Reptrics Raises $600K Seed Round
Reptrics, based in Tampa Bay, Florida and Lehi, Utah, raised a $600K Seed round led by TampaBay.Ventures. The round is still open, and the company plans to raise a total of $1 million before closing the round with potential investors in both Florida and Utah.
“Reptrics provided an exciting opportunity for the TampaBay.Ventures team to pursue a company within the customer success space, a vertical we have been extremely excited by. As new customer acquisition becomes more challenging and expensive for software businesses, retaining their current users becomes of paramount importance,” said TampaBay.Ventures General Partner, Andreas Calabrese to Grit Daily. “In the last three years, customer success and customer retention spending have grown by 23% as an annual average. This provides a new, developing market with a demand for better tools and insights. Kevin Goodwin and his team at Reptrics have the experience in running global customer success functions, which we believe is a prerequisite for success.”
“What's really made this investment for us be successful, is that we have been able to show Tampa Bay Ventures a proven track record of doing exactly what we say we're going to do and trying to exceed that,” says Co-Founder and CEO of Reptrics, Kevin Goodwin.
Reptrics is a customer success management platform helping B2B SaaS organizations manage their post sales customer experience. Reptrics’s software helps companies onboard new clients, simplifies the integration of a company’s product with the new client, and offers feedback and advice to help companies better manage a new client’s experience.
The company was founded by Kevin Goodwin and Zack Simon in 2019. In 2011, the co-founders founded a technical service startup, US Based Techs, based in Utah. They moved the bootstrapped company to Denver and took it to an exit in 2014.
Goodwin saw a need for a customer success management platform while working in multiple post-sales teams and working with companies that struggled with post-sales management.
“The last organization I left was private equity owned,” says Goodwin. “We acquired about sixteen different companies that were a lot smaller, and all these companies were not the standard definition of what customer success looks like. They needed a tool that the customer success team could work out of. Sales teams work out of HubSpot or Salesforce, Reptrics is a place for customer success managers to work out of to manage that post sales customer journey.”
Goodwin and Simon came back together to found Reptrics. “What has been really exciting about Kevin and I growing Reptrics together is, we've worked together in a company before,” says Simon. “We really balance each other out and have that trust that it takes for co-founders to work together, especially in a remote atmosphere.”
They took the company through the 2020 Tampa Bay Wave Tech Accelerator cohort, a non-profit acceleration program based in Tampa Bay. Both founders took a bootstrapped company to a successful exit, but have never raised money. They joined the accelerator program to validate their process, improve their go-to-market strategy and ultimately navigate through raising capital.
“The Tampa Bay Wave Accelerator helped us put milestones in place for our business so that we could create a structure for us to be successful,” says Goodwin. “It's not just about being in that accelerator, but that long term relationship has been successful for us to open up doors for introductions not only with potential customers, but also with investors, attorneys, and IP. It's a great place to go with people who have a lot of experience that you know you can trust and be pointed in the right direction. I think that's a huge value of accelerators.”
Now, the company has seen rapid growth and plans to use the funding to continue to scale and add headcount to keep up with closing deals. They are currently hiring for their remote sales and go-to-market teams.
At Reptrics, traction adoption is all about product utilization and what they call "the sticky factor." When teams are utilizing Reptrics, the team tracks what that onboarding experience looks like, to make sure they can integrate quickly and smoothly. The company also checks in with their clients on a regular basis to ensure they are using Reptric’s best practices and strategy for each specific client.
“A lot of our companies that we interact with replicate our customer success,” says Goodwin. “They see what we're doing and they're so impressed with it that they start implementing some of the things that we're doing and that's the best compliment for us. We're not only a great software, but we're a great customer service success organization as well.”
Reptric clients often come to them after facing similar pain points, they are working between multiple systems and spend too much time bouncing between different CRMs, ticketing software, and their product. Another pain point is working with products that don’t reflect their growth and don't give them the tools to scale. “Reptrics brings all that data into one place where they can digest it, and not just have that data, but have actionable items taken out of the data to really streamline their workflow,” explains Simon.
To simplify their integration, Reptric can integrate with any CRM. They offer native integrations with big CRMs like Salesforce and Hubspot, which are as simple as a few clicks. They can also integrate with any other CRM with an open API. Reptrics usually integrates with three or four different platforms for their customers, often a CRM, a support system like Zendask or Intercom, a financial system like QuickBooks or NetSuite, the customer’s product, and any other systems as needed. With all of these integrations, Reprics can offer a lot of data-backed advice and feedback, providing personalized customer health scores, playbook strategies and actions, possible risks, additional training, and extra resources for each client.
As Goodwin is based in Florida and Simon is based in Utah, the company is fully remote with 11 employees around the globe. The founders are also advocates for a healthy work-life balance and see remote work as an incubator for a healthy, family-based work culture.
“We believe that we can be really successful with remote work,” says Goodwin. “Not only does it create a culture of work-life balance, but it also creates a culture of individual accountability, and we want to be able to drive that.”
Outside of work and family, both co-founders also coach children’s sports teams. They have seen a correlation between nurturing and growing a child’s skills and love of sports with nurturing and growing a startup company. Over the past three years, Simon built a basketball club with a friend in Utah County, The club has three teams and 25 children participants. As a coach, he has loved to see the kids grow, develop, and succeed in sports.
“Kevin and I both come from a sports background, being competitive, trying to always get better and improve, and taking accountability as a teammate and a coach,” says Simon. “Reptric’s core values are to have a work-life balance and to be successful for our families and for our community. As we build out our team here in Utah, we ask ourselves, ‘how can we build an environment that can enable our employees to be successful with their work so that they can be successful at home?’ That's a really big core value for us and a big driving factor as we grow. With what we do in our personal lives, of coaching and family being our focus, we're really excited to have that be a center of what we do at work too. It's been a fun process to build that out together.”
As the company continues to grow, the team hopes to raise more capital at the end of 2023. They see Reptrics as a safe bet for companies who are worried about a possible recession in the future.
“I think a lot of companies are worried about what the next couple of years look like with the economy, they are focused on how to survive and weather the storm,” says Simon. “A lot of companies are looking to tighten things up. They ask themselves, ‘How do we make sure that we keep and retain our good customers?’ Reptrics has a great opportunity where I think it’s an area that could see growth right now. The people that we're working with, they are being measured on retention. We can give them a tool that really empowers them to be successful with that.”