SAN FRANCISCO–(BUSINESS WIRE)–Vartana today unveiled its new technology deal closing and financing platform to provide sales teams with a range of new products that eliminate deal closing friction and provide access to upfront cash flow for B2B buyers and sellers. The company also announced a $12 million Series A funding round led by Mayfield, with strategic investment from Xerox Ventures and ongoing investment from Flex Capital and Audacious Ventures. This comes just a year after the company emerged from hiding with $7 million in seed equity funding and $50 million in committed credit from i80 Group. With this round, Patrick Salyer, a partner at Mayfield, will join Vartana’s board of directors.
Vartana is deepening its product market with the launch of its new corporate sales close platform which has become a cornerstone for B2B sales teams across the country as they face the need for payment flexibility more than ever. Today, more than 30% of B2B technology purchases require payment flexibility, but sellers don’t have a simple solution unless they offer monthly payment plans themselves, which increases the risk customer account (AR). Vartana aims to completely de-risk AR by providing access to upfront cash flow to all vendors, and the team is just getting started, as global IT spending is estimated at $4.6 trillion in 2023, an increase of 5.1% year-on-year according to Gartner.
The Vartana platform now enables technology companies to close deals faster with a full suite of payment options, including self-service financing, all integrated into a seller’s CRM, ensuring movement of transparent closing of sales and making it easier than ever to optimize cash flow for both sellers and buyers. Over the past year, the Vartana platform has evolved from a self-service finance platform to an all-in-one deal closing platform that can be used for any transaction B2B sales. The Vartana enterprise-grade white label platform is now designed to accept any payment method (pay now, pay later (+15-120 days), 12-60 month financing terms), generate multiple Get payment quotes in seconds, manage buyer-seller negotiations with a B2C feel, collect e-signatures, and track deal status from quote to close. The platform enables full payment flexibility by giving buyers the option to pay the way they want: deferred payments, financing in equal installments or immediate payment, while ensuring that sellers receive the full value of the contract from day one. . With Vartana, 85% of deals are automatically approved for immediate funding, and the time to fund remaining deals is reduced by up to 30%.
To achieve an automatic approval rate of 85%, Vartana created the Vartana Capital Marketplace which operates in the backend of the Vartana system, where it matches a network of financial partners, including major banks, with buyers’ loan applications. The Vartana Capital Marketplace allows the company to offer a wide range of financing terms, covering a wide variety of buyer types, with some of the best interest rates in the industry. Its proprietary algorithms allow Vartana to pass buyer debt to financing partners, minimizing exposure and liability in any transaction.
“Vartana removes the friction inherent in the B2B sales closing process by empowering sales reps to seamlessly move deals forward, regardless of the buyer’s preferred payment terms,” said Kush Kella, co-founder and CEO of Vartana. “By being fully integrated into a seller’s CRM, our clients are seeing record sales numbers and increased cash flow every month.”
Vartana works with dozens of companies, including Motive, Verkada, Samsara and others, to provide them with the capabilities they need to close deals faster. “Vartana allows us to extend our offer and our business portfolio to customers that we would not have been able to win otherwise. They take a technology business approach to an otherwise outdated industry and are fun to work with,” said Ryan Walsh, Regional Sales Manager, Verkada.
The company has seen significant growth since exiting stealth just a year ago. Vartana grew from 8 employees to over 40 and saw a year-over-year increase in funding processing volume of over 600%. The company has also onboarded over 10,000 trade buyers and intermediaries on the platform over the past 12 months.
“Vartana’s B2B closing and financing platform modernizes and digitizes a painful offline deal closing process that is mission critical to any business,” said Patrick Salyer, Partner at Mayfield. “The Mayfield team is thrilled to partner with Vartana because of our confidence in the team and their ability to build an industry-leading software platform and lightweight balance sheet business.”
Based in the San Francisco Bay Area, Vartana is an all-in-one B2B business closing and sales finance platform that simplifies the way sales reps close deals and buyers pay by streamlining the process of closing and eliminating payment delays. The company was founded in 2020 by Kush Kella and Ahmed Sharif. For more information visit https://www.vartana.com