Ordway, a Washington, DC startup, is building a platform to do all the things that happen after the sale. It starts with the order and extends to sales. However, this turnover manifests itself – as a one-off payment or as a recurring subscription. Today, the company announced a Series A worth $ 10 million.
CRV led the round with the participation of Clocktower Ventures and existing investors Lerer Hippeau and Revolution Rise of the Rest. According to Crunchbase data, the company has now raised a total of $ 12.5 million.
Sameer Gulati, Founder and CEO of Ordway, says the company wanted to develop a flexible tool to sit between the CRM and a company's financial systems. “With this in mind, we do everything for post-sales, from invoice automation to debt collection, revenue recognition, analysis and cash. We have a streamlined workflow for managing orders and revenue, ”Gulati told TechCrunch.
It sounds a lot like the quote-to-cash area where companies like Apttus (acquired from Thoma Bravo in 2018) or SteelBrick (acquired from Salesforce in 2015) tried to make a claim, but Gulati says while solving his Company processed the offer. To cash workflow can do much more than that.
“In any case, we can handle the workflow from the creation of an offer to billing, payments and income. But the reason why Ordway has a niche is that we are much more configurable and flexible to accommodate any workflow out there, ”he said.
He says his company's solution is connected to the CRM system on the one hand and to the financial systems on the other. They are compatible with all major CRM tools, including Salesforce and Dynamics 365. They support a number of financial tools such as NetSuite or QuickBooks.
“In fact, we can work with any small back-end system to a large ERP system, but our added value is to automate the transfer of data to the ERP. So we are the operational framework between sales and traditional ERP. We'll do everything in between, ”he said.
In terms of financing, Gulati has the plans you would expect from a Series A investment. “The main goal is definitely to accelerate all aspects of our business from sales and marketing to product and engineering to customer success. In a sense, we're doubling to make sure that our customers can successfully solve their core sales to fund business challenges, ”he said.
The company was founded in 2018 and currently has 25 employees. According to Gulati, his company's goal is to grow fourfold over the next 12 months and increase the number of employees by a similar amount.