SaaS-based startup Zomentum, on Wednesday, announced that it had raised $4.1 Mn in seed funding from Accel and SAIF Partners.
The team at Zomentum plans to use the funding for accelerator product development and hire a sales team which, could service locations outside North America.
Zomentum, which builds sales solutions for managed service providers, was founded by Rahil Shah and Shruti Ghatge in 2018. The company’s first product, launched in January this year, was an all-in-one sales tool for IT providers to manage leads, assess customer requirements, generate proposals and manage billing.
“What we’re building is a tool for IT partners to be able to deliver modern cloud solutions in the most efficient way, but there are no tools available to these companies to make that happen,” said Ghatge, co-founder and CEO, Zomentum.
“Our efforts are now concentrated on accelerating GTM (go-to-market) and building sales/marketing/product pipelines around that,” Ghatge added.
The San Francisco-headquartered company, with offices in Raleigh and Bengaluru, claims to be servicing clients across the US, Australia, New Zealand, Belgium, Denmark and Singapore among others. Zomentum adds that its business has been growing 45% month-on-month since January.
“We are excited about (partnering with) Shruti and Rahil, who have spent more than 18 months studying the market and starting Zomentum with a singular focus in making the IT partner ecosystem thrive and scale with a modern toolset,” said Shekhar Kirani, partner at Accel.
In February, Accel India launched Founder Stack, a 10-week programme for founders of early-stage SaaS startups to gain knowledge and clarity to build their startups. They would do this through Accel India’s network of 140 portfolio companies.
Accel India’s Avinash Raghava, in a Medium post published then, argued that there was a $400 Bn global opportunity for SaaS startups and that Indian startups had huge potential to tap into those opportunities. Accel said that SaaS was its forte and it wanted to help many founders with its decade of expertise.
In December last year, Accel announced the close of its $550 Mn fund, also its sixth India-focused fund, meant for seed and early-stage Indian startups. The venture capital firm launched its first India-based investment fund back in 2005. Its Indian portfolio includes more than 50 companies such as Acko General Insurance, logistics startup BlackBuck, online ticketing platform BookMyShow, bike rental startup Bounce, health and fitness startup Curefit and home services startup UrbanClap.
Alok Goel, managing director, SAIF Partners also spoke on the developments. “The IT partners establish deep and rich relationships with the B2B customer set. They are the route to market for various products and services to reach many businesses across the world. Zomentum is focussed on building a best-in-class product for making these IT partners successful.”