We’ve raised £600,000 to revolutionise sales management & motivation
2nd Jun 2021
3 min read
Doubling our team size, reforging our sales team, and accelerating our product growth.
The last 4 years have been one hell of a ride. Going from two nerds scrapping together a platform in their bedrooms to having a first-class product supported by an incredible team, this round represents the next stage of evolution for OneUp.
Why did we raise a growth round?
We know we’re moving rapidly approaching product-market fit. COVID-19 showed the value in our product beyond being an engaging display on a TV as dozens of our clients doubled down on using our product to help manage staff remotely. Our freshly designed analysis feature set really shone, and daily digest emails that enabled staff to self-manage their performance became the cherry on top.
To get us to Series A quicker whilst getting a head start on building out a sales & marketing team, we opted to raise a £600,000 round from our existing investors to inject some rocket fuel into the business 🚀
Why did we raise it now?
I really hoped we’d have written a post like this 12 months ago but COVID-19 dominated headlines. We’d be lying if we said it didn’t affect us as it did every business:
We lost 20% of our revenue in the first 8 weeks
Our sales pipeline completely froze
We made use of the furlough scheme whilst the dust settled
Q3 2020 was surprisingly strong with 15 new customers onboarding in the space of a couple of months mid-pandemic, balancing out all of those losses. This was a massive sign of the product’s value, even in an economic downturn. After bringing the team back from furlough in September and smashing through our highest ever MRR, we set ourselves up to capitalise.
We hired a CRO in Ian Moyse ahead of the funding round and got our objectives in order. The round closed in 6 weeks (a blessing when they usually take 4-6 months) and now we’re going for broke with the goal of raising a Series A late next year.
We’re staying true to our mission of helping sales organisations everywhere to better manage and motivate their teams. Our next feature goes beyond a single page or a new lick of paint – it’s going to eradicate the human element of running reports, saving hours per week for organisations. And that’s just the beginning.
My personal focus is building an unbeatable working environment. We have ambitions but that doesn’t come at the cost of team happiness and health. To that end we’re now a fully distributed team, enabling us to hire the best and brightest across the UK. If the last 12 months have shown the world anything, it’s the value of human connection so we’ll still be meeting regularly in person to maintain the teamship that made OneUp such a great place to work.
Thanks for following our journey so far. This is just the beginning 💙