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Rewst recently raised $45 million in a funding round led by Sapphire Ventures, aiming to accelerate innovation in its automation platform for Managed Service Providers (MSPs). The company focuses on enhancing community engagement and expanding its platform capabilities, which has already seen significant growth in customer adoption and automation use. Rewst’s community-driven approach and continuous innovation position it as a key player in the future of MSP automation.
The Game-Changing $45 Million Capital Raise
Rewst, a company specializing in automation solutions tailored for Managed Service Providers (MSPs), recently secured $45 million in a significant funding round led by Sapphire Ventures, with participation from existing investors Meritech Capital and OpenView. This latest capital injection brings the total raised by Rewst in the past year to $76 million, underscoring the growing confidence in the company’s platform. This round boosts Rewst’s total capital raised to $104 million, marking a crucial milestone for the company as it accelerates its plans to enhance platform capabilities and expand its reach within the MSP market.
This funding will be strategically deployed to speed up innovation within Rewst’s Robotic Process Automation (RPA) platform. It will also support initiatives aimed at building a stronger community among MSPs, providing them with the tools, education, and support needed to maximize the value of automation in their operations.
Why Rewst Stands Out in the MSP Market
Rewst’s platform is uniquely designed to meet the specific needs of MSPs. Unlike general-purpose automation tools, Rewst offers a purpose-built solution that includes native multi-tenant support and extensive integrations with the most commonly used MSP tools. This specialization allows MSPs to seamlessly connect their existing tools and automate processes across their operations, driving efficiency and reducing the time spent on manual tasks.
Rewst differentiates itself through continuous innovation, offering features that cater specifically to the complexities of MSP operations. Among its standout features are dynamic forms that adapt in real time to user input, enhancing the flexibility and responsiveness of automated workflows. Another notable feature is RoboRewsty, an AI-driven tool that simplifies the automation-building process, allowing users to create custom workflows with minimal effort. The platform also supports custom integrations, enabling MSPs to easily incorporate new tools and workflows by dragging and dropping Swagger or OpenAPI documentation.
Recently, Rewst introduced the App Platform, a low-code module designed for building branded web applications that unify multiple tools, data sources, forms, and automations. This module supports a wide range of use cases, from client self-service portals to cross-platform analytics and project management tools, all accessible through a single interface.
Community-Driven Growth and Its Importance
A key component of Rewst’s strategy is fostering a vibrant community among its users. This community-centric approach not only strengthens customer loyalty but also enhances the platform’s overall value by facilitating knowledge sharing and collaboration among MSPs. Rewst’s community initiatives have seen widespread participation, with 92% of its customers active on the company’s Discord server. This platform allows users to exchange ideas, troubleshoot issues, and share best practices, creating a robust support network that benefits all participants.
Rewst further promotes community engagement through events like its weekly Open Mic calls, where MSPs can demonstrate workflows they’ve developed, inspiring others to explore new automation possibilities. The success of these initiatives culminated in Rewst hosting its first FLOW conference, a vendor-agnostic automation event that attracted a sold-out crowd of 250 MSPs. This event provided a unique opportunity for MSPs to connect in person, exchange insights, and explore the latest trends and technologies in automation.
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Rewst’s Meteoric Growth and Market Expansion
Rewst’s rapid growth is evident in its impressive metrics. In the first half of 2024, the company’s Annual Recurring Revenue (ARR) grew by 182%, a clear indication of the increasing demand for its platform. During the same period, Rewst’s customer base expanded by 204%, reflecting the platform’s growing popularity among MSPs. This growth has been supported by a doubling of the company’s headcount, with significant investments in its Engineering, Customer Success, Education, and Robotic Operations Center (ROC) teams. These expansions have enabled Rewst to accelerate feature development and provide enhanced support to its rapidly growing customer base.
Rewst’s platform is now utilized by over 900 MSPs, with a strong presence in North America and an expanding footprint in Europe and the Asia-Pacific region. The scale of adoption is further highlighted by the over 274,000 custom workflows created by its users, with these workflows executing more than 101 million times in a recent 30-day period. The cumulative time savings reported by users exceed 675,000 hours, demonstrating the significant efficiency gains achieved through automation.
What This Means for the Future of MSP Automation
Automation is becoming an increasingly critical tool for MSPs, helping them to navigate challenges such as talent retention and differentiation in a competitive market. Rewst’s platform provides MSPs with a competitive edge, allowing them to streamline operations and enhance service delivery through automation. The $45 million investment will enable Rewst to continue refining its platform, introducing new features that respond to the evolving needs of its users.
As Rewst expands its capabilities and continues to foster a strong community among MSPs, the company is well-positioned to influence the future trajectory of the MSP industry. By empowering MSPs with the tools and support needed to fully leverage automation, Rewst is playing a pivotal role in shaping the next generation of service providers, driving innovation and efficiency across the industry.
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