Recapped, a startup building collaborative sales software, announced the close of a $6.3 million seed round today. The deal was led by Charles River Ventures. Entrepreneurs Roundtable Accelerator, CoFound, AirAngels, Prime Set, Twenty5Twenty, Peter Kazanjy, Alan Chung and other angels also participated in the round.
Recapped was founded by Mark Fershteyn and Ujwal Battar. Fershteyn spent his career in sales, first as an account executive at Citrix and then as vice president of sales at App Academy. He felt firsthand the difficulty of collaboration in the sales space, not only with members of the sales team and other departments within an organization, but also with the buy side of a transaction. That cross-team, cross-company clunkiness leads to challenges around transparency and business planning.
Recapped aims to solve the issue. Its software allows users within an organization to collaborate around a deal. For example, the customer experience (CX) and post-sales team can keep abreast of a deal as it’s coming together, as can the CEO or CFO. That may help those teams and individuals better project future workloads, for example.
But perhaps most uniquely, buyers are given an almost identical UX as the sales team, allowing both parties to have a collaborative check-list of action items, deliverables and data to work off of to make sure they cross the finish line.
Salespeople can create a super customizable and interactive landing page with Recapped that they can send to a potential client. That page may include customer testimonials, product videos and other information to help the client get acquainted with the product. It also includes a check list for the sales process, from delivering a proof of concept to running a pilot to getting sign-off from the necessary parties and more.
Though sales-side teams must have a seat to use the software, the buyer side simply receives a link and starts working.
Recapped is meant to replace what’s known in the industry as a Mutual Action Plan or a Success Plan, typically built and managed with a blend of spreadsheets and email.
Moreover, leadership, finance and other departments within the selling company can look at the array of deals in progress to get a clearer picture of what will close and when, allowing for easier forecasts for investors and preparation among teams like CX and post-sale.
Recapped launched into beta in 2019, and publicly in the summer of 2020. Since then, it’s doubled revenue every quarter and expanded from two employees to 11. Nearly half of those employees are either women or underrepresented minorities.
According to Fershteyn, Recapped is helping its customers close deals 18% faster, close 23% more total deals and streamline customer onboarding times by up to 28%.
“What keeps me up at night is ensuring that the product is as easy to use as possible while still being incredibly customizable for our customers because everyone has a different sales process and onboarding process and each customer prefers something different,” Fershteyn said. “Making it incredibly easy to use while we scale and taking that into the next year and a half as we deploy this $6 million is the biggest challenge.”