Utah-based RevRoad brings its toolkit for startups as part of Orlando expansion

Provo, Utah-based RevRoad has just established a footprint Orlando, signing a lease to move into co-working space Industrious at 300 S. Orange Ave. on Aug. 8.

Venture services firm RevRoad provides strategic development, marketing, legal and accounting support to startups — free of charge — in exchange for a percentage of company ownership. RevRoad said it has raised the total value of startups in its portfolio to more than $1.5 billion since it started in 2017.

“We’ve taken the best from accelerators and incubators and venture capital firms and rolled it into a different type of service,” said Tony Allen, president of the Orlando office. “We have 12 service areas, but there are a couple that nearly every single portfolio company that comes in needs, and that is in the areas of strategy and finance.”

Other than Allen, RevRoad has made two hires so far: Kennan Burch is vice president of investment and strategic relationships and Beau Bennett is director of experience. Allen said more job posting are coming in the near future. The Utah headquarters has upwards of 70 employees, and the total number of Orlando employees has not been determined yet.

Orlando Inno spoke with Allen, who has worked for Zoom, Disney and others, to learn about his firm's plans for the near-term. Here's what he had to say:

Why do you think RevRoad is a good solution for start-ups?

Venture capital investments are down 53%. I believe the first quarter of this year, it was $76 billion, compared to the first quarter of 2022, when it was $162 billion. The change in funding availability doesn't diminish the need start-ups have for a path forward. RevRoad is a unique solution because we provide the services that start-ups typically would spend their capital on. We have a detailed vetting process to determine the potential of a start-up and we make a services investment if the data shows a company is likely to succeed.

When a company joins your portfolio, how do you determine what services best suit them?

When a company applies through our website to join our portfolio, they upload information digitally about their company. They answer a series of questions. That information goes immediately to our analyst team. The team evaluates the company and determines what services they need. Through a series of face-to-face or video meetings, the startups have the opportunity to talk about their needs, as well. The analysis and those conversations are the basis of negotiations for equity, which is typically between 3%-18%.

Why did RevRoad choose Orlando for an office?

We think there's healthy start-up activity in Orlando. I went to TenX Wall Street Takeover recently and that confirmed what RevRoad is seeing: a growing, thriving community of founders. We’re going to find portfolio companies at events like that. As a matter of fact, RevRoad is sponsoring the TenX Tech event in August.

What key hires have you made?

We were looking for someone with expertise in brand strategy who has served major clients in that capacity, and we found Kennan Burch, the founder of Brand Catalyst Partners. He is based here and already has strong relationships in the start-up community. With him on board, our ability to help start-ups in this area is going to be fantastic.

What is the value of brand strategy for a seed-level company?

The way the world sees you from the very beginning is so incredibly important. It’s about more than building a website. We’re making sure the companies we work with know about brand archetypes, company naming and product naming. The emotional glue that comes with creating a brand takes into account the customer's needs. That’s what creates stickiness. 

What other hires will you be making?

One of the biggest demands on our services is helping startups with their finances. We’re not providing funding. We’re providing financial strategy. RevRoad’s CFO in Provo also provides fractional CFO services to portfolio companies. We’ll want someone here in Orlando who can do that, too. We’ll be hiring for multiple departments, including business development, marketing, events and sales in the Orlando office. 

RevRoad

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