Last week Qstream announced some exciting news — a $15 million Series B financing, and Polaris Partners was honored to lead the round. Qstream has developed a fascinating platform that is changing the way sales teams behave and perform. Sales acceleration is right in our wheelhouse and we are thrilled to be a part of the team. Here are few reasons why we think this company holds tremendous promise:
There is an acute market need for the product
As former (and recovering) sales executives, we at Polaris like technology that helps improve frequency (amount of contact with potential customers) and competency (saying and doing the right things to ensure client success). In the world of sales, there are already very established players to help teams become faster, better organized, and more efficient. But there are limited solutions for sales teams who need to modify rep behaviors. Learning Management Systems are bulky and underutilized; sales training is spotty and forgotten. Qstream has developed a uniquely powerful way to engage, train and ignite high performance sales teams.
The Qstream platform enables all sales roles — including sales reps with mobile reinforcement, sales managers with coaching optimization, and senior sales leaders with performance analytics. This approach results in transformation through consistent reinforcement, engagement at scale, and predictive metrics to manage behaviors that drive success.
Put so eloquently by Qstream Co-Founder and CEO, Duncan Lenox, “Qstream addresses the human side of sales.”
The platform was scientifically proven before it was commercially proven.
We love technology at Polaris. We also love science. The Qstream methodology was developed from scientific work completed at Harvard Medical School, and it has now been proven in the market.
We’ve admired the CEO for some time.
My partner Noel Ruane has known Duncan Lennox for some time. We have been watching his impressive execution at Qstream and before that at WBT systems. He is an exceptional repeat entrepreneur who has the right balance between strategic vision and tactical execution. Duncan knows what he doesn’t know; and he is an attractor of talent who has built an extremely capable team around him.
The Qstream execution to date is best-in-class.
Qstream has had a laser sharp focus on the verticals where it could have the greatest success, beginning with pharmaceuticals (with 14 of the world’s 15 top pharma companies and 7 out of 10 of the top medical device companies as clients), followed by financial services (with 16% of the top 50), and now technology (11% of leading tech companies as clients). With average penetration of only 20% there is 5x growth potential and they are adding new logos every day. The company’s disciplined approach has resulted in best in class execution with more than 300 clients and a 4-year CAGR of 87%.
The sky’s the limit on growth potential.
The very capable Qstream team has built a solid foundation upon which to grow into a multitude of other markets. Their discipline and focus has served the company well and it’s now time to step on the gas. I, for one, am ready to blaze new trails ahead.