A start-up specialising in sales coaching has landed more than £500,000 of investment from the North East Innovation Fund and angel investors.
MySalesCoach, the brainchild of entrepreneur Kevin Beales, who founded Newcastle firm Refract, and co-founder Mark Ackers, connects sales coaches with teams that need training. The subscription service is intended to help time-poor sales managers to find their reps the training required to maximise their performance.
The funding into the firm, which only launched this month, includes £250,000 from the North East Innovation Fund, supported by the European Development Fund and managed by Northstar Ventures, plus additional sums from angel investors. MySalesCoach has already secured US and UK contracts and will use the injection to grow.
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MySalesCoach CEO Kevin Beales said: "I have been involved in developing solutions technology to improve the performance of sales teams for the last decade now. Research has shown that sales coaching has the single biggest impact of any activity on performance and revenue, but most managers don’t have the time or even the skills, to deliver it to their teams.
"While virtual coaching is a growing industry in many other sectors, from my own experience it was clear there was a real gap and need for it to help support sales teams achieve their potential. We match sales people with expert coaches who have worked in the same industry, role, and sector, so the one to one virtual coaching is targeted and relevant for the individual. By offering a subscription service we can offer plans to suit individuals, small or large teams.
"With many companies now streamlining their sales teams, it’s more essential than ever they are performing at their best, and MySalesCoach supports them to do that."
The venture follows Mr Beales' successful eight-figure sale of the sales software business Refract to US firm Allego which now operate the firm's Newcastle base as its European headquarters.
Northstar Ventures investment manager Khadija Ashfaq said: "We are delighted to be able to support Kevin in his new venture MySalesCoach. Having worked with him on Refract, we know first-hand the experience, drive and talent he has as an entrepreneur, and the number of SaaS CEO and the calibre of the Angels participating in this round is testament to this.
"Often we speak with companies that are struggling to support their sales team and lack the resources needed to help them perform to the best of their abilities. MySalesCoach offers an easy, cost-effective solution to both individuals and teams. We are excited to be supporting the company and the team on this journey."
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