Scratchpad Secures $33M Series B Funding

Scratchpad Secures $33 Million Series B Funding

Scratchpad, the company developing a solution to streamline data entry for Salesforce users, has broadened its focus to provide comprehensive data access to entire revenue teams.

This strategic expansion has resonated positively with investors, culminating in a $33 million Series B funding round.

Investment Details

Craft Ventures, a previous investor, spearheaded the round, with additional participation from Accel.

This latest funding builds upon the company’s prior $13 million Series A round secured a year ago and a $3 million seed round from fall 2020, bringing the total investment raised to nearly $50 million.

Product Evolution and Growth

According to co-founder and CEO Pouyan Salehi, the funding is a direct consequence of the product’s evolution.

Initially designed as a tool for individual salespeople, Scratchpad’s functionality has expanded to benefit and provide visibility to the entire revenue team.

This shift has led to increased product adoption and sales figures.

Impact on Sales Performance

The broadened functionality has resulted in deeper penetration within client organizations and the closing of larger deals.

The concept of a dedicated revenue team workspace, initially a nascent idea, has gained significant traction among revenue teams.

Consequently, this product expansion has become central to the company’s overall growth strategy.

Bottoms-Up Sales Strategy

Scratchpad continues to employ a bottoms-up sales approach, attracting salespeople with a free product.

These users then become advocates for the product within their respective organizations.

This strategy is proving effective, with Salehi reporting tens of thousands of users across thousands of companies.

Product Capabilities

The company describes Scratchpad as a platform for managing sales pipelines, capturing and sharing notes, tracking tasks, forecasting with managers, facilitating team handoffs, and enhancing revenue team collaboration.

Company Expansion and Hiring

As the user base has expanded, Scratchpad’s team has grown from approximately 10 employees to nearly 50.

The company plans to continue expanding its workforce throughout the year, contingent on continued growth.

Scratchpad prioritizes diversity in its hiring process, focusing on competencies and motivations rather than solely on traditional tech industry experience.

Focus on Diverse Talent

This approach has enabled the company to recruit individuals from diverse backgrounds, including retail, hospitality, and therapy.

Salehi emphasizes that this strategy has been remarkably successful, identifying key attributes that contribute to success within the company, regardless of prior experience.