Irishman’s US start-up Qstream raises $15m in Series B round

1 Dec 2016

Duncan Lennox, Qstream. Image: QStream

Qstream, the Harvard start-up led by Irishman Duncan Lennox, has just raised $15m in a Series B round aimed at accelerating the company’s sales in the US and Europe.

The $15m funding round was led by Polaris Partners, with participation by existing investors Frontline Ventures, Launchpad Venture Group, and Excel Venture Management.

The Series B funding brings Qstream’s total VC investment to $23m, and will be used to help the company rapidly increase US and EMEA market share.

‘Sales processes remain ripe for disruption’

Lennox, who also co-founded successful Dublin software company WBT, established Qstream based on research by Dr Price B Kerfoot, a professor at Harvard Medical School.

Selected as one of the top 100 fastest-growing companies in North America on the 2016 Deloitte Fast 500 list, Qstream has achieved cumulative revenue growth of 1,000pc over the past three years.

Scientifically proven results

Qstream has been scientifically proven in dozens of trials to boost performance with impact to the bottom line. Using Qstream on any mobile device, users respond to scenario-based Q&A challenges via push notifications, followed by brief explanations that strengthen skills in minutes.

Client results have included a 20pc increase in annual quota attainment, 3pc improvement in gross margin, and 12pc market share gain.

Qstream currently serves around 300 global brands in the technology, financial services, and pharmaceutical industries, including LinkedIn, MasterCard, Sun Life Financial, Pfizer, and Bristol–Myers Squibb.

“We’re tremendously honoured to have the validation of Polaris Partners, with its notable track record in the $12bn sales acceleration market, to complement the expertise we have come to enjoy from our existing investment partners as Qstream enters its next phase,” said Lennox.

“Sales processes remain ripe for disruption and, with the addition of this funding and expertise, Qstream’s singular ability to address the human side of sales is well positioned to change how enterprises achieve sales optimisation now, and into the foreseeable future.”

As part of the funding, Gary Swart, partner at Polaris, will join the Qstream board of directors.

Swart specialises in the emerging sales technology market and formerly served as CEO of oDesk (now Upwork), the world’s largest online workplace, which he guided to industry leadership and through a successful merger with Elance.

“Qstream’s promise as a transformative SaaS technology lies in its unique ability to use data, science, and an engaging mobile interface to address the human side of sales acceleration,” said Swart.

“While there has been an influx of innovative new sales technologies, we were immediately impressed with Qstream’s ability to tackle an aspect not yet addressed by others, and the scientific backing of its ability to change sales behaviours at scale.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years