Total amount raised
$33.3 Million
Latest funding date
11/01/2024
Location
Revv has successfully raised funding through three rounds, with notable investors including Aglaé Ventures, Soma Capital, and Left Lane Capital. The platform specializes in AI-powered ADAS calibration reporting, offering features like automatic calibration reports, customizable invoicing, and clear documentation for repair shops.
Keep reading to explore the intricacies of Revv's fundraising journey and the investors backing this innovative platform.
What Is Revv?
Revv is a private company based in Brooklyn, New York, specializing in AI-powered SaaS solutions for the automotive industry. The company operates in various sectors, including Artificial Intelligence, Automotive, B2B, Machine Learning, and SaaS. With a team of 11-50 employees, Revv focuses on equipping repair shops with advanced vehicle technology solutions.
Revv's software, particularly its ADAS calibration reporting tool, is designed to assist repair shops in identifying and documenting billable ADAS procedures, generating automatic calibration reports, and streamlining invoicing. The company aims to enhance efficiency and revenue for repair shops through its innovative solutions.
How Much Funding Has Revv Raised?
- Seed Round
- Amount Raised: USD 2,100,000
- Date: May 2023
- Lead Investors: 1984 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and launch of Revv's AI-powered SaaS solutions for the automotive industry.
- Series A Round (First)
- Amount Raised: USD 11,200,000
- Date: February 2024
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Revv's platform capabilities and enhance its market presence.
- Series A Round (Second)
- Amount Raised: USD 20,000,000
- Date: November 2024
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the introduction of new features and secure strategic distribution agreements.
Total Amount Raised: USD 33,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Left Lane Capital
- Details: Founded in 2019, Left Lane Capital is based in New York and London. It focuses on hyper-growth Consumer and SMB businesses.
- Investment Focus Areas: Consumer, SMB businesses
- Notable Investments: Kings League, Bilt Rewards, Blank Street
- Soma Capital
- Details: Soma Capital is a venture capital firm that invests in early-stage technology companies. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, SaaS, Fintech
- Notable Investments: Not publicly disclosed
- 1984 Ventures
- Details: 1984 Ventures is a seed-stage venture capital firm. It focuses on investing in transformative technology companies.
- Investment Focus Areas: Technology, SaaS, AI
- Notable Investments: Not publicly disclosed
- Aglaé Ventures
- Details: Aglaé Ventures is a venture capital firm backed by Groupe Arnault. It invests in technology companies at various stages.
- Investment Focus Areas: Technology, Consumer, Fintech
- Notable Investments: Not publicly disclosed
What's Next for Revv?
Revv is poised to capitalize on the growing complexity of modern vehicles, particularly those equipped with Advanced Driver Assistance Systems (ADAS). With over 2,100 repair locations already using its platform, the company is well-positioned to expand its capabilities, including auto-quoting and advanced documentation tools. This expansion could significantly boost revenue for repair shops by uncovering hidden profit centers and simplifying complex repair procedures.
Future fundraising opportunities appear promising as Revv continues to grow and develop new features. The company may attract further investment to support global expansion and secure strategic distribution agreements in the mechanical repair space. However, challenges such as keeping up with rapid advancements in vehicle technology and ensuring seamless integration with various shop equipment and software could pose hurdles along the way.
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