Toronto’s PartnerStack has raised a USD $29 million Series B funding round led by 3L with participation from Whitecap Venture Partners, Harbourvest and existing investor RRE Ventures.
PartnerStack is a complete partnerships platform, built to empower SaaS companies and their partners to drive predictable, recurring revenue. PartnerStack allows marketing, sales and revenue leaders to manage all of their partner relationships in a single platform, making it easy to scale up channels and reach new markets.
The financing caps off a fourth consecutive year of triple-digit revenue growth for the company since its founding through Y Combinator in 2015.
PartnerStack was ranked Canada’s #1 Best Workplace in its size category by Great Place to Work®, and more than doubled its headcount to 136 people in the past year, all while the company transitioned from working in its Toronto headquarters to being fully remote during the coronavirus pandemic.
As it gears up for the next stage of growth, PartnerStack is looking to continue growing its team and to establish a new headquarters in Toronto.
“We moved back to Canada in fall 2015. And at the time, it was held against us. Folks told us they would write much bigger checks in our seed round, if we were to just have stayed in the Bay Area,” PartnerStack CEO Bryn Jones said in an interview with The Logic.
These days, Jones said, “there was a lot of excitement from American investors about what’s happening in the Canadian ecosystem. I was getting requests, as I was pitching, for [introductions to other Canadian] founders.”
In the past year, PartnerStack’s network of 65,000+ active partners has driven over USD $120 million in revenue and over 1.6 million new customer sign ups for companies hosting their partner programs on the PartnerStack platform.