Peter Messana, former CEO of Searchspring, named Chief Executive Officer
FRAMINGHAM, Mass., April 26, 2023 — Today Scaleworks, the B2B SaaS-focused venture equity firm based in San Antonio, Texas, announced the acquisition of Centage Corporation, the leading provider of modern FP&A software solutions for small and midsized finance teams.
Centage empowers finance teams to meet the challenge of constant change. Our solution, Planning Maestro® is a modern cloud platform for managing every aspect of budgeting, planning, forecasting and data analysis and provides business leaders the financial visibility and control needed to lead organizations to growth and profitability.
Peter Messana, who has previously served as CEO of Searchspring (a former Scaleworks investment) has been appointed CEO, replacing previous CEO John Murdock. “I’m excited to join the Centage team and expand on the incredible foundation John has built with the organization over the past six years. Together, the team and I are aligned on our customers and will continue to innovate and deliver best-in-class products and services that best serve their needs,” said Messana.
“This is an exciting acquisition for Scaleworks and an excellent addition to our portfolio. Centage provides a modern, sophisticated yet readily accessible FP&A solution to its customers and has an excellent foundation to build upon,” commented Ed Byrne, General Partner of Scaleworks. “We look forward to working alongside the Centage team and its CEO Peter Messana in this next phase of the company’s expansion.”
Terms of the transaction were not disclosed.
To learn more about Scaleworks and its portfolio of companies, visit www.scaleworks.com. To learn more about Centage, visit www.centage.com.
ABOUT SCALEWORKS Scaleworks is a SaaS growth fund that acquires and operates B2B software in the lower middle-market. The Scaleworks’ “Venture Equity” model takes a hands-on approach to scaling businesses, opening new offices in their San Antonio headquarters, building go-to-market teams, focusing on category design, and investing in capital-efficient growth. Recent portfolio companies include Profitero, Searchspring, Chargify, and Earth Class Mail.
ABOUT CENTAGE Centage is a leading provider of modern FP&A software solutions that empower Finance teams to lead the way to a stronger, more agile business. Our cloud platform, Planning Maestro, makes sophisticated budgeting, planning, and forecasting easy and accessible. Intuitive automation accelerates workflows and improves accuracy, enabling Finance leaders to deliver reliable information and meaningful insights at the speed of today’s business. For more information, visit www.centage.com.
New initiative offers range of DEI tools and resources specifically designed for VC firms and their portfolio companies with support from sponsors Johnson & Johnson Innovation-JJDC, Mission BioCapital, and Third Rock Ventures
CAMBRIDGE, Mass., April 26, 2023 — LabCentral Ignite, a platform dedicated to advancing racial, gender and other representation and opportunity within the life sciences field, today launched IgniteVC in partnership with the Bioscience & Investor Inclusion Group (BIIG). BIIG is a grassroots effort driven by leaders from venture capital (VC) firms and startups. The new initiative aims to cultivate a highly inclusive life sciences venture capital community and support the growth of more diverse and inclusive portfolio companies from inception to success.
IgniteVC will provide VC firms and startups with practical tools, best practices, and a community of peers to advance their diversity, equity, and inclusion (DEI) goals. This new initiative will build upon years of work done by hundreds of leaders in BIIG, an unprecedented effort to promote DEI in life sciences innovation and investment.
“We are incredibly grateful for the time and expertise of the BIIG volunteers who have created a strong community and a set of unique resources that are now widely available. We look forward to welcoming them to our team as part of IgniteVC. Their hard work and dedication, along with the support of our sponsors, have been instrumental in launching IgniteVC,” said Gretchen Cook-Anderson, LabCentral Ignite Executive Director.
Seed support for IgniteVC comes from founding sponsors Johnson & Johnson Innovation-JJDC, Inc., Mission BioCapital, and Third Rock Ventures. IgniteVC will be managed by LabCentral Ignite, which is set to hire a director this spring to lead VC community engagement, expansion, and planned global impact.
