Meet Utah’s next unicorn

Weave, a developer of patient communications instrument desirous in regards to the dental and optometry market, modified into as soon as the first Utah-headquartered company to graduate from Y Combinator in 2014. Now, it’s poised to enter a tiny nonetheless rising class startups in the ‘Silicon Slopes’ to garner ‘unicorn’ site.

The alternate announced a $70 million Sequence D closing week at a valuation of $970 million. Tiger Global Management led the spherical, with participation from existing backers Catalyst Investors, Bessemer Project Partners, Crosslink Capital, Pelion Project Partners and LeadEdge Capital.

The corporate modified into as soon as based in 2011 and completely bootstrapped unless enrolling in the Silicon Valley accelerator program five years in the past. Since then, it’s raised a total of $156 million in personal funding, tripling its valuation with the latest infusion of capital.

“Our aim with this funding spherical is to exceed our potentialities’ expectations at every touchpoint, investing heavily in the products we create, the markets we wait on and the final customer journey we present,” Weave co-founder and chief govt officer Brandon Rodman said in an announcement. “We can proceed to make investments in our potentialities, our products and our folks to make a solid, sustainable, and scalable alternate.”

Weave prices its potentialities, tiny and medium-sized firms, upwards of $500 month-to-month for gain entry to to its Jabber Over IP-based unified communications service. Rodman beforehand launched a scheduling service for dentists and realized the opportunity to mix texting, cellular telephone service, fax and reports to facilitate the patient-provider relationship.

Whereas his second effort, Weave, has prolonged been focusing on the dentistry and optometry market, Rodman instructed Project Beat closing yr the opportunities for the corporate are never-ending: “Within the wreck, if a alternate needs to talk with their customer, we take into story that as a that it’s good to imagine future customer of Weave.”

Basically based entirely mostly in Lehi, Weave added 250 workers this yr with total headcount now reaching 550. The corporate claims to accept as true with doubled its earnings in 2018, too. Whereas we don’t accept as true with any staunch perception into its financials, given the fervour it’s garnered amongst Bay Residing traders, we’re guessings it’s posting some barely shapely numbers.

“Weave has a few of the top in all probability retention numbers we’ve ever viewed for an SMB SaaS company,” Catalyst associate Tyler Newton said in an announcement. “We’re always impressed by their accelerated narrate and results.”

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