Halifax-based SalesRight, which helps software companies simplify their pricing models, has closed a $600,000 round of funding, building on the momentum of the $325,000 it raised last year.
SalesRight closed the round as the Covid-19 crisis took hold and the six-member team is now adjusting its sales strategy to use remote sales techniques to reach clients. The good news is so far it’s working and the company has been able to close sales deals in the past few weeks.
“We had a big go-to market plan for 2020 with a lot of in-person events and that sort of thing,” said CEO Bill Wilson in an interview. “Obviously, that’s changed quite dramatically . . . so we are doubling down now to focus on virtual events or different types of ways to get in front of our partners.”
For example, this week the company joined a virtual tradeshow hosted by TechTO, the Toronto IT group. More than 1,800 people joined the online event, and Wilson said the company was able to meet new customers who stopped by its “virtual booth.”
SalesRight has developed an interactive quote delivery software that streamlines sales processes for Software-as-a-Service teams. It helps IT companies with a range of product simplify their pricing so they can close deals more quickly.
The software’s Interactive Live Quotes support the development and delivery of multiple SaaS pricing models, while providing real-time analytics on deal status. Users report increased conversion rates and reduced time spent per opportunity when using SalesRight.
“As businesses grow in complexity, often times so does their pricing,” said Patrick Hankinson, Partner at Concrete Ventures. “Any time your team is unable to easily communicate your pricing, you effectively slow down your sales process and sometimes even put deals at risk of not closing.”
The company said it will use the money from the latest round to support its next phase of product enhancements.
SaleRight launched its solution last March on Product Hunt, a platform for launching new products, especially in the business-to-business market. The initial sales were good, and one of the initial purchasers has stuck with SalesRight to become its biggest customer.
The sales grew strongly enough to attract a fresh round of investment, including Island Capital, which Wilson linked up with at the Atlantic Venture Forum. SalesRight has tapped Charlottetown-based Sculpin QA for its quality assurance needs.
Wilson said the company has had to change its sales strategy to cope with the Covid-19 crisis, but he also sees opportunity in helping other software companies to increase their sales through the downturn.
“We’re closing deals,” said Wilson. “We help support remote sales teams and now that all sales teams are remote we can help them with their work flow. We haven’t seen any reduction [in sales] and people are still taking meetings. We’re pretty happy with the way things are going.”