Recapped Secures $6M for Collaborative Sales Software
Recapped Secures $6.3 Million Seed Funding for Collaborative Sales Platform
Recapped, a startup focused on developing collaborative sales software, has announced the completion of a $6.3 million seed funding round. The investment was spearheaded by CRV, with significant participation from several other investors.
Investor Details
Among those contributing to the round were Entrepreneurs Roundtable Accelerator, CoFound, AirAngels, Prime Set, Twenty5Twenty, Peter Kazanjy, Alan Chung, and a number of angel investors.
Addressing Collaboration Challenges in Sales
Mark Fershteyn and Ujwal Battar founded Recapped. Fershteyn’s background includes roles as an account executive at Citrix and as vice president of sales at App Academy. He directly experienced the difficulties inherent in sales collaboration.
These challenges extend beyond internal sales teams, impacting interactions with other departments within a company and even with potential buyers. This lack of seamless communication often results in reduced transparency and difficulties in effective business planning.
How Recapped Facilitates Collaboration
Recapped’s software is designed to resolve these issues by enabling collaboration around individual deals. Teams like customer experience (CX) and post-sales can monitor deal progress in real-time.
Furthermore, executives such as the CEO or CFO can also stay informed, which can improve workload projections and resource allocation.
Unique Buyer Experience
A key differentiator of Recapped is its provision of a nearly identical user experience for buyers as it does for the sales team. This allows both parties to work from a shared checklist of action items, deliverables, and essential data.
Interactive Sales Tools
Sales teams can utilize Recapped to create highly customizable and interactive landing pages for prospective clients. These pages can feature customer testimonials, product demonstrations, and other relevant information.
The landing page also incorporates a checklist outlining the sales process, encompassing stages like proof-of-concept delivery, pilot programs, and final approvals.
Access for buyers is simplified; they simply require a link to begin collaborating.
Replacing Traditional Methods
Recapped aims to supersede the conventional Mutual Action Plan or Success Plan, which are typically managed using spreadsheets and email correspondence.
By providing a centralized platform, Recapped offers a more streamlined and efficient approach to deal management.
Improved Forecasting and Planning
Leadership, finance, and other departments can gain a clearer overview of ongoing deals, leading to more accurate forecasts for investors and better preparation for teams like CX and post-sales.
Growth and Impact
Recapped initially launched into beta in 2019, followed by a public release in the summer of 2020. Since then, the company has experienced consistent quarterly revenue doubling and has grown its team from two to eleven employees.
Notably, almost half of the company’s employees identify as women or members of underrepresented minority groups.
According to Fershteyn, customers utilizing Recapped have seen an 18% acceleration in deal closure times, a 23% increase in the total number of deals closed, and a reduction of up to 28% in customer onboarding times.
Future Focus
“My primary concern is maintaining a product that is both exceptionally user-friendly and highly adaptable to our customers’ diverse needs,” Fershteyn stated. “Each sales and onboarding process is unique, and accommodating these preferences is crucial as we scale and deploy this $6 million in funding.”