“The work that will be done by IgniteVC is critical to driving underrepresented groups into the life sciences sector as a viable career pathway,” said Abbie Celniker, PhD, Partner at Third Rock Ventures. “By cultivating a more inclusive VC community and providing resources to support portfolio companies in implementing DEI best practices, IgniteVC is helping to create a more diverse and equitable life sciences ecosystem. We are proud to continue supporting this important work and look forward to seeing the impact it will have on our industry.”
About LabCentral Ignite The growing Ignite platform is dedicated to developing equity, inclusion, and opportunity within the life sciences field. Through a range of equity-driven programs and a growing member network of industry, startups, higher education, and nonprofits, Ignite connects underrepresented students, talent and innovators to academic, technical skills-building, mentoring, job placement, and board and leadership preparation opportunities that fuel biotech diversity and inclusively transform careers. More information is available at www.labcentralignite.org.
About the Biosciences Investor Inclusion Group (BIIG) Bioscience & Investor Inclusion Group is a collaborative volunteer-led effort comprised of life sciences venture capital firms and innovator companies that have worked together since 2020 to develop actionable diversity, equity and inclusion solutions. This industry-driven initiative is centered on the collective mission of advancing DEI in the life sciences sector by utilizing best practices, metrics, tools and processes that have been developed intentionally by leaders actively serving in these companies. www.bioinclusion.org
About LabCentral A private, non-profit institution, LabCentral was founded in 2013 as a launchpad for high potential life-sciences and biotech startups. Operating a total of 225,000 square-feet in the heart of Kendall Square in Cambridge, Mass., LabCentral offers fully permitted laboratory and office space for as many as 100 startups comprising approximately 1,000 scientists and entrepreneurs. More information is available at www.labcentral.org.
The investment spotlights the importance of large language models and comes as private equity firms seek more efficient solutions to source and analyze competitive market research data
GREENWICH, Conn., April 26, 2023 — Hunt Scanlon Ventures, a leading M&A advisory firm focused on the human capital markets, announced today that it has participated in a successful funding round for AiFlow, the innovative AI-driven market intelligence platform designed to automate competitor analysis and market research for private equity firms.
AiFlow is supported by a heavyweight team of advisors, including Dr. Karthik Narasimhan, one of the original creators of GPT, Princeton Assistant Professor in NLP, and former OpenAI Research Scientist; Suhit Gupta, Chief Information Officer at General Atlantic; Scott A. Scanlon, CEO of Hunt Scanlon Ventures; and Cody Crook, Managing Director at Hunt Scanlon Ventures. Their combined expertise and industry connections are set to drive AiFlow’s growth and expansion.
“AiFlow has created a powerful new solution to automate real-time market intelligence,” said Mr. Scanlon. “The company’s software compiles data that would take an entire team of analysts weeks to gather. For private equity firms seeking a competitive edge, AiFlow delivers.”
The investment round will enable AiFlow to bolster its advanced technology currently being piloted by three large-cap private equity firms with combined assets under management (AUM) of $300 billion. Since raising their seed round in conjunction with Y-Combinator Demo Day on April 6, AiFlow has lined up more than 73 private equity firms requesting demos.
“Market research is a complex, expensive, and time-consuming process,” said Mr. Crook. “AiFlow is disrupting this space by automating it with state-of-the-art large language models (LLMs) that create detailed, accurate, and dynamic reports at a fraction of the cost. Nick and Josh have a big opportunity ahead to leverage AiFlow and bring efficiency and scale to the companies they serve.”
The funding round comes as private equity firms increasingly seek more efficient and accurate ways to source and analyze information. Global AUM has surged to $9 trillion and is projected to reach $17 trillion by 2027.
“AiFlow’s unique value proposition has already captured the attention of key industry players,” said Christopher W. Hunt, co-founder of Hunt Scanlon Ventures. “This latest investment is anticipated to further spotlight the importance of large language models as a new intelligence solution for the private equity sector.”
