Closing Series A funding is a big deal for any company. Which is why I am proud and happy to announce that RFPIO is beginning a thrilling new chapter. We have secured $25 million from K1 Investment Management (K1), so that we can further revolutionize the proposal management industry.
Did I ever think RFPIO would grow to this point? The answer is yes.
Even when I was running demos by myself in our first office, an 84-square-foot closet, I had no doubt that we would become such a compelling force. I recognized the growth potential in every team member who drove our mission forward and every client who was positively impacted by our dedication.
As I look back at the mere 18 months of our company’s existence, I am very grateful. As I look at the road ahead, I’m excited to see RFPIO’s growth story truly unfold.
Growth highlights from an unforgettable first 18 months
It’s hard to believe that this great journey with RFPIO began 18 months ago, with only four of us: AJ Sunder as CIO, Sankar Lagudu as COO, Manish Bafna as VP of Technology, and myself as CEO.
Every workweek was a learning experience for us, and there were many memorable “firsts” that got us to where we are today…
The first paying customer
After running a successful beta program for six months, we won our first paying customer, Stephen Marsh from Smarsh. Stephen was so impressed by RFPIO’s ease of use and intelligent capabilities that he decided to sign on and invest in our company through Archivist Capital. It was the best validation we could have asked for. Today we have hundreds of happy customers.
The first employees
It gave us immense pride when we hired Mitchell Hipp as Senior Account Executive at our Beaverton headquarters, and Emmanuel Rajayah as Senior UI Developer at our Coimbatore office in India. This was the first time people put their trust in our leadership team. We have not lost a single employee since we started RFPIO.
The first Fortune 500 company
Signing a Fortune 500 company made our team feel like we could conquer the world. LinkedIn was the first enterprise company to use RFPIO, and many others have followed: Google, Adobe, Atlassian, Change Healthcare, ServiceNow, Siemens, Tenable, Zoom Video.
The first 1,000 users
The day we realized RFPIO had 1,000 users was just cause for celebration. Our users feedback has helped shape and strengthen RFPIO’s platform and that will carry on as we reach unexplored heights. Now we have more than 12,000 users.
Series A funding: The ingredient we needed to scale
While the Seed round of funding through Elevate Capital was primarily focused on building a strong foundation, this Series A round will be more of a strategic partnership for our organization’s next big leap.
Our new investor, K1 Investment Management, is completely dedicated to funding and supporting SaaS companies. The K1 team uses RFPIO for managing their own RFP responses—early on, they believed in RFPIO’s mission and wanted to help us succeed. We were drawn to their expertise in the software industry, so it was a natural partnership. This Series A funding will allows us to make an even bigger impact.
We are looking at scaling the entire business, to include not just revenue and customer base growth but company expansion as well. As the India and Beaverton teams grow, our focus will be on establishing a solid middle management team. Global expansion is happening as well, and we are looking at options for another RFPIO office where our second largest customer base is located in Europe.
RFPIO is already the first artificial intelligence (AI) enabled solution in our industry, and we have dramatically improved the way organizations respond to RFPs. Being able to invest heavily on the product side will allow us to enhance our technology, then move into offerings in adjacent areas of proposal management. This funding gives our product more horsepower to fuel our customer’s goals and aspirations.
We’re just getting started
As we enter this new world of growth and expansion, we remain loyal to our people. The key to RFPIO’s success is the team standing proudly behind us. Every one of us is driven by passion for our product and our clients. The positive vibes we have in our office speak through our technology and service.
We are an intrepid team. Everyone here is invested in RFPIO’s success.
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