European variable pay management leader Qobra has announced a new €10m funding round. This follows an initial fundraising round of €5m in March 2022 and remarkable adoption of the solution by major companies.
The fund-raising was orchestrated by Singular, with the participation of UK group Revenue Syndicate and long-standing investor Breega. This strategic financing will enable Qobra to develop new functionalities, strengthen its customer acquisition strategy and accelerate its international expansion.
Qobra is the innovative platform dedicated to the strategic management of variable pay
Qobra is a French company that is revolutionising commission management. It is already deployed by a number of major accounts. The platform makes it possible to streamline information across the entire payment chain and align all the company’s stakeholders: management, financial decision-makers, sales teams and human resources.
Worldwide, between 2 and 3 trillion dollars are spent each year on variable remuneration for sales staff. However, this investment is rarely controlled, as it is most often based on the use of manual Excel files, which lack clarity, reliability and agility. Manual errors can easily creep into Excel files, needing continuous checking between different departments. This wastes time, money and ultimately causes frustration and a lack of confidence within sales teams.
“Variable pay is the No. 1 sales investment for the vast majority of B-to-B companies, and the commission plan is one of the most powerful tools management has to guide the behaviour of its sales staff. We are part of the new generation of software that is more flexible and more motivating for sales teams”, says Antoine Fort, co-founder and CEO of Qobra.
Automating commission plans to boost sales performance
Qobra automates commission calculations by implementing precise calculation rules in its no-code tool. This saves Operations and Finance teams valuable time and ensures the reliability of commission data. It also provides management teams and senior management with global visibility of performance and the entire commission budget. As for sales staff, they have total transparency over their targets in real time, making variable pay a real motivational lever.
“We can already see that since implementing Qobra, there is 15% to 20% uplift in terms of target achievement” Thomas Hons, GTM Strategy & Operations Manager at Make.
Qobra is compatible with the majority of CRM, ERP and HR software on the market. Data is collected at source and in real time, making commission calculations more reliable and limiting the margin for error. This management solution meets the needs of all companies with more than 100 employees in which sales staff receive variable pay. Antoine Fort and his team have already convinced more than 100 companies worldwide, including Doctolib, CoachHub, SeLoger and Payfit.
“We’re seeing a lot of interest from customers in different verticals, such as advertising agencies, pharmaceuticals, medical devices, real estate, financial services, insurance brokers, automotive… Everyone in sales-led sectors needs us, and we know how to help them,” explains CEO Antoine Fort.
Qobra aims to become the world leader in commission management over the next few years.
On the strength of its first round of funding in March 2022, Qobra can boast annual growth of 300%. With its initial model validated, this new round of funding will enable Qobra to accelerate its international growth, particularly in the United Kingdom. The company will open a London office in early 2024 as a gateway to the United States. A European leader with the ambition of becoming the world’s benchmark software company, Qobra plans to double its workforce from 30 to 60 employees by 2024, and to expand its software offering.