To learn more about AiFlow and its groundbreaking platform, visit aiflow.solutions
About Hunt Scanlon Ventures:
Hunt Scanlon Ventures is an M&A advisory firm focused on the human capital markets. The firm assists in global merger and acquisition advisory, sourcing and facilitating transactions, buyouts, and growth capital investments as it guides founders to successful exits. Hunt Scanlon is an investor in data-driven and AI-powered human capital platforms where the firm works in partnership with management teams to scale and grow their businesses through a combination of capital investment, acquisitions, and other strategic initiatives.
Contact: Cody Crook Managing Director (317) 417-6936 [email protected]
MENLO PARK, Calif., April 26, 2023 — Sparta Science, a leading technology company specializing in movement health, announced today the successful closing of a funding round led by IA Capital Group, a strategic insurtech investor.
There is a strong demand for accurate risk assessment and prediction tools in long-term care insurance, disability insurance, and occupational health solutions to mitigate the impact of MSK disease and falls. Sparta Science’s cutting-edge technology analyzes simple movements, such as balancing tasks with advanced data analytics and machine learning to segment an individual’s risk for adverse outcomes rapidly. By leveraging this data-driven approach, Sparta Science empowers insurers, employers, and healthcare providers with actionable insights to proactively address MSK health and reduce the burden of injuries and falls.
IA Capital Group, a leading insurtech-focused investment firm, recognizes the immense potential of Sparta Science’s solutions in the insurance market. “IA Capital Group is excited to collaborate with Sparta Science and support the company in bringing its best-in-class movement health platform to insurers and other stakeholders in the insurance industry,” said Matt Perlman, Partner at IA Capital Group.
“We are thrilled to have IA Capital Group lead this funding round,” said Dr. Phil Wagner, CEO of Sparta Science. “Their deep expertise in insurtech and commitment to innovation align perfectly with our vision of transforming the way MSK disease and falls are understood and managed. This partnership will enable us to accelerate our efforts to deliver meaningful value to our insurance partners and the broader market.”
With the support of IA Capital Group’s investment, Sparta Science is poised to drive further innovation in the insurance market, helping insurers and other stakeholders better understand, predict, and prevent MSK disease and falls. The funding will be used to advance Sparta Science’s research and development efforts, expand its customer base, and continue to deliver exceptional value to its partners and clients.
IA Capital Group is the leading venture capital firm focusing primarily on insurtech, making strategic venture capital investments on behalf of 20+ carriers, with a more than two-decade track record of successfully partnering with early-stage insurtech and fintech companies
Trusted by organizations spanning the healthcare, government, and sports industries, our Movement Health Platform empowers organizations to provide a better standard of care.
The software company plans to grow its channel program and SMB market share with Judy, an accessible, affordable all-in-one cybersecurity solution.
DETROIT, April 26, 2023 — AaDya Security, a software company founded by cybersecurity veteran Raffaele Mautone in March of 2019, announced the close of a $5 million Series A funding round. Led by Mautone as AaDya’s CEO, the new funding will enable the company to fill a key leadership position in finance and expand its sales team to accelerate the growth of its channel program for managed service providers, resellers and referral partners serving small and midsize business customers.
Along with the funding round, AaDya is also announcing its new board of directors which includes a majority of experienced female cybersecurity executives–a rare occurrence in what is typically a male-centric industry. Board members include Julie Cullivan, Didi Dayton, Laura Sillman, Tom Lazay and Raffaele Mautone. Cybersecurity and channel veteran, Lisa Matherly will serve as an advisor for the marketing and channel teams.
“The majority of small business owners lack the resources to protect their businesses against rising cyber security threats as they have been overlooked and underserved by existing offerings. This leaves tens of millions of small business owners vulnerable to phishing, malware, and ransomware attacks that can be catastrophic to operations. We are excited to partner with Raffaele & the AaDya team of industry veterans, who share our mission to empower SMBs against this growing existential risk,” said Laura Sillman, Vice President of Left Lane Capital.
