Operating out of Lille, France, three-year old startup Amalia.io is lending a hand to sales teams who need a faster way of calculating performance-based compensation. It's managed to boil down arduous tasks inherent with tracking the agent's sales metrics, particularly in terms of plugging in key indicators from the enterprise's customer relationship management or other back-of-house software engine to ensure everyone's in the loop. Transparency is the big aim here and reducing water cooler speculation on how much everybody's getting paid, by providing clear oversight of how wages are calculated.
A surprising secondary benefit is some of the existing compensation calculators only really deal with US dollar amounts, in an apparent oversight by the US creators. Amalia.io also promises out-of-the-box compatibility with SQL data querying, hopefully reducing friction for sales force engineers
The startup just locked down a €4 million fundraise, thanks to a UK lead investor, InReach Ventures, and further commitments from id4 Ventures, Super Capital VC and angel investors (15 of them in total, Tech.eu believes.) That's in addition to a pre-seed round of funds from id4 in March 2020 and an undisclosed sum from iBanFirst CEO Pierre Antoine Dusoulier last May.
Since starting in 2019, the business has attracted over 30 customers to its software platform that gives automation tools and real-time visibility on all incentive metrics and performance indicators for sales team compensation. Currently Amalia.io is focused around the Nordics and UK as well as serving domestic French enterprises, including the employee benefits software startup Swile.
Amalia.io was founded by entrepreneurs Idriss Boumaza and Maxime Grandjean. It's now expanding to recruit another 30 internal team members across marketing, sales, customer success, product and tech. After making fresh hires, the company expects to be able to drill down on the software's sales performance element, widening the net for its clientelle.
Maxime Grandjean, Amalia.io's serving chief executive, said: "All Sales Representatives know that a compensation plan can come with a lot of frustration when it comes to the validation time.
"Our job is to unleash the potential of the compensation plans in companies by bringing automation and visibility on incentive & performance data. Today, Amalia.io can model any plan whatever its complexity or the specificities and give instant visibility for the teams."