CommercialTribe Secures $3.2 Million for Social Sales Learning
DENVER, Colo., April 29, 2014-- CommercialTribe, a cloud-based social sales learning platform, announced today that it has secured $3.2 million in Series A funding from Grotech Ventures, Boulder Ventures, Access Venture Partners, and Martha Tracey of Crawley Ventures. CommercialTribe is turning the traditional corporate training model around by enabling sales reps to teach and learn from one another versus traditional trainer-led models.
"This deal attracted tremendous interest and secured a strong syndicate of venture partners," said Joe Zell, general partner at Grotech Ventures. "There is a powerful need for a company like CommercialTribe to disrupt the nearly century-old model on how to train a sales force."
Using video and other compelling content, companies can use CommercialTribe to enable their sales team by exposing them to the broadest range of best-in-class peer models. This helps sales reps drive consistency and excellence on their pitch, product knowledge, and competitive differentiation. CommercialTribe benefits the onboarding of new team members by accelerating the time-to-productivity for new hires and moves managers from performance management to coaching. For experienced reps, CommercialTribe reinforces and sharpens skills such as objection handling, issue diagnosis, and value demonstration.
"Teaching frameworks have been stuck in an industrial mindset for generations. In fact, much of what is trained never makes it into the field -- according to the Sales Executive Council, reps forget 70% of the information they are taught within a week and 90% within a month," said Paul Ironside, founder and CEO of CommercialTribe. "As salespeople ourselves, we came at this from a practitioner's perspective of how we could apply social technologies to capture the approach from the best reps and disseminate it across the organization for others to imprint. Now, collapsing time to productivity for new hires, increasing cross-sell ratios, improving margins, and reducing attrition levels are all on the table for sales managers to influence."
CommercialTribe provides a powerful collaborative platform with which to bridge the chasm between sales, marketing, and other corporate functions by allowing business units to work cooperatively to develop commercial messages. In addition to the practicing features of CommercialTribe, the platform provides an asynchronous coaching environment that suits the distributed nature of sales teams today. The platform's data analytics and CRM integration elements also provide greater insights to further shape learning curriculums.
The company plans to use the new funding to accelerate platform development and to further build out its go-to market model. For more information about Commercial Tribe or to schedule a demo, visit www.CommercialTribe.com.
About Access Venture Partners
Access Venture Partners invests in early stage technology companies in the Rocky Mountains. Access has invested in over 50 companies in Colorado since 1999. We partner with great entrepreneurs who have the vision and operating skills to build teams that can create businesses that disrupt existing markets and maybe even change the world.
About Boulder Ventures
Founded in 1995, Boulder Ventures invests in experienced serial entrepreneurs and their teams building technology and life science companies in Colorado and the Mid-Atlantic region. The firm's portfolio companies in software, networking, data storage, drug discovery and tools, and technology- enabled services, are industry leaders through superior management, market vision, and differentiated products. Boulder Ventures has embraced this focused approach to successful venture capital investing for more than fifteen years, raising six venture capital partnerships totaling more than $350 million in committed capital. For more information, visit www.boulderventures.com.
Founded in 1984 and investing out of its eighth fund, Grotech Ventures (http://www.grotech.com) is a leading early investor in high-potential technology companies. Grotech seeks innovative IT companies with particular emphasis on digital and social media; software and SaaS; security and storage technologies; healthcare information technology; and communications technology and services. Grotech continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. Grotech supports early-stage companies through investments starting at $500,000.
Founded in 2013, CommercialTribe is a cloud-based social learning platform where sales reps teach and learn from one another. Disrupting the century-old training model, the platform's innovative video-based collaborative environment allows sales organizations to increase the speed and effectiveness of their messaging, learning, delivery, and coaching, improving overall productivity. Based in Denver, Colorado, the CommercialTribe team brings decades of practical sales experience to their approach. Visit www.CommercialTribe.com for more information.
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