Judy, AaDya Security all-in-one, cybersecurity solution was designed specifically for the needs of small and midsize business customers and the service providers that support them, a market segment that is often overlooked and underserved by established software vendors. The software platform is easy-to-use and manage, without compromising on security. This empowers SMB customers to easily protect their businesses from threats and meet increasingly strict regulations and compliance requirements related to data security and access. It also helps managed service providers (MSPs) and managed security service providers (MSSPs) looking to scale or streamline their security offerings by automating and streamlining security tasks and monitoring.
“The entire idea and mission behind AaDya Security is serving a population that many of the major players within the cybersecurity industry have avoided due to its cumbersome nature and revenue potential,” said Mautone. “We see this differently. With the combination of a vast universe of SMBs who have been underserved and the rise in cybercrime against them, we saw an opportunity to not only create something innovative, but something that could truly help a segment that comprises the majority of economic activity, not just in North America, but across the globe.”
Mautone’s bold focus on the often-overlooked SMB customer is matched by his unique, female-forward approach with the company’s brand. He explains, “When I first sketched out the idea for our all-in-one platform, I knew that leading with fear, technical imagery and industry jargon was not the best way to serve them. I’ve been lucky in my life to be surrounded by strong, smart, successful women who have helped guide my career, so Judy as the heart and brains of our platform and our brand was very intentional.”
About AaDya Security Headquartered in Detroit, Michigan, AaDya Security provides smart, simple, effective and affordable cybersecurity software solutions for small and midsize businesses. Judy, our all-in-one cybersecurity platform, leverages AI and machine learning to deliver next-generation, 24/7 protection and support for companies who lack the time, expertise and capital to successfully implement these solutions on their own. For more information please visit our website, AaDyasecurity.com
About Left Lane Capital Founded in 2019, Left Lane Capital is a New York-based global venture capital and growth equity firm investing in internet and technology companies with a consumer orientation. Left Lane’s mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy, including software, healthcare, e-commerce, consumer, fintech, edtech, and other industries. Today, Left Lane Capital has invested in more than 60 companies worldwide. Select investments include GoStudent, M1 Finance, Wayflyer, Bilt, Masterworks, Blank Street, Talkiatry, Tovala, and more. For more information, please visit https://www.leftlanecap.com/.
NEW YORK, April 26, 2023 — Axoni, a provider of data synchronization technology and financial market infrastructure, announced today the close of a $20 million equity financing round led by EJF Ventures, with participation from Laurion Capital Management, Communitas Capital, and existing investors. Axoni has raised more than $110 million since inception.
Axoni’s AxCore software synchronizes data across enterprises, solving decades-old coordination problems between large companies. By guaranteeing data is continually and automatically replicated in real time, with guaranteed accuracy and completeness, Axoni technology reduces cost, risk, and errors when moving trade data and other critical information between financial institutions. With AxCore now deployed across various asset classes and markets, it is also standardizing the internalization of data, further reducing costs for institutions who can leverage existing familiarity with Axoni software.
Since its founding in 2017, Axoni’s client base has grown to include many of the world’s leading market infrastructure companies, asset managers, hedge funds, and global banks in the United States, Europe, and Asia. Axoni’s mission critical technology processes trillions of dollars of transactions annually across international markets.
“We’re delighted to add these financial technology experts to our list of partners and deeply appreciate the continued support from our existing investors,” said Axoni CEO Greg Schvey. “This investment will facilitate further advancement of our technology as well as our continued global expansion.”
“Modernizing legacy financial infrastructure is essential as market participants grapple with the challenges of an increasingly real-time world. Axoni solves key data-related problems with a modular architecture resulting in improved operational efficiency and greater client satisfaction. We believe AxCore has applicability across many lines of financial services and we are excited to support the exemplary team at Axoni,” said Jonathan Bresler, Managing Partner of EJF Ventures.
“We believe Axoni is ideally positioned to serve the industry’s secular trend in post-trade operational efficiency,” said Emmanuel Naim from Laurion Capital Management. “Laurion is thrilled to participate in the company’s new round of financing.”
