Editor’s note: Eric Boduch, a co-founder of Pendo and its former chief evangelist, is the founder of 24 and Up which announced $3 million in funding for one of its startups – Revcast. In a blog, Boduch talks about the new venture, the funding and what he calls his “venture studio.”
RALEIGH – We at Revcast are excited to announce the close of our $3 million seed round led by CRV, with participation from Coughdrop Capital, Firsthand Alliance, IDEA Fund Partners, Lorimer Ventures, Tiferes Ventures and Oldslip.
Revcast is the first startup to emerge from the venture studio 24 and Up, which I started in early 2022 to help build great tech companies and provide veteran leadership and support during those critical first two years of a startup’s life. Now that Revcast has reached this first funding milestone, I would like to share a bit about how we came to the realization that there was an important opportunity here.
While building out a revenue plan for a new product at my previous company, Pendo, I dove headfirst into the world of RevOps — more specifically, the world of quotas, ramps, hiring plans, and attrition rates — all handled by precarious spreadsheet models. Working closely with the revenue team and Jeff Serlin, who had previously run RevOps at Marketo, Campaign Monitor and Intercom, it occurred to me that this process was not efficient or transparent, and that risks were often hidden, and opportunities missed — deep in calculated fields in spreadsheets.
I had an itch to see if software could help build better revenue plans and move this process from spreadsheets to a system built for the purpose. For more modern RevOps.
When I left Pendo to start 24 and Up, I thought it was time to scratch that itch, to look at starting a software company for RevOps. As we spoke with more than 30 revenue operations leaders, surveyed another 100 plus and worked with Jeff, Franco Anzini and others to learn more, we discovered that there was a lot more opportunity beyond just fixing an inefficient process. It was more than just improving the annual planning process. It was about bringing agility, data and transparency to the revenue model, and helping people understand the opportunities and risks to their revenue plans.
And this was also about raising visibility into this process, and the growing importance of the modern RevOps function within the enterprise. It was about collaborating with all of the stakeholders that have a vested interest in growing the revenue of an organization, from the CEO and CFO who need to know where the risks are to the revenue plan, to the CRO who wants the agility to adapt his organization in real time to maximize revenue, to the sales leaders who will now have the data they need to better understand their business.
We feel that a strong RevOps team, backed by software purpose-built for RevOps, can radically change how people build and manage their revenue organizations, how they plan, how they identify and mitigate risks, how they adjust to changing market conditions to optimize how they allocate team members and resources to maximize the achievement of revenue. We feel that execution here can have a profound impact on the value of a business.
And so here we are. Revcast provides a central, transparent hub to confidently build and actively manage revenue plans that drive revenue predictability, ensure cost-efficient budgeting and growth, and deliver insights to stakeholders faster and with less burden on revenue operations and finance teams. It is the source of record for sales team staffing and real-time capacity (often referred to as ‘quota-on-the-street’), on-boarding ramp times, and actual performance against projections using data integrations with CRM and HR systems.
In addition to our wonderful venture capital partners, we would like to thank our valuable advisory team, including LaunchDarkly sales executive Kareem Agha, LeanData COO Franco Anzini and former QuotaPath Head of Revenue Caroline Tarpey.
We are in the early days of building for the RevOps community, but we would love for you to join us and help us build what you all deserve. We look forward to sharing more in the coming months. In the meantime, please reach out to book a demo or learn more at www.revcast.com.