Instead of Allowing AI to End its Consultancy, Evergrowth Embraced a Pivot and is Now On Track to Hit $500K ARR Within Three Months of Launching its SaaS.

February 22, 2024 08:00 AM Eastern Standard Time

NEW YORK–(BUSINESS WIRE)–Evergrowth, the premier AI-powered B2B account-based sales platform, announced today its first fundraise of $2.2M, making it one of the largest pre-seed rounds in Baltic history. The investment, led by Impellent Ventures and Practica Capital, demonstrates the rising influence of Baltic European SaaS startups and the need for fully optimized AI-driven strategies to enable sales and revenue teams. The company is already on track to hit $500K ARR within three months of its MVP launch.

“This funding helps us continue to expand from a scrappy MVP that rapidly got traction within several months. The strong interest shown in our solution speaks volumes about its performance and potential. We will use this funding to scale the platform as fast as possible to meet growing demand. ”

Co-founded by JB Daguené, Mantas Urnieza, Tadas Cekavicius, Aivaras Rastenis, and Algimantas Padegimas, the platform’s customer-centric sales frameworks are a spin-off of years helping some of the fastest growing revenue teams through a prior consulting business, which had a five-year tenure and generated millions. In 2023, Co-Founder JB Daguené began toying with OpenAI to see how it could be implemented into existing processes and templates and found that the marriage of AI and his previously proven go-to-market strategies allowed his clients to do much more effective and efficient work, with less money and time spent. This ultimately led to closing the consultancy business and going all-in on a scalable SaaS solution. Sales teams now use Evergrowth’s AI-driven platform to gather account-based granular insights like intent-based signals that trigger meaningful engagement with prospects, ultimately leading to more revenue with fewer resources. Prior to the release of this innovative technology, doing such deep research on individual accounts and their contacts took days. Companies can now utilize Evergrowth to gain even richer insights and results within minutes.

Evergrowth’s approach aims to eliminate some of the most common challenges in B2B sales, such as non-personalized, irrelevant outreach and the misalignment between sales and marketing teams, offering a more targeted and adaptive strategy fit for the Digital Age. By leveraging AI, Evergrowth enables sales teams to identify the right company and persona while crafting the perfect message in minutes rather than hours or days, enhancing the efficiency and effectiveness of sales outreach. Their customizable workflow generation feature harnesses LLM technologies to create dynamic customer-centric sales frameworks that adapt in real-time. This workflow, informed by evolving market conditions, customer preferences, and organizational objectives, guides sales teams through every cycle and seamlessly integrates with their existing sales playbooks.

“2020-2022 was fueled by free money and a ‘grow at all costs’ mentality, and sadly, this drove many sales teams to scale in the wrong direction,” said JB Daguené, CEO and Co-Founder at Evergrowth. “Companies chose to mass-hire salespeople and double down on tools to make them more efficient instead of enabling them with customer-centric frameworks to help them understand their ideal customers’ needs. After a year of ‘hard resetting’ in 2023, where we saw a return to a ‘back-to-basics’ mentality, we predict that in 2024, sales professionals will be expected to do more with less. The solution to finding new ways to perform and create meaningful conversations with prospects is harnessing AI-enabled account-based framework to enable sales teams with super granular machine-powered research based on ICPs and personas definition.”

Evergrowth’s $2.2M raise is notable not only in terms of capital but also demonstrates a much more significant indication of the rise and interest in Lithuanian-based startups. The country has a thriving technology ecosystem with companies spanning various sectors, and its supportive environment for innovation and technology has contributed to Vilnius becoming known as a hub for fintech and cybersecurity startups. The Baltic states have also been branded as a “unicorn factory,” producing some of the most well-known tech businesses like Vinted, NordVPN, Skype, and Bolt.

According to a recent report published by Practica Capital on the Lithuanian startup scene in 2023, the country maintained its position as the fastest-growing startup ecosystem in the Baltics. The combined enterprise value of Lithuanian startups grew 7.1x between 2018 and 2023, against a CEE growth average of 3.6x and a Baltics growth average of 2.7x. The region is gaining momentum among investors due to factors like advanced digital governance and an environment conducive to innovation, enhancing the region’s attractiveness for foreign direct investment. A separate study from Change Ventures and Firstpick also showed that median pre-seed rounds in the area hovered around €300k. Comparing this average to Evergrowth’s $2.2M raise and the interest it received from international VCs, it’s a true testament to investor confidence in Baltic equity and marking the company as “one to watch” in 2024.

