Dharmesh Singh and Bala Balabaskaran, once members of Microsoft’s Office 365 team, led revenue operations and design at Salesforce together for several years. While there, they say they encountered common business pain points, such as trying to forecast using spreadsheets and executing projects that involve a small army of people.
Their mutual experience at Salesforce 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 (eg customer relationship management tools). Since launching in 2021, Fullcast’s revenue has grown to approximately $6.5 million due to a customer base that now stands at ~80 brands, including Iterable and Collibra.
And, as Singh and Balabaskaran say, Fullcast isn’t done.
This week, Fullcast raised $34 million in a funding and acquisition round led by Epic Ventures with participation from Companyon Ventures, Firsthand Alliance, True Blue Partners and Sepio Capital. Along with a $4 million credit line from Silicon Valley Bank, the tranche arrives as tech entrepreneur Ryan Westwood joins Fullcast as CEO, replacing Singh, who becomes the company’s chief customer officer.
“The biggest [RevOps] The challenge for organizations is to integrate the strategy, process workflow, data analytics and technology stack between sales, marketing and customer success,” Westwood told TechCrunch in an email interview. “Organizations struggle to define and enforce processes that support the entire customer lifecycle.”
Westwood, who previously co-founded Simplus, a technology consultancy that was acquired by Infosys, has big ambitions for Fullcast. He joins an all-new, select C-suite of former colleagues including CEO Isaac Westwood, chief marketing officer Amy Cook and chief commercial officer Lance Evanson, who along with Westwood personally pledged $8 million to Fullcast’s funding round .
Image Credits: Fullcast
But Westwood says he wants to continue the good work of Fullcast – not rock the boat for the sake of innovation.
“Our goal is to make life easier for hard-working revenue-generating teams,” he said. “In addition to territory management, Fullcast offers revenue optimization capabilities, real-time productivity improvements for revenue generating teams, AI-driven insights and more… We think big – we see Fullcast as highly scalable with great room for growth.”
Westwood says Fullcast, which had not raised outside capital before this week, will focus on improving the platform’s user interface, improving capacity planning and introducing AI capabilities to deliver “intelligent and contextual” workflow automation. It’s not missing out on deferring some seed funding for strategic M&A down the line, as well as expanding Fullcast’s workforce by ~50 people.
Westwood recognizes that there are formidable rivals in the RevOps platform space – Anaplan and Xactly to name two. And he admits that Fullcast is not immune to the current economic headwinds (see mixed news on inflation). However, Westwood claims that Fullcast has a competitive edge in its “technical ability” and “rapid implementation”, with a lightweight software package enabling rapid implementation.
“As an industry, RevOps anticipates a decade of rapid growth,” said Westwood. “Future teams are investing in this RevOps platform because it helps them drive their own revenue. Despite the economic headwinds, our renewals are strong and we’ve had negligible churn… We feel now is the perfect time to fully invest in advancing the industry and capitalizing on this tremendous growth potential.”
