Adrenaline rushed through the veins of Utah’s brightest entrepreneurs, this past Saturday, as they set up their trade show booths for the RevRoad Entrepreneur Competition, sponsored by Central Bank of Utah.Continue reading
With the goal to inspire and support small businesses in the community, many accelerators, venture capitalists, and business centers are hosting various pitch-off events and startup workshops. It’s encouraging to see so many organizations out to support entrepreneurship! One of these is the annual RevRoad Entrepreneur Competition, sponsored by Central Bank. Each year…Continue reading
This week RevRoad welcomed three new companies into its portfolio: The Simple Associate, Hypercraft, and Localeyes. RevRoad’s application process is intentionally extensive in order to match ourselves with companies that we can help successfully grow. While paying close attention to various KPI’s and projections, RevRoad also takes immense care when interviewing and getting to know the leadership teams of each company. After-all, great leaders build great companies. So, let’s dive in with an insider look at the newest RevRoad portfolio companies.Continue reading
Another RevRoad portfolio company defies the odds by successfully raising funds, launching a new product, and realizing 3X growth — amid the COVID pandemic.
Provo, UT— Utah-based motorsports tech company, RaceReady, has stayed innovative and found continued success amid an international pandemic and economic downturn.
RaceReady set out to raise 850K but raised more than anticipated and initially oversubscribed the raise at an impressive $920K. Excitingly, the raise continued to surpass expectations totaling at a final amount of $1.1M. RaceReady is expecting to onboard 33 new clients into their racing software system over the course of the next 6 months.
“We’ve had record breaking numbers at our race events. One RaceReady client has grown 38% from 633 average class sign ups to just over 876 (per race). RaceReady is oversubscribing the round to help with equipment purchasing needs and to service the onslaught of onboarding requests from promoters that start racing this winter.”Greg Call, Founder of RaceReady
RaceReady is uniquely positioned to solve the data challenges of race promoters, racers, and sponsors in the motorsports industry.
“I’m so excited to see what this additional raise can do to accelerate the growth of the company. RaceReady saw their revenues evaporate as regional races were canceled in the beginning stages of the pandemic. They showed enough grit to convince the state to allow them to hold racing events during COVID gives me great confidence in what they are doing. In fact, the races were approved only because of RaceReady’s technology. Promoters were able to uphold social distancing standards because of the product RaceReady has created. The future is bright going forward.”Ryan Bacher, RaceReady investor
Raising enough capital to bridge funding gaps, RaceReady has also found opportunities to accelerate completion on key features of its platform, utilize marketing and onboarding tools, and pivot the sales approach to focus on race promoters. RaceReady is already seeing impressive increases in revenues because of this, and anticipates a bright future.
Based in Utah, RaceReady is run by power couple Greg and Lisa Call. The two have been involved with their sons in motocross racing for decades. They saw the need to help the world of amateur off-road racing through technology. For promoters, events are difficult to administer and score. Riders wish they had lap times, fast results, and better methods to show off their results. Racing sponsors everywhere wish there were better ways to identify rising talent and metrics within the sport. RaceReady addresses all these problems with a cloud-based event management platform complete with integrated live timing, event management and no upfront cost for promoters. RaceReady is the only single platform where promoters, racers, and sponsors get all of their data needs met in the world of off-road motorsports. Learn more at iraceready.com.
There weren’t any accident insurance options for dirt bike racers…until now. Utah-based motorsport tech company, RaceReady, recently partnered with Spot Insurance to provide motocross racers with injury insurance exclusively on the RaceReady platform.Continue reading
Written By: Seth Robinson
I once heard an experienced, lifelong storyteller take questions during a Q+A session. An audience member asked a technical question about story structure, conflict development, and how to make stories more engaging. The storyteller responded to the question with the following story:
“Bill shot out of bed, heart racing, even before the alarm went off. He listened carefully, but couldn’t figure out what the problem was. In fact, he couldn’t remember listening to the morning with this intensity before, and the experience unsettled him. Everything seemed quiet. It wasn’t just the absence of sound, but this quiet was so profound that ordinary silence seemed absent as well. Bill got up. His padded slippers seemed to scrape across the ground in a new and altogether sickening fashion. The soft swish, swish of his toothbrush echoed cavernously, and by comparison, the crunch of Bill’s breakfast cereal was ear splitting. While he sat, he ate. While he ate, he thought, uncertain of what to think about. And then, all at once, everything from that morning, and every previous morning came together at once. In that very moment Bill realized: a story doesn’t need a point to be engaging.”
Presenting a business opportunity to potential investors has more in common with being a good storyteller, that it does about being a good presenter, making a good case, or saying the right thing. Investor presentations by design have a familiar form, but what separates the best presentation from the average ones is the story.
Every startup has a story, and this story is what carries your opportunity to the hearts and minds of investors better than a presentation of an idea ever could. Don’t present your idea to investors, tell your story. Your story doesn’t need a point, it simply needs to be engaging.
