Scalestack Secures $1 Million in Initial Funding Round, Extends Multi-Year Partnership with MongoDB

AI-driven data platform Scalestack , today revealed it has closed its first funding round with a successful $1 million raise. This funding was supported by a group of investors including Ripple Ventures , Forum Ventures, Flyer One Ventures, Founders Network Fund, and more.

Scalestack expressed that the newly acquired funds will be directed towards enhancing the platform's functionality and bolstering its presence in the marketplace.

While numerous sales tools emphasize conversion and engagement, the initial targeting phase in sales tech often appears outdated and insufficient. This shortfall forces B2B SaaS firms to either overload their sales teams with research tasks—leading to lower performance—or to invest in expensive, hard-to-manage internal solutions. data enrichment teams.

Scalestack differentiates itself by concentrating on creating tailored automated workflows utilizing pre-existing data, both internal and external, rather than simply selling raw data. This approach is closely aligned with the key aspects constituting their customers’ Ideal Customer Profile (ICP).

Elio Narciso, Scalestack’s co-Founder and CEO, shared with Metaverse Post, ‘Our focus is exclusively on helping our customers derive meaningful insights from the data they already possess within their systems (like CRM), enhancing it with third-party data sources (such as Crunchbase, Zoominfo, LinkedIn, and others).’
Narciso elaborated, “Deciphering data for B2B SaaS companies is challenging: each has their own Ideal Customer Profiles (ICP) and various attributes they prioritize, which necessitates a customized approach to ‘enrichment.’ Our strength lies in providing this custom solution, scaled automatically.”

Utilizing AI to Optimize Sales Insights

According to Scalestack, their workflows are seamlessly integrated within customers’ Customer Relationship Management (CRM) systems, ensuring that the data remains updated and consistently prioritized. The platform employs artificial intelligence (AI) to efficiently deliver actionable insights to sales representatives.

“We utilize AI for data enhancement, bridging any gaps discovered in third-party information. Over the past year, we have significantly advanced our capabilities, building an AI platform that not only analyzes vast amounts of data—ranging from news and job postings to financial information—but also leverages these insights to optimize sales representatives’ pipelines and daily task planning,” Narciso explained.

Additionally, the company announced that it has garnered new clientele, including the renewal and expansion of a long-term contract with MongoDB .

MongoDB, a well-known development data platform that provides a seamless and cohesive user experience for teams tackling the varied demands of contemporary applications.

“Our sales team receives hundreds of leads from a variety of channels each week, including events, job listings, and social media,” explained Meghan Gill, SVP of Sales Operations at MongoDB. “With Scalestack's AI, we've been able to efficiently consolidate, manage, and automate diverse go-to-market data sets in just minutes, which has really helped us pinpoint genuine leads.”

Scalestack makes use of MongoDB's Atlas and Atlas Vector Search, enabling the identification of interested prospects in sales and marketing pipelines by training on an array of data sources, such as ZoomInfo, Crunchbase, LinkedIn, and internal databases. CRM data .

“MongoDB Atlas is where all of our raw data lives, providing the insights that fuel our copilot features. It has allowed us to develop our product without the hassle of database management,” stated Narciso of Scalestack. “We utilize Atlas Vector Search, which adds a long-term memory aspect to the large language models we deploy. Thanks to MongoDB Atlas, we can operate without worrying about the underlying infrastructure.”

The platform crafts a tailored and automated overview of ideal customer profiles, streamlining the process of prioritizing prospects based on this data. It subsequently offers practical insights to sales teams for effectively engaging with potential and current clientele.

“Our AI platform knows which targets each sales rep should approach daily, based on all the insights we garner from numerous data sources. This approach has been in testing with MongoDB for several months and we are now scaling this initiative broadly,” Narciso told Metaverse Post.

As the AI sales As the market is projected to reach a staggering value of $93 billion by 2032, Scalestack aims to emerge as a leading player addressing a distinct challenge within this landscape.

“I believe speed is crucial—both in business in general and particularly in our sector. We've made considerable strides in enhancing our platform over the last year, cultivating customer relationships and increasing revenue, even amidst a fundraising environment that isn't particularly favorable right now; our sector is often seen as crowded. Yet, we successfully raised our first round of funding swiftly,” Narciso added.