In the world of enterprise software, innovation is often met with frustration. Founders Sahil Khanna and Kevin Hughes, who started their journey at early-stage enterprise software startups, were no exception. They were surprised to find that companies they worked for relied on outdated methods like cold emails and calls to sell their innovative tech.
The Problem with Traditional Sales Methods
Khanna, a former product marketer, and Hughes, a former sales manager, knew these methods were ineffective in selling software or helping buyers get the solution they needed. As Khanna told TechCrunch, "Company executives are frustrated, their email is destroyed… In their own words, there are way too many vendors to keep track of. They don’t know who is credible."
The statistics only exacerbated this issue. With nearly 400 enterprise tech unicorns alone and countless other smaller startups (according to CB Insights), buyers were overwhelmed by the sheer number of options available.
Enter Sagetap: A Better Way
Khanna and Hughes decided to take matters into their own hands, launching Sagetap in an effort to fix these problems. Initially, the platform focused on providing a place for buyers to research and explore options. This strategy proved successful, with Sagetap hitting $1 million in ARR (Annual Recurring Revenue) within its first year.
However, Khanna and Hughes didn’t stop there. They recognized that their platform could be more than just a resource for buyers; it had the potential to revolutionize the way enterprise software was sold.
From Research to AI-Powered Marketplace
Sagetap spent the next year building an AI-powered marketplace on top of its research platform. This move allowed potential customers to browse a database of vetted software vendors, each with their own intel package including publicly available information, buyer demographics, and tech endorsements.
The marketplace uses AI and anonymized sales call data to match buyers to sellers that fit their specific needs. As Khanna explained, "This industry is huge, it’s a $1 trillion-business… It’s broken. Buyers and sellers, there is a lot of friction."
A New Model for Enterprise Software Sales
Sagetap’s use of AI to analyze sales calls sets it apart from other enterprise software marketplaces. While some companies focus on automating aspects of the existing sales process (like crafting emails or sourcing prospects), Sagetap offers a fundamentally new approach.
The platform is profitable, generating revenue through vendor subscriptions and meetings booked on the platform. This month, Sagetap announced a $6.8 million seed round led by NFX with participation from VCs like Uncapped Ventures and Uncapped Capital.
A Bright Future for Sagetap
As the enterprise software landscape continues to evolve, Sagetap is poised to play a major role in shaping its future. With its innovative approach and commitment to providing value to both buyers and sellers, this platform has the potential to become a leader in the industry.
Stay tuned as we continue to follow Sagetap’s journey and explore the exciting developments in the world of enterprise software sales.
Related News
- Google begins requiring JavaScript for Google Search: Google has announced that it will now require websites to use JavaScript in order to display search results.
- Apple brings Store app to Indian market: Apple has launched its online store in India, allowing customers to purchase products directly from the company.
- FAA had to divert flights because of SpaceX Starship explosion: The Federal Aviation Administration (FAA) was forced to divert flights due to a recent explosion at a SpaceX facility.
Subscribe for More Industry News
Stay up-to-date on the latest tech news and trends by subscribing to our newsletters:
- TechCrunch Daily News: Get the best of TechCrunch’s coverage every weekday and Sunday.
- TechCrunch AI: Explore the latest news in the fast-moving field of artificial intelligence.
- TechCrunch Space: Stay informed about the latest advances in aerospace.
By submitting your email address, you agree to our Terms and Privacy Notice.