Total amount raised
$33.3 Millions
Latest funding date
Location
Revv has successfully raised $20 million in its Series A funding round, backed by ten investors including Aglaé Ventures and Soma Capital. The company offers AI-powered SaaS solutions designed to help repair shops stay ahead in the shift toward advanced vehicle technology.
Keep reading to explore the intricacies of Revv's fundraising journey and the investors backing this innovative platform.
What Is Revv?
Revv, founded in 2022 by Adi Bathla and Rashmi Sinha, is based in Brooklyn, New York. The company specializes in AI-powered SaaS solutions for automotive repair shops. With a team of 11-50 employees, Revv aims to enhance safety, profitability, and efficiency in the automotive repair industry.
How Much Funding Has Revv Raised?
- Pre-Seed Round
- Amount Raised: $2.1M
- Date: May 2023
- Lead Investors: 1984 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their AI-powered SaaS solutions for automotive repair shops.
- Series A Round
- Amount Raised: $11.2M
- Date: February 2024
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their platform capabilities and increase market presence.
- Series A Round
- Amount Raised: $20M
- Date: November 2024
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Revv's mission to transform the auto repair industry with AI technology and expand its capabilities.
Total Amount Raised: $33.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Left Lane Capital
- Details: Founded in 2019, Left Lane Capital is a global venture capital and growth equity firm based in New York and London. They invest in hyper-growth Consumer and SMB businesses with enduring customer relationships.
- Investment Focus Areas: Consumer, SMB, growth sectors of the economy.
- Notable Investments: Kings League, Bilt Rewards, Blank Street.
- 1984 Ventures
- Details: 1984 Ventures is a seed-stage venture capital firm based in San Francisco. They focus on investing in early-stage technology companies.
- Investment Focus Areas: Technology, early-stage startups, innovation.
- Notable Investments: Not publicly disclosed.
- Soma Capital
- Details: Soma Capital is a venture capital firm that invests in early-stage technology companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, early-stage startups, diverse sectors.
- Notable Investments: Not publicly disclosed.
- Aglaé Ventures
- Details: Aglaé Ventures is a venture capital firm that invests in technology companies at various stages of growth. They are part of the Groupe Arnault family office.
- Investment Focus Areas: Technology, growth-stage companies, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for Revv?
Revv's future looks promising as it plans to expand its platform with auto-quoting and advanced documentation tools. The company has already grown to over 2,100 repair locations and achieved seven figures in annual recurring revenue within a short period. This rapid growth indicates a significant opportunity to serve a global market of auto repair shops of all sizes.
With the increasing complexity of modern vehicles, particularly those equipped with Advanced Driver Assistance Systems (ADAS), Revv's AI-powered solutions are well-positioned to meet the industry's evolving needs. This could attract further investment, enabling the company to enhance its capabilities and market presence. However, challenges such as adapting to rapidly evolving technology and ensuring seamless integration with various shop equipment and software remain.
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