Funding enables innovative product and partnership development to advance company’s industry-leading asset condition software
Seattle WA, February 15, 2017 — Record360, the industry-leading provider of asset condition documentation software, today announced that it has closed a new investment round of $500,000 led by current investors including Seattle-based Alliance of Angels and Bellingham Angel Investors (BAI). This investment round follows Record360’s previous $1.5 million funding round in 2015.
“We are fortunate to have the support of investors like Alliance of Angels and Bellingham Angels who share our product vision and recognize the significant market opportunity,” said Shane Skinner, Founder and CEO of Record360. “Since our product launch in 2015, we’ve quickly become the industry leader in digital asset condition documentation and management thanks to an outstanding team of employees, advisors and partners.”
“The Series Seed Plus financing builds on an exceptional year for Record360, which saw a rapidly growing roster of clients, key executive appointments and market momentum as they move to take a leadership role with digital solutions focused on automating the rental and asset management industry,” said Adrian Balfour, member of Alliance of Angels. “We believe the market will continue to see a shift towards digital solutions solving unique customer problems. Record360 provides an innovative rental and asset management solution and we are excited to collaborate with and support them as they work to build a great company in an exciting category.”
Record360 offers rental and leasing companies the ability to improve customer service, decrease damage disputes and expenses, and improve product quality with their best-in-class video and photo asset condition review process. Operating across multiple industries, including vehicle rental, equipment rental, and property management, Record360 provides companies with the opportunity to do away with paper forms while streamlining the condition review process and improving customer service.
This oversubscribed investment round was done at a step-up in valuation from the company’s prior round and highlights Record360’s momentum since launching in 2015. Record360’s revenue grew over 250% in 2016 and sales are expected to accelerate into 2017, as new innovative products are launched and multiple partnerships are announced. The company will use funding from this investment round to support its continued growth and increase investments in product development, sales and marketing.
Record360 ([http://www.record360.com)]www.record360.com) is the leading software for digital asset condition documentation and asset condition management. Used by major companies across the globe, including Budget, Avis, Papé Machinery and Komatsu, Record360 brings greater transparency to condition reporting and helps companies boost their bottom line.
About Alliance of Angels
Alliance of Angels is the premier angel group in the Pacific Northwest, comprising more than 100 investors who fund and mentor early stage companies. It is recognized as one of the most active angel groups in the nation, having invested over $80 million in more than 200 early stage companies since 1997. To learn more, visit http://www.allianceofangels.com.
About Bellingham Angel Investors (BAI)
Founded in 2005, BAI is composed of 50 accredited investors who share a common interest in seeking investment opportunities in early or middle stage companies in the Pacific Northwest & British Columbia, giving preference to Whatcom, Skagit & Island counties. To learn more, visit http://www.bellinghamangelinvestors.com.
K&L Gates, LLP (www.klgates.com) served as counsel to Record360 in this transaction.