Axoni software has been deployed or is in development in a wide range of markets, including:
Cleared stock loan transactions at OCC (Options Clearing Corporation)
Global credit derivatives in partnership with The Depository Trust & Clearing Corporation (DTCC)
Global communications platform for primary issuance of corporate bonds in partnership with DirectBooks
Global equity swaps in partnership with a consortium of leading market participants
Global derivatives platform slated to launch in 2023
About Axoni
Axoni is a New York-based technology firm that specializes in the coordination of data across financial institutions. Founded in 2017 by a team of distributed systems and financial markets veterans, the company offers core data infrastructure, application development, and automation tools. Axoni’s technology is used across global capital markets by the world’s leading banks, asset managers, hedge funds, and infrastructure providers.
Existing investors include Andreessen Horowitz, Citi, CME Ventures, Coatue, DCG, Deutsche Bank, DCVC, FinTech Collective, F-Prime, Franklin Templeton, Goldman Sachs, HSBC, Intel Capital, J.P. Morgan, LSEG, Nyca Partners, UBS, Wells Fargo, and Y Combinator.
Company’s award-winning working capital solutions have provided access to cash flow for 15 years
KANSAS CITY, Mo., April 26, 2023 — C2FO is the first and only platform to provide on-demand working capital to suppliers of major enterprises worldwide. In celebration of its 15th anniversary, the company announced the launch of a new brand and an enhanced website that bring the company’s commitment to ensuring businesses have the capital needed to thrive front and center.
We are building a truly inclusive global economy where every business has equitable access to low-cost capital. We offer an alternative to traditional financing. Suppliers can get paid early, and buyers are rewarded with returns on their cash. This win-win approach gets capital into the hands of businesses faster. As the world’s first on-demand working capital platform, we’re leveling the playing field for all companies.
Related Documents
C2FO is the world’s on-demand working capital platform. Learn more about our worldwide impact here.
From the beginning, C2FO’s mission has been to ensure all businesses have the capital needed to thrive. C2FO brings this mission to life by delivering financial and technology solutions that create a better, more inclusive financial system. The company provides fast and low-cost access to capital that taps into trillions of dollars locked up as receivables between buyers and their suppliers worldwide.
Globally, businesses have a common need: better access to the working capital needed to grow. For enterprise customers, C2FO delivers hundreds of millions of dollars of gross profit annually, improves EBITDA and helps strengthen and diversify supply chains. For supplier businesses in its network, C2FO delivered $78 billion of working capital in 2022 by shortening cash conversion cycles by an average of 31 days.
In addition to solving everyday business cash needs, flexible working capital solutions are especially critical when large macroeconomic factors, including rising inflation and interest rate hikes, come into play and businesses face unexpected cash flow gaps. Today’s shifting economy will quickly begin to impact businesses. The tightening of traditional lending means more companies will need alternative ways to access working capital.
“C2FO is helping businesses solve the cash flow crunch and fuel them with fast, flexible and equitable access to low-cost capital. Every day, businesses use the C2FO platform to unlock capital that would not be otherwise available,” said Alexander “Sandy” Kemper, founder and CEO of C2FO. “We founded C2FO to serve every business and to build a better financial system that would enable trillions of dollars of increased global productivity.”
Launching a New Brand for a New Future
C2FO’s new brand showcases a compelling creative identity and messaging platform that reinforces the company’s vision for an equitable financial future.
“C2FO has always been incredibly purpose-driven – focused on changing the way businesses get paid. But, this was not always easy to understand. Now, when you see C2FO, you can clearly understand who we are, what we do and how we do it. We help businesses get paid faster through our flexible, easy-to-use on-demand platform,” said C2FO Chief Marketing Officer Leslie Olsen.
The new brand emphasizes the key differentiators that enable C2FO to provide unique value to its customers: easy-to-use, patented technology combined with trusted advisors; flexibility that lets customers take control of their cash flow; and, most importantly, equitable access to working capital.
