Selling enterprise software is much more complicated than convincing a potential customer that your solution is the best and signing a contract. A recent Gartner study found that buying groups for B2B solutions can involve up to six to 10 decision makers, and that the majority of buyers said their most recent purchase was “very complex or difficult” as they came to a consensus while negotiating with vendors.
BuyerAssist, a new startup founded by former employees of sales readiness platform MindTickle, wants to make the buying process as smooth as possible. The company is launching its beta product to the public today with $2 million in seed funding led by Stellaris Venture Partners and Emergent Ventures, with participation from angel investors. The capital will be used for hiring in the U.S. and India, with plans to bring BuyerAssist’s platform out of beta later this year.
Headquartered in San Francisco, with an office in Pune, India, BuyerAssist.io was founded last year by Amit Dugar, Shankar Ganapathy and Shyam HN, all alumni of SoftBank Vision 2-backed MindTickle, a platform that enables companies to train their sales staff at scale. The philosophy behind BuyerAssist draws on HN and Ganapathy’s experience on the sales and marketing side of MindTickle: Ganapathy was its director of strategic accounts, while HN served as head of global sales development.
“We’ve sold half a million dollar deals, and deals where you have anywhere form 10 to 25 people involved from the buyer side,” HN told TechCrunch. “There’s a core team of about five to 10 people, but then there is also an extended team that comes and goes during the process.”
The pandemic added an extra layer of complexity to B2B sales, because many deals were done remotely. Furthermore, sales representatives get less time to interact with buyers. The Gartner report found that when B2B buying teams consider a purchase, they spend only 17% of that time meeting with potential suppliers, and the amount of time they spend interacting with any sales representative may be only 5% to 6%. This means vendors have to find ways to keep potential buyers engaged, while making the process easier for them.
BuyerAssist describes itself as a “operating system for B2B companies to deliver the most effective buying experience.” It helps by providing a centralized place to gather information that would usually be buried in emails and notes, and make it searchable. It also lets both vendors and buyers share information about their needs (like pricing, information security reviews and when they want to deploy software by), creating more transparency for each side, and stores important files like proposals, contracts and legal documentation.
For vendors, having information and questions from potential buyers organized in one place can help them better understand their deals pipeline and meet revenue goals. BuyerAssist also provides analytics that can help them retain more contracts. For example, it alerts vendors when buyers become less engaged, which may mean they are losing interest.
During its beta stage, BuyerAssist worked with four companies. The platform is currently focused on enterprise software and SaaS companies that do a lot of their sales remotely, but can be used for any complex sales process that involves multiple calls and emails. Other sectors BuyerAssist wants to enter include manufacturing and financial services.
BuyerAssist is part of a new crop of startups focused on helping vendors and buyers work together on complicated sales. Others include Accord, MetaCX, Dealpoint and Redcapped.io. HN said that the space is still very new, so companies are still figuring out their positioning. In BuyerAssist’s case, this means focusing on buyer engagement, instead of mutual success plans or collaborations, from the beginning. HN said the company will double down on investing in two key areas of product development: building its enterprise grade product to support complex sales and becoming the preferred way for buying teams to engage with BuyerAssist’s clients.
In statement about the investment, Stellaris Venture Partners partner Alok Goyal said, “As a venture capitalist focusing on the 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.”
Anupam Rastogi, a partner at Emergent Ventures, 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.”