Pendo co-founder's new startup raises $3M seed round
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Photo illustration: Aïda Amer/Axios. Photo: Courtesy of Revcast
In 2021, Pendo co-founder Eric Boduch left the high-flying Raleigh startup after it reached a $2.6 billion valuation.
Boduch wasn't leaving the Triangle's startup scene entirely, however. Instead he's started multiple companies in recent months, including one that is now gaining traction with investors and customers.
Driving the news: Boduch's newest company, Revcast, said Wednesday it has raised $3 million in a seed round led by the investment firm CRV.
- Durham's IDEA Fund Partners and several other investors also joined in.
Details: Revcast makes a software platform that aims to help companies create more accurate revenue plans, set more efficient budgets and respond to real-time changes to business risks.
- A lot of companies, Boduch said, struggle to remain agile when forecasting their businesses and that leads them to dole out resources inefficiently.
- Revcast would attempt to show a fuller picture of how a company's revenue is growing or is slowing.
What they're saying: "You have to be able to adjust your plans whether it be hiring or new revenue expectations as quickly as possible," Boduch said. "And we think a software system allows people to more rapidly adjust to new risks and new opportunities" instead of waiting for a quarterly business review.
Zoom out: Revcast is the first company to emerge from Boduch's 24 and Up, a startup studio that has a goal of guiding two to three companies per year through the early stages of turning an idea into reality.
The big picture: It's among the first signs that Pendo's success is creating promising offshoots in the Triangle's entrepreneurial ecosystem — much like other successful startups, including Red Hat, have done in the past.
- "There's a lot of great people that have worked [or still work] at Pendo," Boduch said."It's a fertile bed, I think, for new companies and talent for new companies."
What's next: Revcast currently has eight employees and offices in the Raleigh Founded coworking hub where Pendo was founded last decade.