Headquartered in San Francisco, B2B Buyer Engagement platform, BuyerAssist.io today announces raising $2M in seed financing led by Stellaris Venture Partners and Emergent Ventures. This is the company’s first round of venture funding and with this announcement, BuyerAssist.io is also publicly launching their beta product and coming out of stealth mode.
BuyerAssist.io was founded by Amit Dugar, Shankar Ganapathy and Shyam HN with a mission to minimize the friction in B2B vendor-buyer relationships, especially for enterprise SaaS businesses.
Speaking on the core proposition of the company, Shyam HN, Co-Founder & CEO of BuyerAssist.io said, “B2B buying is undergoing a major transformation. New people are in driver seats and they bring a new set of expectations, especially now with the pandemic and remote working. Companies that sell to them must be extremely nimble and adaptive to these changing buyer preferences. The first step in that direction is to drive transparency with a shared system of truth with their buyers, and we help our customers accomplish that.”
As per Challenger Inc research1, 4 out of 10 B2B purchase attempts end in ‘no-decisions’. Research by Gartner2 highlights that 77% of B2B buyers state their latest purchase to be very complex or difficult and in the same research, it was found that the amount of time spent by a B2B buyer with any one sales rep may be only 5-6% of their buying journey. Lack of time with buyers coupled with rapidly shifting buying dynamics is fueling the need for B2B vendors to deliver a buying experience that is unique to the customer’s buying priorities, personalized to the various buyer stakeholders and delivered in the flow of the buying process. The BuyerAssist.io platform acts as the operating system for B2B companies to deliver the most effective buyer experience and enables sales teams to provide their buyers a single, integrated, collaborative engagement interface throughout their journey together. It transforms sales discovery into a collaborative exercise for sellers and buyers to systematically co-develop a shared understanding of the buying team’s priorities, desired outcomes and milestones, and jointly create a Mutual Success Plan that serves as the north star for their relationship.
The founders of BuyerAssist.io were early employees at sales enablement leader MindTickle and have been in strategic roles during the company’s early phase of growth. Speaking about the team, Alok Goyal, Partner at Stellaris Venture Partners said, “As a Venture Capitalist focusing on SaaS space, we get to see hundreds of teams. But it is very rare to find teams that create a perfect storm of domain expertise, functional expertise in different areas of building SaaS companies and at the same time bringing the perfect complementarity between the founders.” Alok himself has a strong background as an enterprise sales leader at SAP and Siebel before turning into a VC investor.
Anupam Rastogi, Partner at Emergent Ventures who co-led this round said, “What excites me about BuyerAssist is that it focuses on reducing friction between buyers and sellers. Buyers want more flexibility and less noise. Sellers want to run a more consistent sales process. BuyerAssist facilitates this and enables both to build a long-term partnership. This is where we see the industry heading in the years and decades to come.”
The company said that the funding will be used to hire a strong foundational team across India and US, and fuel the next set of innovations in the product. They have been working with a closed set of design partners for the last nine months and are looking to now scale their beta program further. The platform is expected to come out of the beta program and be made generally available later this year.