CFO surveys reveal a pervasive trend. Big Data has become a burden. Troves of data from myriad sources have the potential to deliver huge value, enabling organizations to increase revenue more efficiently, identify cost savings and growth opportunities, improve customer interactions, plan strategic investments, and much more. In reality, the potential remains unrealized as most businesses are drowning in disparate data with insufficient resources to overcome data unification and normalization challenges and extract the value within.
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Vestigo Ventures recently invested in SaaSWorks, a scalable “more than just software” solution to equip finance teams with a continuous single source of revenue truth. L to R: SaaSWorks co-founders, Vipul Shah, CEO and Jim O’Neill, CTO.
Based on Accenture research, 76% of CFOs agreed that their organization will struggle to meet objectives without one version of the truth across business units. The need to monitor and understand revenue continuously is particularly acute among growing, recurring-revenue businesses that are overstretched and underserved. Without a cost- and time-efficient enterprise solution to tackle the data burden, businesses are struggling to weather today’s economic storms, much less achieve their growth ambitions.
SaaSWorks, a startup funded and founded by veterans of HubSpot and Goldman Sachs, is on a mission to help finance teams create that trusted, single source of revenue truth. Vestigo Ventures, inspired by the mission and citing the deep experience of SaaSWorks’ management team and the market opportunity, led the company’s recent $6M seed round with participation from existing investors, including Conversion Venture Capital. “We’ve witnessed and experienced first-hand the lack of data insights plaguing leadership teams,” says Mark Casady, Vestigo Ventures’ co-founder, and general partner. “SaaSWorks is solving the challenge with an easy-to-use platform that unifies, enriches, and delivers trusted, CFO-approved revenue data quickly, efficiently, and productively. As the role of the CFO expands and elevates, we see this as a seminal opportunity,” adds Casady.
SaasWorks and its flagship product, RevWorks, help finance teams truly know their revenue so they can grow by transforming existing CRM, billing, and transactional data into audit-quality information and insights. To get revenue data to audit quality, SaaSWorks augments its software and data engineering platform with human expertise to deliver continuous data unification (cleaning + enriching + reconciling), plus segment and cohort behavior analysis, layered with streaming insights. The ironclad, enriched data, and insights are delivered in the client’s preferred format: a robust customer data file, an on-demand portal with board- and investor-ready dashboards, email alerts, and digests for accessibility across the organization.
“Previously, only the most well-funded and scaled SaaS, subscription, and membership businesses could implement meaningful revenue monitoring, analytics, and insights,” says Vipul Shah, co-founder, and CEO of SaaSWorks. “Rather than expecting CFOs to get their data perfect first, we take it in almost any form the business has it and, within weeks, we deliver ironclad, unified, and normalized data, continuously reconciled across the systems they use today. It’s the single source of truth so critical to business success, layered with actionable insights from a dedicated SaaSWorks financial data engineer and investment analyst. SaaSWorks’ value is in our ability to stream audit-level, unified data that is historically and continuously pure. The more complex your business, the more value we deliver.”
“Until now, CFOs have been mired in pulling, fixing, and reconciling multiple data streams and have been unable to extract the value. Visibility through data analysis is the advantage many smaller businesses lack,” says Frazer Anderson, principal, Vestigo Ventures. “SaaSWorks is leveling the playing field with a solution that alleviates the heavy lifting on the part of entrepreneurs and finance teams and brings world-class revenue visibility and monitoring to every growing business.”
Prior to co-founding SaaSWorks, Vipul Shah held managing director, investment committee member, and principal investor roles at ArrowMark Partners, Brightwood Capital, and Goldman Sachs, investing in mid-market private equity, growth equity, and debt across the technology, media, telecommunications, and business services sectors. SaaSWorks co-founder and CTO Jim O’Neill was the founding CTO, CIO, and CPO for HubSpot, joining pre-revenue and helping to grow the business and scale it through the IPO.
SaaSWorks recently added SevenRooms to its growing client roster. “SaaSWorks delivers on complete visibility into our customer segments, and insights into our most valuable sources of revenue. In weeks, with minimal lift from my team, we had clean, normalized data, a detailed history of revenue by customer, and metrics that I could trust. With SaaSWorks, I can focus more on the strategy, insights, and investments that will provide the greatest ROI. It’s become a source of truth for me as CFO,” says Pam Martinez, CFO of SevenRooms.
“The need for a cost- and time-efficient partner that can deliver clean, actionable data quickly and continuously has never been greater. The moment for SaaSWorks is here. It enables the insights that make a finance team a true strategic resource. Vestigo Ventures is excited to invest in and partner with SaaSWorks to fill this essential gap with a transformative solution for complex, recurring-revenue businesses,” adds Casady.
About Vestigo Ventures
FinTech is changing the world of financial services. We founded Vestigo Ventures to find and fund the very best entrepreneurs in North America. We are in the epicenter of innovation in Cambridge, Massachusetts. To learn more and to subscribe to our newsletter and podcast, visit http://www.vestigoventures.com.
About SaaSWorks
The RevWorks solution by SaaSWorks equips your finance team to drive strategic decisions by powering a single source of revenue, customer, and usage truth. Our continuously managed solution unifies, monitors, and streams data and insights back to you without the high cost of big teams and external firms, or the tight constraints of one-size-fits-all solutions. Finance teams choose RevWorks to maximize focus and insights, minimize cost and complexity, and mitigate errors and expenses. Visit http://www.saasworks.com.
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