CPE News (5/26/2021) – PartnerStack has closed a US $29 million Series B round of financing led by 3L with participation from Whitecap Venture Partners, Harbourvest and existing investor RRE Ventures.
Founded by Bryn Jones, Jonathan Mendes, Luke Swanek, and Neil Chudleigh, Toronto based PartnerStack is a complete partnerships platform, built to empower SaaS companies and their partners to drive predictable, recurring revenue.
PartnerStack will use funding to invest in recruiting more high-value partners into its partner network, building more opportunities into its platform for SaaS companies and partners to discover each other, improving its built-in payments and automation technologies, and scaling up its go-to-market efforts alongside its own partner program to bring the power of partnerships to even more SaaS companies.
photo credit: PartnerStack
News Release
PartnerStack, the Leading Partnerships Platform for SaaS, Closes $29 Million Series B Funding Round
Investment led by 3L, Whitecap Venture Partners, Harbourvest, and RRE Ventures
TORONTO, May 26, 2021 /CNW/ – PartnerStack, provider of the only partnerships platform designed to create new revenue channels for SaaS businesses, today announced that it has closed $29 million USD in Series B funding. This investment round was led by 3L with participation from Whitecap Venture Partners, Harbourvest and existing investor RRE Ventures, and caps off a fourth consecutive year of triple-digit revenue growth for the company since its founding through Y Combinator in 2015.
With this new round of funding, PartnerStack will invest in recruiting more high-value partners into its partner network, building more opportunities into its platform for SaaS companies and partners to discover each other, improving its built-in payments and automation technologies, and scaling up its go-to-market efforts alongside its own partner program to bring the power of partnerships to even more SaaS companies.
“We started building PartnerStack when we saw that other partner management software just isn’t built for SaaS businesses, at a time when most SaaS businesses weren’t yet looking for it,” said Bryn Jones, PartnerStack CEO and co-founder. “That’s changed: this investment comes as more SaaS businesses today see how partnerships can scale revenue faster than sales and marketing alone. We’re proud to work with many of the fastest growing programs in SaaS, and this investment will allow us to reach and support many more.”
“We increasingly see businesses in our portfolio and across the industry doubling down on channel partners as a major growth lever, and we see PartnerStack as the only company that has built a platform, marketplace and payments layer that powers indirect software distribution,” said Jodi Kessler, partner at 3L. “We’re excited to support PartnerStack — and their customers — in this next stage of growth.”
In the past year, PartnerStack’s network of 65,000+ active partners has driven over $120 million USD in revenue and over 1.6 million new customer sign ups for companies hosting their partner programs on the PartnerStack platform. The platform is ranked #1 in Partner Management Software by leading business software review site G2, which also named PartnerStack one of the Top Products for Sales and Fastest Growing Products in its 2021 Best Software list.
PartnerStack was ranked Canada’s #1 Best Workplace in its size category by Great Place to Work®, and more than doubled its headcount to 136 people in the past year, all while the company transitioned from working in its Toronto headquarters to being fully remote during the coronavirus pandemic. As it gears up for the next stage of growth, PartnerStack is looking to continue growing its team and to establish a new headquarters in Toronto.
About PartnerStack
PartnerStack is a complete partnerships platform, built to empower SaaS companies and their partners to drive predictable, recurring revenue. PartnerStack allows marketing, sales and revenue leaders to manage all of their partner relationships in a single platform, making it easy to scale up channels and reach new markets. By integrating with the tools marketing and sales teams use most, and automating the most challenging parts of partnerships management, PartnerStack removes the barriers to growing partnerships into a major revenue channel for SaaS companies including Monday.com, Aircall, Intercom, Bill.com, and Webflow. Founded in 2015 through Y Combinator, PartnerStack is backed by investors including 3L, Whitecap Venture Partners, Harbourvest, and RRE Ventures. Learn more at partnerstack.com or contact press@partnerstack.com.
About 3L
3L provides capital, perspective and a global network of entrepreneurs and industry leaders to exceptional, early-stage growth companies. The firm invests in both consumer and enterprise businesses characterized by strong founders and executives, demonstrable product-market fit and scalable unit economics. Representative 3L companies include goPuff, Ro, Daily Harvest, Flaschenpost, ChowNow, and Relativity Space, among others. The firm was founded in 2017 and has offices in Los Angeles and New York City. For more information, visit www.3Lcap.com.
About Whitecap Venture Partners
Whitecap Venture Partners is a leading early stage venture capital fund investing in high growth companies across three verticals: Information and Communications Technology (ICT), Med Tech and Food/Food Tech. Its team of operators and investment professionals partner with entrepreneurs in verticals where they have deep domain expertise and can bring significant operational and strategic value to companies. Additional information is available at www.whitecapvp.com.
About HarbourVest
HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $76 billion in assets under management, as of March 31, 2021. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 700 employees, including more than 150 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $46 billion to newly-formed funds, completed over $29 billion in secondary purchases, and invested over $21 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, and actionable insights.
About RRE Ventures
RRE Ventures is a New York-based venture capital firm with +$2B AUM with 27 years of history investing in category-defining startups across enterprise software, fintech, crypto, healthcare, consumer, media, proptech, robotics, and space. Notable investments include Noom, Olo, Digital Currency Group, Paxos, Ripple, Bark, Venmo, Vine, BuzzFeed, Latch, DataDog, NerdWallet, VTS, Knock, among others. For more information about the firm, visit www.rre.com.
SOURCE PartnerStack
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