Spiff pitches a way to automate sales commissions calculations
Spiff, a Salt Lake City-based company pitching a new service for calculating sales commissions for salespeople around the world, has raised $6 million in funding to sell its own product to the millions of Willie Lohman’s looking for an end to needless paperwork.
“Amazing as it may seem, there isn’t an effective, modern SaaS solution for managing incentive compensation,” said Jeron Paul, Spiff’s founder and chief executive. “Most companies use Excel or decades-old tech that’s really just professional services masquerading as software.”
Spiff’s own data indicates that 90% of businesses rely on spreadsheets alone to calculate commissions and it can take up to one month for sales representatives to learn about their commissions after they’ve closed deals.
Paul has had a long career starting and selling businesses before he launched Spiff in 2018. The serial entrepreneur previously sold Capshare to a subsidiary of