Utah-Based Weave Raises $70M Series D, Nears Unicorn Valuation

As announced by the company Thursday, Weave—which makes communicating with customers easier for businesses by integrating features like texting, phone service, fax and reviews—has raised a $70 million Series D.

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The new round brings Weave’s total funding to $152.5 million, according to Crunchbase. It is nearly a unicorn, with a valuation of $970 million, according to a statement from the company. The company last raised money in December 2018, when it brought home $37.5 million in its Series C.

Weave’s value proposition to its customers is that it can remind customers of appointments, text back callers if the line is busy, and provide customer profiles to businesses when a customer calls the office, according to Weave’s website. For example: If a patient calls a dental office, Weave’s technology presumably would allow that dentist office to pull up their customer’s appointment history, upcoming appointments, missed payments, and other information all before the phone is answered. The company has more than 13,000 customers of its own, and proves useful for small and medium-sized businesses like dental offices and doctors offices.

With the new funding, Weave plans on improving its products and developing its international presence. Weave competes with companies like Docmate, Doctible, and Solutionreach.

The company doubled its revenue in 2018 and grew its Utah team from 300 employees at the beginning of the year to its current 550 employees, according to a statement from the company. Weave raised its pre-seed round in 2012 and its Series A in 2014.

“Weave has some of the best retention numbers we’ve ever seen for an SMB (small and medium size business) SaaS company,” Catalyst Investors partner Tyler Newton said in a statement. “We’re continually impressed by their accelerated growth and results.”

The company, which was founded in 2011, counts Catalyst Investors, Crosslink Capital, Lead Edge Capital, and Pelion among its investors. Tiger Global Management led the Series D round.

Weave is part of Utah’s burgeoning startup scene that includes Lucid Software and Divvy. It was also the first Utah-based company to join Y Combinator, according to Weave.