Olsen added, “We’re still the same great company, and remain focused on delivering convenient, low-cost capital to all companies. This is what we do, and why we’re here. And what we’ll keep doing until every business has the capital needed to thrive,” said C2FO Chief Marketing Officer Leslie Olsen.
Elements of the new brand include:
New Website: The company’s new website gives users an enhanced point of entry into C2FO’s intuitive, easy-to-use digital application where customers will continue to get fast, flexible access to working capital.
New Logo: The new visual identity reflects the company’s vision and purpose. The “Cs” of C2FO’s name stand for “collaborative cash flow.” The new design represents the name in a merged double “C” logo. Coming together in collaboration is the core of what C2FO does. The logo also reflects a piece of paper currency that floats into customers’ wallets — or how effortlessly cash flow moves to customers in the C2FO network.
New Brand Colors: C2FO’s core colors are now a series of sophisticated greens, blues and grays. The addition of a bright secondary palette reflects the colors of currency found around the world – and C2FO’s global presence.
View the company’s new site and learn more about the new brand here.
About C2FO C2FO is the world’s on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world’s largest enterprises — unlocking billions in risk-free capital. With a mission of ensuring that every business has the capital needed to thrive, C2FO has delivered more than $275 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day. To learn more, visit C2FO.com.
Financing co-led by Arix Bioscience, EQT Life Sciences and SymBiosis, with participation from new and existing investors including Amplitude Ventures, and Series A leads Pivotal bioVenture Partners and Andera Partners
Capital on-hand provides strong financial position through multiple value-creating milestones across immunology-focused pipeline
PALO ALTO, Calif., April 26, 2023 — Evommune, Inc., a clinical-stage biotechnology company discovering and developing new ways to treat inflammatory diseases, today announced the completion of a $50 million Series B financing. The financing was co-led by new investor Arix Bioscience and current investors EQT Life Sciences and SymBiosis, with participation from new and existing investors including Amplitude Ventures, and Series A leads Pivotal bioVenture Partners and Andera Partners.
“As a new investor in Evommune, we are excited to partner with the company’s experienced leadership team, which leverages a unique human tissue screening platform to curate its drug discovery and translational medicine decisions,” said Mark Chin, Managing Director at Arix Bioscience. “We believe Evommune is well-positioned to deliver on the promise of its lead investigational medicine, EVO101, targeting interleukin 1 receptor-associated kinase 4 (IRAK4), in addition to rapidly advancing the development of its other compelling programs targeting MRGPRX2 and protein kinase C (PKC) theta (PKCθ).”
The capital raised will support Evommune’s three prioritized pipeline programs targeting highly prevalent inflammatory diseases, including EVO101, a novel small molecule inhibitor of the IRAK4. This molecule is being evaluated in a Phase 2a proof-of-concept trial in patients with atopic dermatitis, with data expected later this year. In addition, Evommune is evaluating EVO756, a preclinical molecule designed to target mast cells by selectively modulating MRGPRX2 to treat chronic spontaneous urticaria and interstitial cystitis, and a discovery program targeting autoimmune diseases via PKCθ.
“Worldwide, three out of five people die from chronic inflammatory diseases, so continuing innovation in the space is vital. With this financing we are poised to be at the forefront of this movement with funds supporting the rapid progression of our broad pipeline well into 2025,” said Luis Peña, President and Chief Executive Officer of Evommune. “Evommune has multiple value-creating milestones planned over the next two years. We appreciate the continued support of our existing investors, and welcome new investors who share the vision and excitement about our programs to evolve the immunology landscape.”
About Evommune, Inc.
Evommune, Inc. is a private clinical-stage biotechnology inventing new ways to treat inflammatory diseases. The company is evolving immunology through its unique and dynamic human tissue-based approach to discovering, developing, and delivering therapies that address symptoms and halt progressive disease. Evommune was founded in 2020 by an industry-leading team of R&D experts and biotech company builders, and is headquartered in Palo Alto, California. For more information, visit www.Evommune.com.
The funding will fuel Relay’s continued rapid revenue growth and help the organization scale to serve the thousands of frontline businesses choosing Relay.
