RightRev Launches with $5 Million to Accelerate Product Development and Go-to-Market Executions
RightRev, a cloud-based finance and accounting solutions provider for Revenue Recognition Automation, came out of the gate with $5 million co-led by Norwest Venture Partners and Salesforce Ventures with participation from IDEA Fund Partners, Two Sigma, GoBig.ai and Correlation Ventures.
The new funds will be used to accelerate product development and expand the company’s go-to-market channels across the U.S. and globally.
“Adding such high-caliber investors to our brain trust is a tremendous opportunity for RightRev,” said RightRev Founder and CEO Jagan Reddy. “This new infusion of capital will allow us to advance our product development and provide an exceptional user experience, with enhanced automation across even the most complex use cases for numerous business verticals. We are especially excited to offer Salesforce Revenue Cloud customers access to a complete revenue subledger on the Salesforce platform.”
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RightRev’s advanced revenue recognition automation software for the Salesforce AppExchange will enable Salesforce Revenue Cloud customers to optimize the performance of lead-to-revenue processes.
“By streamlining revenue recognition for compliance across the latest accounting requirements, RightRev completes the lead-to-revenue cycle and has built an enterprise-grade solution that extends Revenue Cloud for our customers,” said Pascal Yammine, general manager of Salesforce Revenue Cloud. “Salesforce Ventures identifies the most innovative cloud companies and founders globally, like RightRev, and we are excited to continue partnering with the company.”
RightRev eliminates the hassle associated with manual, error-prone spreadsheets. Its cloud-based accounting solutions are built on a robust engine capable of handling the complexity of revenue recognition and compliance.
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“Gartner says that 85% of enterprises will be cloud-first businesses by 2025. To keep pace with the evolving market, it’s critical for both B2B and B2C companies to address finance and accounting compliance with cloud-based solutions,” said Scott Beechuk, partner of Norwest Venture Partners. “What we like about RightRev is it’s the first revenue recognition solution built cloud-first, native to Salesforce CPQ, and powerful across most other cloud ERP platforms with the easiest path to implementation we’ve seen.”
RightRev addresses two common struggles for businesses operating in the cloud. First, the solution makes it possible to perform complex revenue equations based on recent changes to guidelines, such as ASC 606 and IFRS-15. Second, it helps companies better serve customers by enabling more dynamic pricing to maintain a competitive edge, something existing systems cannot do because they are manual or do not provide the advanced capabilities to automate the accounting process.
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