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Case Studies



Company: Spiff

Industry: Business/Productivity Software


Founded: 2017

Headquarters: Salt Lake City, UT

Norwest investments: Series A (2020), Series B (2021)

Acquired By: Salesforce in 2023


Sean Jacobsohn
Elaine Dai

Investment snapshot
Spiff Investment Opportunity
  • Leverage leadership position in sales-commission automation
  • Replace outdated, cumbersome processes with an easy-to-use SaaS platform
  • Broaden platform offerings and expand addressable market

Market Trends/Drivers
  • For most companies, managing sales commissions is a time-consuming, error-prone process
  • Finance and sales teams are often at loggerheads over discrepancies, lack of transparency
  • Enterprises expect consumer-like ease of use for finance tools

Norwest Investment
  • $10M Series A (2020)
  • $46M Series B (2021)

Portfolio Services Utilized
  • HR & People Advisory
  • PR & Marketing
  • Talent & Retention

  • Sooner-than-expected expansion from SMB to enterprise markets
  • Gartner Customers’ Choice for Sales Performance Management with a 4.7/5 rating and 93% recommendations
  • Oracle NetSuite New Partner of the Year in 2021
  • Acquired by Salesforce in 2023