We’re thrilled to announce the launch of Vartana's B2B enterprise sales closing and financing platform, Vartana's Capital Marketplace, and $12M Series A
Today, we're excited to share Vartana's unified B2B enterprise sales closing and financing platform with the world. As operators, we have seen the inherent difficulties in the sales process, especially the pain salespeople face in the last mile of a sales transaction – custom payment terms, signature collection, legal back and forth, and pricing approvals are a few of the problems that plague the offline sales process. In 2020, we set out to solve these problems and streamline the selling process, and now we are thrilled to announce Patrick Salyer @ Mayfield is joining our Board of Directors and led our $12M Series A round. We are humbled by the continued support from our existing investors: Audacious Ventures and Flex Capital.
Let’s dive a little deeper into the problem. Payment terms are a pervasive problem in every business-to-business sale, and it is clear that a tech forward solution needed to arise. Whether purchasing software, hardware, or any other technology, buyers traditionally rely on bank loans or vendor trade credit. Unfortunately, both options create friction: getting a bank loan entails a lengthy, slow process, and vendors should not specialize in assessing credit nor do they want lengthy cash conversion cycles that grow their outstanding AR. We built Vartana to solve this problem – Vartana embeds at the point-of-sale to extend payment terms and installment plans to buyers without friction.
When we came out stealth last year with $57M in funding, we could have never imagined the impact our product would make for leading enterprise businesses at scale. We're thrilled to report that we've grown 600% YoY, our team has grown 5x in size, and we have secured major customer wins from companies like Motive, Samsara, Verkada, and more.
This past year our product has advanced ten fold, and our obsession with the last mile of a sales transaction has taught us a lot. The pain of a disjointed sales process can lead to rep churn, missed quotas, and strong tension between sales, finance, ops and legal teams. We built the Vartana platform to bridge the gaps between those departments. Here’s how we do it:
Our mission at Vartana is to modernize our economy by enabling businesses to access the best software and hardware tools in the market. To achieve that, we’ve created and now power the Vartana platform with our proprietary Capital Marketplace. Through a broad partnership with banks, funding partners and lenders, we are able to offer market competitive rates and scale from billions of dollars of transaction volume.
As we gear up for the year to come, we’d like to thank our incredibly talented team for their dedication and drive, our investors for their support and guidance and our customers for relying on us for their payment needs. We are still in the early innings of the business – with our team's continued dedication and support, we’re confident we will execute on our vision to automate B2B commerce on a global scale.
Onwards and upwards!
Kush and Ahmed