After leaving behind Pendo, the Raleigh-based unicorn that he helped found, Eric Boduch’s next act was launching the Raleigh-based startup venture studio 24 and Up at the start of last year. [We previously profiled 24 and Up in January of 2022].
Now he’s spinning out 24 and Up’s first startup, Revcast, fortified with a $3M seed round to give it a healthy head start. Boduch will serve as CEO of both Revcast and 24 and Up for the time being while he searches for the right person to take over at Revcast.
Revcast provides a B2B software platform for revenue operations teams—groups that manage the sales function for companies. Boduch thinks that the reason Revcast’s seed round was so successful was because the startup is addressing a significant problem.
“I think the magnitude of the opportunity is what allowed us to raise a large seed round so quickly,” he shared.
The $3 million seed round was led by Palo Alto-based VC firm CRV, with participation from Coughdrop Capital, Firsthand Alliance, Durham-based IDEA Fund Partners, Lorimer Ventures and Tiferes Ventures.
Revcast is a 10-person team based in Raleigh and was founded in July of 2022. The platform helps sales teams plan and manage more efficiently. AI is being incorporated into the platform to help access information and identify risks in certain plans, Boduch said.
“It was really hard for people to bring agility to the revenue planning cycle,” he said. “The software that we’re developing gives them the ability to better identify risks, to build better plans, to adjust to market conditions faster.”
CFOs and other company execs would agree that there is a need to more accurately forecast revenue numbers, he said, so the business can hire people more efficiently and get the most value out of their resources.
The “sweet spot” for Revcast in the beginning will be companies with between 15 to 100 sales people, although any business with a sales team would be a prospect for Revcast.
Boduch and his team talked to over 30 revenue operations leaders and heads of sales who were beta customers, and also surveyed another 100, located across the U.S. and Europe. Beta testing is being wrapped up soon, with the platform becoming commercially available in the fall of this year.
Companies will pay Revcast a monthly subscription fee for an annual contract.
“You pay for a subscription to the software platform and the cost is all based upon the size of your sales team,” Boduch said.
There are downsides to relying upon traditional spreadsheets, as they are difficult to maintain and have information that is often unclear to people who did not map out the information themselves. Revcast is a solution to building plans that helps executives of companies, as well as sales employees, identify risks and how to analyze their business’ data.
Instead of companies following a plan path then evaluating how they did after the fact, Revcast allows them to analyze data before spending time and money on an ultimately unsuccessful plan.
“It should have a huge impact on companies,” Boduch said. “We should be able to have a material impact…by helping them identify risks and opportunities much quicker than they could in a spreadsheet-driven system.”
