Glencoco raises $3M to build a marketplace where B2B Companies exchange leads for bounties
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Tech-enabled B2B sales marketplace built to enable gig BDRs to set up meetings for companies
NEW YORK, November 16, 2023-- Glencoco, a marketplace that connects companies with business development consultants to generate qualified opportunities, today announced its coming out of stealth alongside $3M in capital led by Felicis and Crossbeam. Liquid 2 Ventures, Browder Capital, SOMA Capital, Gold House Ventures, and angels/advisors from Stripe, and the former VP of Product at Roblox also participated in the round. Glencoco comes out of stealth with 40 B2B customers and over 7,000 sign-ups for individual salespeople.
Glencoco provides the tools, software, and interface for companies to freely list a campaign on its marketplace and allow certified business development consultants to easily source sales qualified meetings and submit them to companies on a flexible, gig-remote basis. This includes embedding elements of sales productivity tools into the platform, including a phone dialer, calendar scheduling, and sales training modules, to enable outbound freelance prospectors with campaigns uploaded by enterprise companies on the platform. Glencoco has focused on developing infrastructure, including same-day payments for qualified meetings, call analytics and recordings for QA and training, and scheduling infrastructure.
Glencoco was co-founded in 2022 by Ingwon Chae, former Head of Growth at Wiz, the fastest-growing enterprise company in history to reach $100M ARR in 18 months, and Jason Bao, previously a Senior Software Engineer at Verkada and Meta.
"While at two high growth companies, I saw that one of the most effective channels for generating sales pipeline was hiring Business Development and /Inside Sales teams," said Ingwon Chae, CEO and founder at Glencoco. "I also saw how challenging staffing these teams can be for both small companies due to lack of budget or resources to provide infrastructure and large companies. The average tenure of said hires is 6-9 months, which means that if you have a team of 100 outbound sales reps, in about a year's time, they'll all be gone. With Glencoco's platform, you have one of the most broadly accessible skillsets known to humankind - connecting with and talking to people - something college students, voiceover actors, aspiring entrepreneurs, semi-retired consultants who've sold to CISOs before, and you have businesses everywhere that rely on new customer intros as their lifeblood to grow their business."
Glencoco takes a 30% take rate of every qualified meeting that's passed through the platform.
"Practically every startup we speak to is constantly looking for a better solution to scale up their sales function. We believe Glencoco solves so many problems companies face when selling: how do you find great talent affordably, how can you scale up for seasonality, and how can you align incentives so talent and companies both win," said Ryan Morgan, Partner at Crossbeam. "Ingwon and team have already shown the need for this type of technology which provides resources to connect salespeople and companies, and we look forward to seeing how they equip the space further."
"Glencoco's innovative marketplace is poised to revolutionize lead generation for businesses. Their platform is a game-changer in the world of sales and marketing," said Niki Pezeshki, General Partner at Felicis. "By providing a marketplace connecting outbound callers with innovative companies looking to scale, Glencoco is empowering businesses to grow their pipelines and revenue streams."
With plans to offer more robust lead enrichment services for companies, Glencoco has further invested in AI augmentation to improve user productivity and expand their services beyond the US, UK and Canada to address increased global demand.
Glencoco is a marketplace platform that matches business development professionals with campaigns listed by enterprise companies. For more information, visit https://www.glencoco.com/
About Crossbeam Venture Partners
Crossbeam Venture Partners (Crossbeam) is a venture capital firm that invests in Pre-Seed to Series A startups building tomorrow's economy. Focused on the themes of platform economies, fintech, new forms of media, and alternative sources of income, Crossbeam is built to back companies of the next-generation economy utilizing unique structures, credit, or novel business models. For more information, visit https://crossbeam.vc
Founded in 2006, Felicis is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early-stage investments and currently manages over $3B in capital across 9 funds. The firm is an early backer of more than 47 companies valued at $1B+. More than 100 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park and San Francisco in California. Learn more at felicis.com.