WorkSpan Raises $30 million in Series C Funding for Customers to Drive Revenue Growth with their Partners

SAN BERNARDINO, Calif., Oct. 5, 2022 /PRNewswire/ -- WorkSpan, the first ever Ecosystem Cloud platform, today announced the company has raised $30 Million in Series C funding.  This funding round was led by global software investor Insight Partners with participation from Mayfield and M12, Microsoft's venture fund. The funding will be used further invest in customer innovation and growth

WorkSpan is the #1 co-sell management network that empowers companies to turbocharge and scale their co-sell revenue growth.  The company powers some of the top technology ecosystems, managing over 9,000 partner companies, $50 Billion of co-sell opportunities and $1 Billion in incentive funds. WorkSpan is the only SaaS platform in the world that is pre-integrated for partner co-selling with Microsoft Partner Center and AWS ACE.

Using WorkSpan, partnership leaders engage some of the largest technology hubs in the world like AWS, Cisco, Microsoft, SAP, and Wipro to:

• Co-Sell with partners, including top cloud hyperscalers, to accelerate measurable revenue growth
• Co-Innovate with partners to bring joint solutions to market 6x faster
• Co-Market to bring those joint solutions to market and fairly distribute leads to partners
• Co-Invest to align incentives between partners across the full customer lifecycle

"Every organization has a top-down mandate to increase revenue through partner ecosystems. WorkSpan's Ecosystem Cloud was purpose-built for ecosystem partnering, allowing companies to bring joint partner solutions to market faster and co-sell with partners.  This drives higher deal volume, higher deal velocity and higher win rates." said Mayank Bawa, CEO and Co-Founder, WorkSpan, "Today's fundraising news is a reflection of our continued growth and a testament of this market shift.  This is the Decade of Ecosystems that WorkSpan pioneered, and there's tremendous growth ahead as we service our customers to maximize their Ecosystem value."

"With the WorkSpan platform, customers are able to transform partnering from what many have considered an opaque art form into a science that is measurable with full transparency across the customer lifecycle," said Ganesh Bell, Managing Director, Insight Partners. "WorkSpan has already emerged as a market leader and doubled in customer count in the last quarter alone. We are excited to partner with the WorkSpan team as they continue to grow and Scale Up."

WorkSpan has seen massive adoption from organizations around the globe, driving substantial growth for the company. Operational highlights include:

• ARR growth of 100% plus for the first quarter ending April 30
• Customer count growth of 100% for the first quarter ending April 30
• Successful launch of business unit focused on Co-Sell with Microsoft and AWS
• Key leadership hires including Justin Silvia, Chief Customer Officer and Kijoon Lee, VP & GM of Cloud Ecosystem Solutions

"Our partnership with WorkSpan is a case study in how a serial entrepreneur follows his own North Star to build an enduring company," said Navin Chaddha, Mayfield Managing Director and WorkSpan inception investor. "Since founding the company in 2014, Mayank, Amit and the team have focused on streamlining collaboration between business partners. They built the only cross-cloud ecosystem network with a painkiller value proposition of automating revenue generation.  They found a repeatable GTM motion and established a capital-efficient company culture. As a result of their market leadership and metrics, they were able to raise their Series C from a top-tier investor on favorable terms, even in today's tough fundraising climate." 

About WorkSpan
WorkSpan is the #1 co-sell management network that empowers companies to turbocharge and scale their co-sell revenue growth. Partnership and Sales teams use WorkSpan's secure SaaS solution to collaborate with partners on deals, exchange co-sell referrals from inside their CRM, manage shared pipelines, and track performance on a live dashboard.

As the industry's leader in Ecosystem Business Management, we power the top 10 business ecosystems in the technology and communications industry today, managing over $50 billion in joint pipeline, 6x faster speed to market for joint solutions, and 2x partner manager productivity. Customers include Microsoft, Cisco, SAP, VMware, HPE, Accenture, Ericsson, Red Hat, and others.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2022, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

SOURCE WorkSpan