DealHub wraps up year of unprecedented growth following $60M funding round

Upscaling sales capabilities can be a huge problem for many growing enterprises. Legacy sales tech solutions often require long implementation periods and need for extensive coding experience to customize to a company’s specific needs, which can often change on the fly.

Ambitious business leaders are faced with a choice of delaying their expansion plans until solution updates are rolled out or pushing ahead anyway with a suboptimal platform in place, which, in turn, prompts uneven adoption among sales reps.

The entire tech world, meanwhile. is bracing for a slowdown in 2023, with job cuts of over 140,000 announced across the major tech players in the US. With reduced demand, poor sales efficiency is now potentially an existential problem for some companies.

This helps explain why DealHub has thrived and why investors are optimistic about the startup’s future. The company recently completed its fourth consecutive year of 250% YoY growth, CEO Eyal Elbahary recently told Techcrunch. They have clients in 195 countries and have grown to a team of 160 employees, according to a recent blog post.

DealHub is a unified CPQ, CLM, and Subscription Management stack which provides both sales efficiency and rapid customization.

In June 2022, the company secured a $60 million Series C round led by Alpha Wave Global with Israel Growth Partners also taking part. This took their total funding to date to $90 million. According to Rick Gerson, Chairman of Alpha Wave, “DealHub’s phenomenal success is a testament to the market’s unfulfilled demand for a new breed of sales solutions that better align with constantly changing business needs.” He added they “were extremely impressed by the company’s fast growth, market traction, and enthused customer base.”

Founded in 2014, the platform initially focused on enterprise-grade CPQ. It was co-founded by experienced sales leaders Eyal Elbahary, Eyal Orgil, and Alon Lubin, who were frustrated at how poor sales efficiency was holding back so many businesses. They created the product they wished they had at their previous startups.

The founders used their knowledge to include a series of smart efficiency savings within the platform, eventually adding modules that help to automate much of the heavy lifting for proposals, contracts, payments, and customer tracking. DealHub has reported that this leads to a 31% increase in active selling time for reps, which naturally translates to a 27% higher win rate. Notably, sales reps found that customer responses were 78% faster.

As the founders understood the problems facing sales reps when faced with a comprehensive CPQ solution, they built out DealHub’s guided selling Playbooks. These are designed to be configurable, helping sales reps make the most of the platform with intuitive discovery questions that inform subsequent process steps.

DealHub tackles the issue of long implementation cycles by making the platform no-code, which no one else was doing in the CPQ space. Rather than taking months to offer value, DealHub can be in place and used by sales reps within days, and every time details need to be updated, this can be done by admins rapidly, so there’s no need for cumbersome development cycles. The no-code industry overall is rapidly gaining popularity and is expected to grow at a rate of 24.2% over the next few years.

DealHub’s funding has enabled the company to increase its product catalog with Subscription Management, Contract Lifecycle Management, and digital DealRooms with buyer engagement insights.

The virtual DealRoom is a centralized hub for everything a sales rep needs to close a deal such as assets, discussions, proposal versions, and e-signatures. There are also tools for analyzing processes and buying behaviors that lead to revenue. Real-time buyer intent is presented to the sales rep to help guide them.

Given the strength of its product, the company’s growth traction, and financial backing, DealHub can look forward to 2023 as a year of opportunity, unlike many other tech businesses.