Today SingleOps, an Atlanta-based software application start-up, announced that it has raised $6 million in new capital. The startup’s service is constructed to support business that handle outdoor work like landscaping, tree care and yard maintenance. It’s an example of the vertical SaaS pattern that has actually come to the fore over the last few years, with start-ups developing software services tailored to specific service classifications.
The market that SingleOps is focused on isn’t little, mind. The company claims it deserves $100 billion each year. Which suggests there is lots of room for SingleOps to grow.
Prior to this new $6 million round, SingleOps had raised simply $2.5 million, using that to scale approximately 30 personnel (its software application team is remote, making the business more prepared for COVID-19 than many) and around 400 consumers. How did it do that in an age when most start-ups raised $2.5 million to clean their offices? According to the company’s CEO Sean McCormick and president Taylor Gould in an interview with TechCrunch, being capital-efficient has actually become part of the business’s method operandi because its early days. (You can construct SaaS with limited capital if early consumers write you checks, it turns out.)
The SingleOps team, by means of the business. However towards completion of 2019, SingleOps examined its SaaS metrics and, deciding that things looked great, intended to speed up by bringing on brand-new capital. The $6 million was led by Kansas City-based Five Elms Capital, with the company taking a board seat in the deal. According to McCormick and Gould, they liked 5 Elms’ concentrate on B2B SaaS companies like their own. Diligence with existing 5 Elms portfolio companies also helped them in making the choice.
SingleOps’ product, significantly, isn’t narrow. Rather, the company’s service can log leads, deal with scheduling, help provide estimates, has a mobile app and handle scheduling, cost tracking and invoicing and payments. With a little tact, the self-described “green industry” that SingleOps works with is not renowned for being on the cutting edge of technological modification; by offering a broader feature set, SingleOps can sell a single service to bring services in its target niche all the method into the cloud period.
The bundle of functions is agreeing with the marketplace so far, with SingleOps growing both GAAP revenue and ARR by “well over” 100% in the last 12 months, per its executives. And for the SaaS fans out there, SingleOps averaged 120% net retention over the last 12 months.
It was the first require TechCrunch that I’ve had that involved numerous mentions of tree climbing as part of a startup’s go to market motion. As such, we had no choice but to write about the business, as it’s various than the majority of start-ups we talk to, and therefore rather intriguing.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.