Rock Paper Coin (RPC), a Portland, OR-based SaaS startup providing a suite of digital contracts and invoicing tools for the wedding industry, announced that it secured $2.3 million in funding.
Elevate Capital led the round, with participation from HearstLab, Stormlight Holdings, and other investors.
RPC plans to use this new funding to scale up its operations to meet customer demand and gain increased market share in the wedding services market, which is expected to reach $414.2 billion by 2030.
"We're seeing significant demand from wedding planners, vendors, and couples who have all recognized the benefits of using RPC's software to help streamline the behind-the-scenes business workflows for the wedding industry by digitizing and automating contracts, invoices, and payments," said Elizabeth Sheils, co-founder, and CEO of RPC. "Now that the COVID-19 restrictions have been lifted, the wedding industry is experiencing an unprecedented number of weddings because so many had to be postponed during the pandemic. More than 1,900 businesses have registered with RPC, and so we're experiencing rapid growth. We're extremely pleased to have the support of Elevate Capital, HearstLab, and more impressive investors on our team."
RPC's revenue increased by 250% from 2021 to 2022, and the company plans to continue to grow and scale its operations in 2023. To support the company's growth, RPC expects to hire additional employees in the months ahead and build on the team's expertise in the wedding industry.
Company: Rock Paper Coin, Inc.
Raised: $2.3M
Round: Unknown
Funding Month: October 2022
Lead Investors: Elevate Capital
Additional Investors: HearstLab and Stormlight Holdings
Company Website: https://rockpapercoin.com/
Software Category: Payment and Contract platform
About the Company: Rock Paper Coin is the first-ever software to bring event planners, couples, and vendors into one system for managing contracts, paying invoices, and sharing documents. RPC's user-friendly software platform enables easy management of digital contracts, provides flexible invoices, simplifies online payments, automates helpful reminders, and provides document storage for wedding and event industry professionals. RPC streamlines the payment process for these vendors by allowing them to accept all payments and offer flexible payment options for clients. With its streamlined system, event professionals can easily manage the backend of their business. To keep up with the demands of today's couples, Rock Paper Coin is a financial solution to help businesses book more clients.
Source: https://www.prnewswire.com/news-releases/rock-paper-coin-raises-2-3m-to-support-wedding-industry-in-post-covid-surge-301659173.html