Greycroft Partners and Allos Ventures Lead Investment; Company to Expand Sales, Support, Marketing and Technical Teams
INDIANAPOLIS (Oct. 19, 2015) – TinderBox, a leader in sales productivity technologies, announced today it attracted $7 million in venture capital investment to fuel the company’s growth and product innovation.
Led by Greycroft Partners and Allos Ventures with investment from High Alpha and existing investors, the funding provides growth capital to the company that now serves nearly 500 customers worldwide, including Angie’s List, DoubleDutch, G/O Digital and Orbitz for Business.
“TinderBox is transforming how companies sell by making it faster and more effective for sales teams to create, deliver and track the assets they need to sell – everything from the first presentation to the final contract,” said Dustin Sapp, TinderBox co-founder and chief executive officer. “This new investment gives us even more capability to accelerate innovation, expand our team and continue to build on our track record of doubling revenue every year.”
TinderBox has emerged as a leader in sales technology. The company’s sales proposal product was the highest rated in the most recent G2 Crowd Grid report, and following the launch of its new contract management product with DocuSign, TinderBox was named a 2015 finalist in DocuSign’s partner of the year awards. Its new online presentation product, TinderBox Pitch, was the fastest growing product in company’s suite of sales productivity products in the first half of the year.
“TinderBox is executing on a bold vision to replace PDFs, PowerPoints and Word docs with online sales materials, and it’s working,” said Mark Terbeek, a partner at Greycroft Partners. “We first learned of TinderBox’s transformative work through one of our portfolio companies and knew we had to be a part of the company and the seismic shift they’re leading in modernizing the sales process.”
The market for TinderBox is large, he said. The U.S. Bureau of Labor Statistics reports there are more than 4 million non-retail salespeople in the U.S. alone, and sales expenses represent one of the most significant costs for companies of all sizes.
“Sales productivity software is becoming essential as organizations strive to better leverage their employee’s time and create better experiences for their prospects and customers,” said Scott Dorsey, TinderBox chairman and High Alpha managing partner. “Simply put, TinderBox enables sales teams to compete and win in this online first world.”
“The technology the team has developed and the team they’ve built are among the best in tech anywhere,” said Don Aquilano, Allos Ventures managing director and member of the TinderBox board of directors. “As a repeat investor in the company, we see tremendous opportunity for growth in the future as more and more companies experience the power of TinderBox and see the productivity gains it delivers.”
The news of TinderBox’s latest round of funding follows the unveiling of TinderBox Insights™, the company’s new visual reporting solution. Now in beta, the technology provides an online canvas to drag and drop any criterion such as contract value, geography, time or salesperson to analyze and discover insights about the sales process, buyer’s journey and performance of TinderBox-powered online contracts, sales proposals and presentations.
Octiv provides a sales productivity platform designed to create efficiencies in process workflows for creating and managing documents and assets like sales presentations, quotes, proposals and contracts. Octiv integrates data from CRM, CPQ, ERP and other systems to streamline workflows, save time and accelerate sales opportunities. Founded in 2010, Octiv serves over 400 organizations including large enterprises such as General Electric and Siemens, and high-growth companies such as DoubleDutch and G/O Digital. To learn more visit www.Octiv.com.