Spiff

Deal Snapshot

Company: Spiff, Inc.

Website: spiff.com

Sector / Category: Incentive Compensation Management (ICM) / Sales commissions automation & sales performance tooling

Headquarters: Sandy, Utah, USA

Founded: 2017

Investor: Frazier VC

Investment Vehicle: Fund IV

Deal Type: Secondary

Realization: Acquired by Salesforce (announced 12/18/2023; completed 2/1/2024)

Company Overview

Spiff built an incentive compensation management platform that automates sales commission calculations and helps revenue teams manage complex compensation plans with greater speed and transparency. The product is designed to reduce manual spreadsheet work, increase trust in commissions, and support sales, finance, and operations teams with real-time visibility into performance and payouts.

Public Funding / Capital Events

Jun 26, 2020 — $10M Series A raised

Spiff announced a $10M Series A led by Norwest Venture Partners.

Jun 1, 2021 — $46M Series B raised

Spiff announced a $46M Series B led by Lightspeed Venture Partners.

Dec 18, 2023 — Salesforce announces agreement to acquire Spiff

Salesforce and Spiff announced a definitive agreement.

Feb 1, 2024 — Acquisition completed

Salesforce noted the acquisition closed on February 1, 2024.

May 30, 2024 — Purchase price reported ($419M)

A filing-based report indicated Salesforce paid $419M for Spiff.

Investment Summary

Frazier VC Fund IV made a secondary purchase in Spiff in September 2023, providing exposure to a category-leading commissions automation platform prior to its acquisition by Salesforce. The secondary structure provided entry into a business with durable workflow embedment inside revenue operations and clear strategic relevance to the broader sales tech ecosystem.

Why We Invested

Frazier VC invested in Spiff because we believe infrastructure software that improves core revenue workflows can scale efficiently and become embedded in day-to-day operations. Spiff’s product reduced manual friction and improved trust in compensation outcomes, with strong stickiness driven by compensation plan complexity and switching costs. We also value differentiated platforms that can expand within existing customer bases as organizations mature their sales operations and reporting requirements.

Other Investors

Norwest Venture Partners

Lightspeed Venture Partners

Salesforce Ventures

Stripes

Album VC

EPIC Ventures

Crew Capital