Evergrowth, a Vilnius-based platform that provides an AI-driven account-based sales solution, has raised €2 million in a pre-seed fundraising round, one of the largest of its kind in the Baltics.
Evergrowth, led by Impellent Ventures and Practica Capital, plans to use the funding to support a recruitment drive that would promote additional platform development, as well as European market expansion and eventual entry into the US market.
“AI will take my job”
Whether we like it or not, fear of the unknown is an essential human quality. This instinct, which is a self-preservation strategy, frequently works in our favor. However, when this dread of the unknown becomes unreasonable, reactions to the unknown might be illogical.
We’ve been seeing this with Artificial Intelligence for well over a year. The statement “AI will take my job” oversimplifies a reaction to the uncertainty. The basic truth is that AI will, and already is, alter the path of human history, but not as much as the automobile, steam engine, or even the wheel.
Evergrowth is an obvious illustration of this change. The company was founded in 2014 as a B2B sales consultancy, and for nearly a decade, business thrived. However, everything began to alter on November 30, 2022. With the debut of ChatGPT, Everygrowth’s founders realized that AI’s potential and power might consume their lunch. And quick.
Abandoned completely
With the writing on the wall, Evergrowth co-founder and CEO Jean-Baptiste Daguené began experimenting with OpenAI in early 2023, looking for potential integrations with Evergrowth’s existing solutions as well as how the technology could be used to augment and improve previously proven go-to-market strategies.
Daguené’s results enabled clients to do considerably more effective and efficient work at a fraction of the financial and labor costs. The findings were so compelling that the advisory business was phased out in favor of a scalable SaaS solution.
“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. “
“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.”
Jean-Baptiste Daguené, Evergrowth Co-founder and CEO
This is precisely the difficulty that Evergrowth is addressing. Instead of hours and hours of manual research on individual accounts and their associated contacts, Evergrowth’s AI solution allows customers to do the same, if not more, in minutes, complete with insights and fully optimised messages, allowing sales teams to focus on higher value and more complex work, such as further expanding a total addressable market.
As proof, Evergrowth estimates that it is on target to reach $500,000 ARR within three months after launching its MVP.
