Just two years ago, local SaaS platform Demostack launched to help businesses develop product demos in remote settings. Now, the startup is ready to expand following its latest funding round.
On Wednesday, Demostack announced it raked in $34 million in Series B funding from Tiger Global Management and others. This round is the startup’s largest raise to date and comes just one year after its $13.5 million Series A raise.
“We were planning to raise when we saw that we had solid product market fit and initial traction. Each month, we were getting into more deals and winning them,” Jonathan Friedman, co-founder and CEO of Demostack, told Built In via email. “This was the proof we needed that our technology and solution was working with our customers, so we decided to get the [fundraising] process started and reach out to our networks to pitch to investors. The process moved very fast.”
Demostack’s fresh funding will go toward research and development, along with continuing its global expansion, particularly in Europe, the Middle East and Africa.
“It is now more important than ever before to deliver a great product demo and the reason is two-fold: remote selling is here to stay and buyers expect a seamless, personalized buying experience,” Friedman said in a statement. “We built Demostack to help sellers adapt to this market shift.”
Deomstack’s technology can create product demonstrations during live remote calls that can be edited as businesses see fit to better streamline the production process. Edits, according to Demostack, can be done in minutes and can help businesses attract different consumer demographics.
“Before Demostack was created, sales teams would have to work with their engineering team to add and manipulate data in their demo environment, often requiring weeks of work and greatly limiting their ability to showcase their product’s value with the prospect,” John Curtius, a partner at Tiger Global, said in a statement. “Demostack has changed the game for software sales, and we are glad to be a part of it.”
While there are no plans for the fresh funds to go toward bringing on new hires, Demostack is hiring for nearly 20 open roles to expand its current 93-person team.
