RevBoss, Inc. closed its first round of institutional capital this week. We raised a $1.1M seed round lead by Sovereign’s Capital. Alston Gardner (Founder at Fulcrum Equity Partners), Bruce Boehm (former GP at US Venture Partners), and Robbie Allen (Founder at CEO at Automated Insights) also participated in the transaction. Henry Kaestner — GP at Sovereign’s Capital and Co-Founder at Bandwidth.com — will join me on the RevBoss, Inc. Board of Directors.
Our vision at RevBoss is pretty simple — we believe that sales organizations should be able to push a button and get a sales pipeline. So we’re building software to automatically generate the data, workflow, and integrations required to build and manage a high-performing sales pipeline development process — from searching for the right companies and the right prospects to crafting the right message to deploying an outreach campaign, all the way through to our customers’ sales rep receiving a work-able sales lead.
There is no doubt that this is a big undertaking that addresses a massive problem in the market. Achieving this product vision will require enormous effort from our team, but doing so will mean that sales organizations will be more productive, more reps will hit their quota, and our customers will generate more revenue.
Which brings us to to why we raised a seed round after nearly 2 years of bootstrapped growth and profitability. We raised $1.1M for a few reasons:
1) We see a great market opportunity. The more we’ve dug into the problems that we’re solving, the more confident we’ve become that we’re on to something that has a chance to get really big. So we want to move more quickly to capitalize on the opportunity.
2) We need to make bigger product investments. Most SaaS start-ups begin with lots of product but no customers or revenue. RevBoss has the opposite “problem” — we have customers, we’re approaching $1M in ARR, and we have very strong sales visibility, but not enough software to scale our offering and efficiently deliver consistent value to our customers.
We’re hiring for key software development roles — VP, Engineering and Software Engineer — to help work through our product to-do list and deliver on our product vision. We’ve already got a key piece in place with Mike Novi, who is joining the team as our Vice President, Product.
3) We believe in our purpose. RevBoss exists for two reasons:
- To help our people — customers, employees, partners, and shareholders — to achieve their personal and career goals. Our shareholders will be happy when our customers, employees, and partners are happy.
- To leave a dent in the sales automation SaaS universe. We want to build something big so that we can help more people in point #1.
This round of financing will drive RevBoss to play on a bigger stage, which will give us the opportunity to help more people achieve their personal and career goals. We’re going to grow our team, create more value for more customers, and build something meaningful that creates a positive impact for people in Durham and around the world.
So the team, our investors, and I will celebrate tonight…but it is back to the grindstone for RevBoss tomorrow. We’ve still got a lot of work to do.