Idea: “The more people use our platform, the more valuable it will be to everyone. If we could get 1% of the market, we would have $100M in revenue.”
Story: “Guys, I’m not totally sure what I’m doing here, but for some reason people keep giving me money and they want to give me even more. You might want to take a look at this.”
See the difference? Which was compelling? Which was engaging? Which demonstrated a conservative plan for achieving impressive returns, and which one actually mattered?
In fact, in pitches ideas don’t matter. Investors looking for an investment, not an idea. And do you know how many good ideas fail, and bad ideas succeed? The first law of analyzing startups is DON’T EVALUATE IDEAS! So, before your next investor pitch, take some time to refine your story.
Hallo officially joined RevRoad in January 2019. Since then, their app has over 300k downloads and average 2.5M monthly viewers…Continue reading
Savology, a Utah-based fintech startup providing free financial planning, oversubscribed a $750,000 seed round of funding to make financial planning more accessible and affordable than ever before.
Several strategic investors participated in the funding round, including:
- Brady Murray, CEO of MassMutual Intermountain West
- Derrin Hill, CEO of RevRoad
- Bruce Miller, Founder & CEO of PROFi – The Professional Financial Company LLC
- Ben Tejes, Co-founder & CEO of Ascend Finance
“Savology has the potential to fundamentally change the direction of personal finances in America,” says lead investor Brady Murray. “I look forward to seeing the positive impact that Savology will have on both households and the broader industry as they improve access to financial planning and other financial services.”
Savology boasts a considerable lineup of financial service provider partners that include the likes of MassMutual, Acorns, Lively, M1 Finance, Self, Blooom, The Zebra, Credible and many others. Savology is on track to expand the network of partners to 50 providers this year.
“We are grateful to the early investors and partners who believe in our mission and make it possible for us to elevate Savology to new levels,” says Spencer Barclay, Founder and CEO of Savology. “We know that we have an incredible amount of work ahead of us, but we are up for the challenge to help millions of households achieve financial security.”
To date, Savology has helped nearly 10,000 households improve their personal finances with its free financial planning platform. With the current economic uncertainty and recent stock market declines, there has never been a better time to help Americans with their personal finances. Savology plans to use this funding to help 100,000 users build free financial plans this year.
For more information about Savology visit savology.com.
For media inquiries, please contact Bri Ray, Communications Specialist, at (801) 472-2124 or email@example.com
Your financial future starts today
Savology is a free planning platform where you can build a free, unbiased, personalized financial plan in about 5 minutes. Your Savology plan will give you action items to start working on as well as an overview of your current financial situation. After you have made some progress, Savology can connect you with some of the world’s top providers to help you accomplish your financial goals.
Savology prepares fast and free personal financial plans. In just 5 minutes, a user can receive a comprehensive plan, holistic report card, and personalized recommendations to improve their short term and long term financial wellbeing.
Savology joined the RevRoad portfolio in October 2019. In a recent case study, CEO Spencer Barclay had this to say about his experience, “We were at a point where we needed either an investment or a partner that could help us get to launch. We joined RevRoad in July 2019 and in 3-4 months we had over 1,000 users.”
Hear Spencer Barclay’s full RevRoad review here.
One of the first steps the marketing team took with Savology was collaborating on a brand refresh.
Brand Color Exploration
Finding the primary and supporting colors for a company’s brand.
View the before/after of the Savology logo below.
As you can see, the initial logo color was bright and disjointed. The initial font was fairly thin, spacey, and difficult to read; however, the hexagon, abstracted money sign, and simplicity behind the idea were strong.
The revamped logo highlights all of the strongest features of the initial logo, yet the slight changes help accentuate Savology’s true tone and overall brand. The rebranded logo allowed Savology to better fit within the fintech industry and target the desired audience. The font was also given a custom upgrade to make it more difficult to replicate.
Product Design and Development
Step two was designing and developing a working product software that takes each customer through the financial plan process quickly, efficiently, and easily. With the help of both the RevRoad and Savology UI/UX teams, the full Savology software was built. The clean and clear design layout makes navigation and function simple.
Savology came to RevRoad with a simple, entry level website. In collaboration with the RevRoad marketing team, a custom marketing website was built to motivate potential clients to fill out a free financial plan.
Social Posts and Templates
Growing a social media presence can be helpful when establishing a company within a specific demographic. One of the hardest pieces of social media is knowing where to start. Below, you’ll see examples of some custom instagram templates RevRoad designed and delivered to help Savology maintain a clean, professional aesthetic digital platforms.
Press Release and Launch
On October 24, 2019, Savology officially launched to the public. The RevRoad Marketing, PR, and Communications teams worked with Savology to make some waves. The successful launch resulted in Savology being mentioned on 80+ media outlets including Forbes, YahooFinance, Business Insider, Market Watch, MorningStar, and Entrepreneur.
Read the full press release here.