Total amount raised
$128 Millions
Latest funding date
4/1/2022
Location
Convex has successfully raised significant funding through multiple rounds, attracting notable investors such as Emergence Capital and David Yarnold. The platform offers a reactive database solution tailored for app developers, ensuring real-time updates and seamless backend management.
Keep reading to delve into the details of Convex's funding journey and the investors who believe in its innovative approach to database solutions.
What Is Convex?
Convex, founded in 2017, is a software development company based in San Francisco, California. The company was established by Blake Meulmester, Brandon Dement, and Charlie Warren.
Convex specializes in providing a reactive database solution tailored for app developers, ensuring real-time updates and seamless backend management. Their platform is designed to help commercial contractors and service businesses with software and data solutions.
With a team of 51-100 employees, Convex continues to innovate in the field of database solutions, offering features like real-time updates, authentication, and AI coding capabilities.
How Much Funding Has Convex Raised?
- Pre-Seed Round
- Amount Raised: $750K
- Date: December 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their reactive database solution.
- Seed Round
- Amount Raised: $2.8M
- Date: April 2019
- Lead Investors: 1984 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A
- Amount Raised: $17M
- Date: March 2020
- Lead Investors: Emergence Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series B
- Amount Raised: $39M
- Date: October 2021
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand hiring, scale the Atlas software platform, and develop new products.
Total amount raised: $59.55M. Current valuation: Not publicly disclosed.
Key Investors
- Fifth Wall
- Details: Fifth Wall is a venture capital firm that focuses on investing in technologies for the global real estate industry. They aim to bridge the gap between the real estate and technology sectors.
- Investment Focus Areas: Real estate technology, sustainability, retail.
- Notable Investments: Opendoor, Blend, VTS.
- Emergence Capital
- Details: Emergence Capital is a venture capital firm that invests in early and growth-stage enterprise software companies. They focus on companies that are transforming the way people work.
- Investment Focus Areas: Enterprise software, cloud computing, SaaS.
- Notable Investments: Salesforce, Zoom, Box.
- GGV Capital
- Details: GGV Capital is a global venture capital firm that invests in local founders. They support companies across various stages and sectors.
- Investment Focus Areas: Technology, consumer services, enterprise.
- Notable Investments: Alibaba, Slack, Square.
- 1984 Ventures
- Details: 1984 Ventures is a seed-stage venture capital firm that invests in technology companies. They focus on companies that are creating new markets or disrupting existing ones.
- Investment Focus Areas: Seed-stage technology, market creation, market disruption.
- Notable Investments: Not publicly disclosed.
- Soma Capital
- Details: Soma Capital is a venture capital firm that invests in early-stage companies. They aim to support innovative startups across various sectors.
- Investment Focus Areas: Early-stage technology, consumer services, enterprise.
- Notable Investments: Not publicly disclosed.
What's Next for Convex?
Convex stands at the cusp of significant growth, driven by the digitization of the commercial services industry. With $39 million raised in Series B funding, the company is poised to expand its Atlas platform, offering comprehensive data on over 62 million commercial properties. This expansion presents a vast opportunity to enhance market reach and develop new products tailored to industry needs.
Future fundraising seems promising, given the strong backing from investors like Fifth Wall and Emergence Capital. However, Convex must navigate challenges such as intense competition and the need for continuous innovation. Successfully scaling operations while maintaining service quality will be crucial for sustained growth.
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