RALEIGH, N.C., April 26, 2023 — Relay, a cloud platform for frontline teams, announced the close of a $13 million Series-A funding round from Sovereign’s Capital, Wind River Ventures, and existing shareholders.
“We are thrilled to partner with our investors to bring innovative solutions to frontline teams,” said Chris Chuang, CEO of Relay. “The need for digital transformation in frontline work has never been greater, especially with pervasive labor shortages and the lingering effects from the pandemic. This is the time for Relay to accelerate our vision of transforming frontline work by delivering innovative technology, designed specifically for the way frontline teams work and the unique challenges they face.”
Relay is a cloud-based platform that helps frontline teams improve communications, stay safe, and get more done. Demand for Relay’s platform has skyrocketed in the past year, with revenue growth of over 130% year-over-year and the addition of high-profile customers in Hospitality, Healthcare, Facilities Management, and other frontline industries. “This round of funding will enable us to continue accelerating our rapid growth rate, scale our team, and support further product R&D innovation.”
“Frontline workers are the lifeblood of our economy, and they have unique needs that can’t be solved by tools built for desk-bound workers,” said Chuang. “With Relay, we’re making it easier than ever for frontline teams to communicate and collaborate effectively, no matter where they are or what device they’re using. Relay also provides workflow and communications data that frontline leaders have never before been able to accurately measure. With this data, they can improve their operations in multiple ways, as evidenced by a recent customer survey revealing 78% of our customers report an increase in productivity from Relay.”
While many technology companies are experiencing declining revenues and layoffs, Relay’s revenues have more than doubled and the company has hired over 35 new team members in the last 18 months and expects to continue growing its staff. Relay has thrived during these challenging times because the need for its solutions is more critical as frontline businesses urgently search for ways to improve their productivity in the face of recessionary market conditions and unprecedented labor shortages. “In this economy, frontline businesses have to get more done with fewer people. Achieving that requires more efficient communication and better coordination of teams and resources. Relay delivers both and we’re excited to partner with them on this important mission,” said Jake Thomsen, Managing Partner at Sovereign’s Capital.
Driving Relay’s rapid growth is demand for its recently unveiled “Operational Intelligence” platform. Relay’s Operational Intelligence platform provides leaders of frontline teams with real-time analytics on team performance against goals, allowing them to pinpoint areas for improvement. Relay is delivering its Operational Intelligence platform to tens of thousands of frontline workers across the US working in Hospitality, Healthcare, Food Services, Manufacturing, Facilities management, and other industries.
“What excites us most about Relay is how impactful their seemingly simple solution is for frontline teams. Their platform not only enables teams to communicate more efficiently but to collaborate more effectively as they unlock the data around personal job performance and accountability, overall team productivity, and reduction of operational bottlenecks. It’s clear to us why Relay’s key metrics around customers and revenue retention and expansion are well above industry norms,” said Stephen Mutz, Co-founder and CEO of Wind River Ventures.
Relay is also growing fast in the Hospitality industry, where it serves thousands of hotels and resorts across the US, providing best-in-class safety and communications solutions for their teams. By combining real-time communication with real-time indoor location data, Relay can offer a solution that not only satisfies the requirements of many states and brands, but also allows staff members to summon and efficiently coordinate help in the event of an incident. In a recent survey, 77% of customers reported that Relay improved overall employee safety at their property.
Looking ahead, Relay expects to continue to rapidly grow revenues and scale its team, particularly in sales and customer operations roles, as the company fills out its headquarters office space located in the Advanced Auto Parts Tower in North Hills, Raleigh.
About Relay:
Relay is a cloud-based technology platform that helps frontline teams (80% of the global workforce) improve communications, increase employee safety, and digitize their physical workflows to become more data-driven and efficient. Relay helps frontline teams digitally transform their operations with the modern tools they need to be successful and the actionable real-time data they need to track performance and improve their operations. Software has not yet transformed the frontline world, and Relay is on a mission to change that. For more information, visit www.relaypro.com.
