balabaskaran, once a part of Microsoft’s Office 365 team, headed up revenue operations and planning at Salesforce together for a number of years. While there, they say that they experienced common operations pain points like trying to forecast using spreadsheets and executing plans involving a small army of people.
Their mutual Salesforce experience inspired Singh and Balabaskaran to found Fullcast, a platform that allows companies to manage and track the performance of each of their revenue-generating teams by connecting to existing software (e.g. customer relationship management tools). Since its launch in 2021, Fullcast’s revenue has grown to around $6.5 million on the back of a customer base that now stands at ~80 brands, including Iterable and Collibra.
And, Singh and Balabaskaran say, Fullcast isn’t done growing.
This week, Fullcast raised $34 million in a seed funding round and acquisition led by Epic Ventures with participation from Companyon Ventures, Firsthand Alliance, True Blue Partners and Sepio Capital. Alongside a $4 million credit line from Silicon Valley Bank, the tranche arrives as tech entrepreneur Ryan Westwood joins Fullcast as CEO, replacing Singh, who’s becoming the company’s chief customer officer.
Westwood, who previously co-founded Simplus, a tech consulting firm acquired by Infosys, has grand ambitions for Fullcast. He joins with an entirely new, handpicked C-suite of former coworkers including chief operating officer Isaac Westwood, chief marketing officer Amy Cook and chief commercial officer Lance Evanson, who together with Westwood personally pledged $8 million toward Fullcast’s financing round.
But Westwood says that he wants to keep Fullcast’s good thing going — not rock the boat for novelty’s sake.
‘Our goal is to make life easier for hardworking revenue generating teams,’ he said. ‘In addition to territory management, Fullcast offers revenue optimization capabilities, real-time productivity improvements for revenue-generating teams, AI-powered insights and more … We’re thinking big — we see Fullcast as highly scalable with large margins for growth.’
Westwood says that Fullcast, which hadn’t raised outside capital prior to this week, will focus on improving the platform’s user interface, enhancing capacity planning and introducing AI-powered capabilities to provide ‘smart and contextual’ workflow automation. He’s not writing off putting some of the seed funding toward strategic mergers and acquisitions down the line, as well as expanding Fullcast’s workforce of ~50 people.
Westwood acknowledges there’s formidable rivals in the RevOps platform space — Anaplan and Xactly to name two. And he admits that Fullcast isn’t immune to the current economic headwinds (see: mixed inflation news). But Westwood claims Fullcast has a competitive edge in its ‘technical prowess’ and ‘speedy implementation,’ with a lightweight software package that allows for quick implementation.
‘As an industry, RevOps is expecting a decade of rapid growth,’ Westwood said. ‘Forward-looking teams are investing in this RevOps platform because it helps them remove their own revenue pain. Despite the economic headwinds, our renewals are strong, and we have had negligible churn … We feel now is the perfect time to become fully invested in pushing the industry forward and tapping into that tremendous growth potential.’
Ref: techcrunch
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