Mantas Urnieza, Evergrowth’s CTO, explained how and why Evergrowth will use the new funding: “This funding helps us continue to expand from a scrappy MVP that rapidly got traction within several months. The strong interest shown in our solution speaks volumes about its performance and potential. We will use this funding to scale the platform as fast as possible to meet growing demand.

Urnieza, a technical leader at numerous startups and a distinguished engineer with more than a decade of experience, added: “Being an AI-native startup, we are utilizing the technology at higher rates. We are molding our know-how in sales processes and acceleration with AI-powered capabilities such as multi-LLM models and real-time data to build a suite that elevates sales professionals’ capacities to the next level. We familiarize ourselves with ideal customer profiles and buyer personas, track real-time data across multiple sources, and systematically capture intent signals, allowing Evergrowth clients to make the right and timely decisions to boost their revenue.”

Evergrowth is also investing in opening up its first U.S. office in New York City and continues to build out the rapidly expanding platform sales and engineering teams.

Phil Beauregard, Partner at Impellent Ventures, discussed why he and other investors believe in Evergrowth: “Impellent has had a lot of inbound on the AI Sales Enablement side since OpenAI burst on to the scene – and we’ve been sitting on the sidelines due to a lack of conviction around differentiation of product and team. We were especially excited when we found Evergrowth in Lithuania, a dynamic founding team rife with product, go-to-market-chops, and major sales DNA that spans decades of experience implementing customer-centric sales strategies. The level of experience and expertise that each co-founder brings to the table in their respective domains left us convinced that this was the ‘dream team’ to create the future of AI sales. When we had the chance to lead this investment in a country we are coming to love and respect alongside a perennial stalwart like Practica Capital, we jumped at the opportunity.”

Tomas Andriuškevičius, Partner at Practica Capital, provided insight on their investment: “The assembled team is full of rock stars with a proven track record of building successful startups and understanding the mindset of B2B sales optimization. While many solutions can offer generic sales strategies, Evergrowth provides specialized, data-backed frameworks to enable sales and revenue teams, and their unique approach to adapting LLM into their platform has shown us a revolutionary way to achieve sustainable, long-term business growth. We feel confident that Evergrowth will pave the way forward regarding AI-driven sales strategies and will only add to the high-caliber class of early-stage startups currently emerging from Lithuania.”

Andrew C. Whittaker, CRO at Scaleup Finance, shared: “As the CRO of Scaleup Finance, I can confidently say that Evergrowth, with their cutting-edge signals and AI platform, has been an indispensable partner in our journey. Their innovative solution empowered our SDR teams, making them remarkably effective and accelerating our time to market. Evergrowth played a pivotal role in helping us achieve an outstanding nine-to-one ROI by seamlessly identifying our ideal customer profile and automating key messaging and value propositions. This funding news validates their impact and highlights their strategic advantage to businesses like ours.”

Peter Holten Mühlmann, Angel Investor in Evergrowth and the Founder/Former CEO of Trustpilot, added: “From the early days at Trustpilot, JB’s strategic approach to sales—securing six hundred customers in just two years—demonstrated the effectiveness of his system and framework. Now, with the introduction of AI into Evergrowth’s methodology, JB, alongside his co-founders, is poised to transform account-based selling. This evolution resonates with my belief in the importance of a sales-led strategy for SaaS enterprises. Our shared dedication to elevating the sales profession through innovative AI applications in the B2B space is a key reason for my investment in Evergrowth. I’m enthusiastic about supporting a mission that aligns with my passion for sales excellence and promises to elevate the sales profession and redefine enterprise revenue leadership with advanced AI technology.”

ABOUT EVERGROWTH

Evergrowth is the premiere B2B account-based sales platform, leveraging AI-driven insights to craft customer-centric sales frameworks and transform how companies engage and succeed. Its services are designed to build sustainable revenue growth machines for B2B companies, focusing on acquiring high-value clients through proven account-based strategies. Evergrowth’s AI-powered customer-centric sales workflows and data analysis tools help sales teams efficiently capture, recycle, and expand their Total Addressable Market (TAM), enhancing customer engagement by providing personalized data-driven interactions and ultimately leading to better sales outcomes. The company was founded in November 2023 by serial entrepreneurs JB Daguené, Mantas Urnieza, Tadas Cekavicius, Aivaras Rastenis, and Algimantas Padegimas, and has offices in Vilnius, Lithuania, and New York City, USA. Please visit www.evergrowth.com for more information.

Contacts

Chelsea Waite
Accelerate PR
chelsea@acceleratepr.com