RightRev, a Santa Clara, CA-based cloud-based finance and accounting solutions provider for Revenue Recognition Automation, raised $12 million in funding.
The funding round was co-led by Norwest Venture Partners and Salesforce Ventures, with participation from Correlation Ventures and IDEA Fund Partners. This latest funding brings RightRev's total capital raised to $17.6 million.
The newly secured funding will enable RightRev to accelerate its growth and expand its revenue accounting offerings. The company plans to invest in product innovation, including integrating with billing solutions and ERPs.
"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's solution enables companies to offer dynamic pricing, maintaining a competitive edge, which is not possible with existing systems without manual intervention or extensive customization.
One of RightRev's key advantages is its integration with Salesforce Revenue Cloud, making it uniquely positioned to extend the value of Salesforce CPQ and Billing for comprehensive lead-to-revenue visibility and management.
Company: RightRev Inc.
Funding Month: July 2023
Lead Investors: Norwest Venture Partners and Salesforce Ventures
Additional Investors: Correlation Ventures and IDEA Fund Partners
Company Website: https://rightrev.com/
Software Category: Finance and Accounting Solutions
About the Company: 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.