FOR IMMEDIATE RELEASE
Provo, Utah – June 29, 2023 – RevRoad, a venture services firm based in Utah, today announced over $15 million in funding from private investors. RevRoad has already serviced 73 portfolio companies and helped raise their valuations to a combined enterprise value of more than $1.5 billion. In light of this growth, RevRoad appointed Tony Allen as president of its new Orlando office to work with entrepreneurs and startups in the Florida area. Tony has worked for Zoom, Disney, and many other enterprises to produce large scale events worldwide and has extensive experience scaling business operations and professional services.
The entrepreneurial landscape is currently facing unprecedented challenges in raising venture capital, with global funds down 53% from Q1 of 2022, according to CrunchBase. Startups are struggling to find venture capital firms eager to assist them in their growth. RevRoad gives entrepreneurs a different option, a new model they call “venture services,” working alongside growth-stage companies in twelve areas—including marketing, software development, strategy, and legal. By partnering with RevRoad, portfolio companies are able to raise their valuation and accelerate their path to profitability.
“At the time we applied to RevRoad, raising additional capital would have been extremely difficult and time-consuming,” said AJ Brau, founder of portfolio company Wander. “RevRoad’s services model was a great alternative to capital at that stage of our business—the idea of having services on demand for two years was a game changer. We worked directly alongside RevRoad’s service teams, to focus our attention on growing the business, time we would have otherwise had to spend fundraising. Instead, our common shareholders were teams of dedicated specialists who were committed to understanding every aspect of our company. As a result, we’ve gotten more value from our partnership with RevRoad than we would have if we had simply raised cash.”
A key factor contributing to RevRoad’s success lies in the strategic pairing of portfolio companies with experienced professionals from various business disciplines. This ensures that entrepreneurs receive valuable mentorship from individuals who have experienced the challenges of growing startups. As a result, more than 80% of the companies that have worked with RevRoad remain in business, many of which are thriving today.
“I see companies in Florida who have potential to make a massive impact but are struggling to find the available capital they need to grow,” said Tony Allen, President of RevRoad’s Florida Office. “The problem is that traditional venture capital firms look for specific signals that reduce their investment risk, often leaving promising startups unsupported. At RevRoad, we bridge that gap by working closely with startups and leveraging our extensive resources to help mitigate risks. Our focus is on driving revenue growth, increasing valuations, and providing a solid foundation for startups to approach venture capitalists with confidence.”
The current funding round will further RevRoad’s core mission of supporting entrepreneurs and assisting them in reaching critical milestones, while focusing on expanding services to the East Coast.
For more information, please visit revroad.com.
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RevRoad is a venture services firm that focuses on helping entrepreneurs succeed. The company empowers portfolio companies to get to market faster, maximize profitability, and create a solid foundation for their venture. RevRoad’s experts work shoulder-to-shoulder with these founders in 12 service areas for up to 24 months. RevRoad further supports startups through its sister company, RevRoad Capital, a traditional venture capital firm that provides funding to companies inside and outside the RevRoad portfolio. Visit revroad.com to learn more and apply for the venture services program.