Smart calendar startup Reclaim.ai raised $3.2 million in a mostly inside round.
The round came together as the result of current investors who wanted to increase their stakes in the growing company, said co-founder and CEO Patrick Lightbody. The inbound interest ratcheted up after the company turned on paid subscriptions about six months ago and revenue surpassed expectations.
The startup has built intelligent calendar software to help professionals sync personal and professional calendars, block time for certain tasks, and prioritize meetings. The ultimate goal is to create a platform that can sit on top of other productivity tools and tie them together, not only making it easier to manage time but also giving people better insight into how their time is spent.
The company launched in 2020, just before the Covid-19 pandemic and the widespread shift to remote work. It has users across 14,000 companies. Some organizations have a handful of people using Reclaim and some have thousands of users, said Lightbody.
The startup has 5,000 paid accounts and recently signed its first six-figure account for an enterprise.
This round included Yummy Ventures, Character.vc, Flying Fish, Operator Partners and Grafana CEO Raj Dutt.
Reclaim has raised a total of $9.5 million from investors. This capital was used to make some key hires in marketing, sales, product support and engineering, said Lightbody.
In addition to the capital the company also announced it is testing a new Scheduling Link feature. