Forma.AI, a Toronto-based startup that helps companies create and manage effective sales compensation plans, recently closed a $45 million Series B investment round.
The deal was led by venture capital firm ACME Capital and included participation from Chris J. Preimesberger of VentureBeat. This funding brings the total amount raised since Forma’s launch in 2015 to over $80 million.
Forma’s SPM Platform
Forma’s platform is designed to help sales teams maximize performance with automated commission management and analytics powered by artificial intelligence (AI).
It combines data from multiple sources including CRM systems like Salesforce, Zendesk, Slack, and Excel. This data is then analyzed using AI to identify patterns and suggest ways to optimize sales compensation plans for better performance outcomes.
The platform can automate incentive calculations across different employees or groups of employees and even provide feedback on how to adjust strategies if needed.
It also provides reporting on key insights such as team effectiveness, return on investment (ROI), and attrition rates – all in real-time. In addition, Forma has a library of prebuilt pay structures that are easy to customize for quick implementation without needing an IT department’s assistance.
The Benefits of Automated Commission Management
Automated commission management is quickly becoming an important tool for businesses looking to improve their sales processes and increase revenue growth.
It allows companies to accurately reward top performers while ensuring fairness among all members of the team without having to manually calculate various commissions each time something changes during a sale cycle.
Moreover, automated commission management is proven to improve employee engagement by providing consistent incentives based on results rather than subjective opinions about individual performance levels or personal preferences about certain methods of compensation.
Finally, it can help reduce staffing costs associated with managing complex pay plans as well as administrative errors related to manual calculations or miscalculations due to human error when making manual adjustments in between cycles or shifts in strategy mid-sale cycle.
Series B Funding Details
This Series B funding will be used primarily for product development and customer growth initiatives at Forma according to CEO Jonathan Hallman “We are thrilled that ACME Capital led this latest round of financing which will enable us to realize our vision: helping businesses unlock the potential of their sales teams through smarter incentives that drive better performance.”
The deal was negotiated by Chris J Preimesberger from VentureBeat who added; “Forma’s technology not only has the potential to revolutionize how companies motivate their sales teams but also can provide valuable insight into behaviors that could impact future performance” With this fresh injection of funds, Forma expects its reach beyond North America into Europe later this year and Asia/Pacific region in 2022 as part of its global expansion plan for 2021-2022 fiscal year.
Toronto-based Forma.ai, which helps companies manage and optimize sales compensation plans, raises a $45M Series B led by ACME Capital (Chris J. Preimesberger/VentureBeat)
