SANTA CLARA, Calif.--(BUSINESS WIRE)--RightRev, a cloud-based finance and accounting solutions provider for Revenue Recognition Automation, announced today that it had raised $12 million in funding co-led by Norwest Venture Partners and Salesforce Ventures with participation from Correlation Ventures and IDEA Fund Partners. This brings the total capital raised to date to $17.6 million.
"Since partnering with RightRev in 2021, the company has achieved a remarkable 250% increase in annual recurring revenue and established itself as a market leader," said Scott Beechuk, Partner at Norwest Venture Partners. "We look forward to the journey ahead as this talented team continues to disrupt the revenue automation industry." RightRev is changing how finance and accounting professionals think about revenue recognition by challenging the traditional processes of doing revenue recognition in spreadsheets or using disparate systems lacking advanced automation, flexibility, and scalability. RightRev fits the needs of the most complex, Enterprise-level use cases and simplifies the entire revenue recognition process without sacrificing flexibility to accommodate modern pricing models like subscription and usage or consumption.
The new funding will accelerate RightRev's growth and expand its revenue accounting offerings. RightRev plans to invest in product innovation, including integrating with Billing solutions and ERPs. RightRev has made significant strides in the revenue automation market since its founding in 2020. The company has built a strong reputation for its ability to handle complex revenue recognition use cases. The recent adoption of consumption-based and hybrid pricing models among SaaS companies has proliferated the need for a more flexible revenue accounting solution to accommodate the new, consumption-based requirements. RightRev is the premier solution for consumption or usage-based revenue recognition. It has attracted a loyal customer base serving mid-market to Enterprise customers.
"We have an ambitious vision for the future of revenue accounting automation, and this investment will help us achieve it. We're grateful to our investors for their support and are excited to continue to innovate and grow, pushing the boundaries of what is possible in automation," said Jagan Reddy, CEO and Founder of RightRev.
RightRev has quickly established itself as a leader in revenue recognition automation. The company's cloud-based engine is widely praised for its flexibility and ability to handle high transaction throughput. It helps companies better serve customers by enabling more dynamic pricing to maintain a competitive edge, something existing systems cannot do without manual intervention or heavy customization. With RightRev's native Salesforce Revenue Cloud solution, it is uniquely positioned to extend the value of Salesforce CPQ and Billing for complete Lead-to-Revenue visibility and management. Furthermore, its system-agnostic, standalone solution can ingest data from any upstream Quoting and Order Management source to accurately run revenue recognition and create and send Journal Entries into a general ledger.
"RightRev is a crucial solution that strengthens the Lead-to-Revenue capabilities on the Salesforce platform, extending value to customers looking to automate revenue recognition from approved Orders in CPQ and Billing. We are thrilled about continuing our collaboration with RightRev and their success within the Salesforce ecosystem," said Zak Kokosa, Investor, Salesforce Ventures.
About RightRev
Founded in 2020, RightRev’s accounting solutions power today’s everything-to-revenue ecosystem, offering superior functionality with integrated finance and accounting compliance to keep pace with an accelerated shift of business processes to the cloud. Its Salesforce app is embedded within the Salesforce platform, enabling Advance Revenue Recognition software that complements Salesforce’s integrated CRM, CPQ, Subscriptions, Orders, Billings, and Cash Collection. RightRev is supported by leading investors, including Salesforce Ventures, Norwest Venture Partners, IDEA Fund Partners, and Correlation Ventures. Learn more at www.rightrev.com and follow us on LinkedIn.
