Elevation Capital, Accel lead new funding round in Zomentum

San Francisco, California headquartered Pactora, which runs information technology (IT) sales acceleration platform Zomentum, said on Tuesday that it has raised $13 million (Rs 94.7 crore at current exchange rates) in a Series A funding round.

The investment, a statement said, was led by Elevation Capital, Accel and Greenoaks Capital, with participation from Eight Roads Ventures. 

The latest fundraise, which comes months after the firm raised $4.1 million in a seed funding round, takes the total capital infused in the SaaS startup to $17.1 million.

Zomentum, in the statement, said that the fresh capital will be deployed to hire talent, create new programmes, and educate IT channel partners. Its aim, as per the statement, is to drive innovation and expand its presence.

Founded by Shruti Ghatge and Rahil Shah in 2018, the startup targets the $600 billion IT economy activity segment. It helps managed services providers (MSPs) deal with small businesses through an end-to-end sales management platform. 

The company’s solution comes with various product modules, such as a proposal builder, CRM, sales automation, assessment and insights. IT partners can use them in one account or integrate them separately to add new customers quickly, close more sales in less time and grow their overall revenues and business.

Zomentum claims that its platform enables MSPs to increase their sales win rates two-fold and deal sizes six-fold. They can also achieve 70% faster document creation with the solution, the company said. 

More than 80% of its 60+ customers are based in the US. Its offices are located in Raleigh, United States, and Bengaluru, India.

Commenting on the fundraise, Ghatge said, “Zomentum continues to march ahead as the world's first IT sales acceleration platform...In just the past twelve months, Zomentum has become an IT channel standard and is growing extremely fast with new customers referring Zomentum to other peers daily.”