Gravy raises $1 million seed round to transform customer retention and return $1 billion back to small businesses
Gravy, a virtual retention startup that help companies with recurring subscriptions and memberships retain customers, has raised $1 million seed funding round to reach its goal of returning $1 billion back to small businesses by 2023.
Founded in 2017 Casey Graham and Renee Weber, the Atlanta-based Gravy helps small businesses by returning failed payments, retaining customers and freeing up business owners to do what they love. Gravy clients on average recover 70% more failed revenue with its 60-day system than with their previous approach by utilizing Gravy’s full-time team of Retention Specialists. Gravy is on pace to return $1 billion back to small businesses by 2023.
Gravy has taken the customer retention and payment recovery space by storm since launching in 2017. It’s already recovered more than $15 million in single-saved transactions over the past 20 months and is on pace to double its revenue — and staff — in 2019.
“Before I started Gravy with my partner, Renee Weber, I owned an online business built on recurring subscriptions and memberships. Although we saw incredible growth month over month on the front end of the business, we always had trouble recovering failed credit card payments and retaining customers that were about to churn,” says Gravy CEO, Casey Graham.
“Gravy combines an empathetic human touch powered by serious technology,” McDaniel said. “The result is that customers experience a company that loves them, values them, and wants them back, in the most positive way.”
The startup is already cash-flow positive thanks to early success, but saw such a huge opportunity to raise money to fuel the organization’s continued growth. With the help of its Board of Directors and a few local entrepreneurs, Gravy secured a $1 million seed funding round to attack its mission of returning $1 billion back to small businesses by 2023.