Qstream Closes Series A Funding for Proven, Data-Driven Approach to Improving Sales Force Performance
Led by Frontline Ventures, Funding Puts Muscle Behind Mobile Solution that Ensures Enterprise Reps Are Equipped to Add Value in the Selling Process
BURLINGTON, MA (September 27, 2013) – Qstream, a provider of mobile sales enablement and analytics for driving high-performance teams, has completed a $2.85 million Series A funding round, bringing the total amount raised to $4.4 million, including $1.55 million in seed funding. The financing was led by Frontline Ventures, and included early investor Launchpad Venture Group and several significant individual investors.
As part of the round, Shay Garvey, co-founder of Frontline Ventures, will join the Qstream board. The funds will be used to accelerate sales and marketing of the company’s acclaimed SaaS solution in North America and Europe.
“We’re extremely impressed with the blue-chip client list and experienced management team that the company has attracted, ” said Garvey. “Qstream’s solution capitalizes on the best elements of mobile technology, gamification, data and analytics and applies them to a business process that is still hamstrung with inefficiencies and primed for fresh approaches. We are delighted to help Qstream advance a new class of sales enablement cloud solutions that is better tuned to the changing face of business.”
Developed at Harvard, Qstream is clinically proven to keep reps sharp, increase knowledge retention by up to 170%, and help executives proactively measure and manage the strengths of their teams. Using any device, busy reps respond to scenario-based questions in just three minutes a day. Game mechanics such as scoring and leaderboards ensure user engagement, and a sophisticated analytics engine captures dozens of critical data points and instantly transforms them into actionable insights, such as identifying opportunities for tailored coaching.
To date Qstream has delivered more than 180 million questions in nine languages to sales reps and others for product launch support, competitive threat management and response, and strategic business initiatives. With tens of thousands of registered users, Qstream’s customers include some of the world’s top brands in life sciences, technology and financial services.
“We’re grateful for the vote of confidence that this funding represents, and look forward to working closely with Frontline Ventures and Launchpad Venture Group to leverage our already strong position in the market, ” said Duncan Lennox, CEO and co-founder of Qstream. “As selling models grow increasingly more inefficient, and at the same time more complex, Qstream delivers a simple, measurable and proven approach to addressing the very large and under-served business problem of ensuring that reps are equipped to have value-added conversations with their clients.”
Developed at Harvard, Qstream helps leaders in dynamic environments keep their teams aligned on vital information and on-the-job practices via a series of daily challenges delivered to any mobile device. By combining game mechanics and social engagement with an adaptive “spaced delivery” approach, Qstream is easy to use and clinically proven to increase knowledge retention. Real-time data lets managers proactively measure and manage team capabilities.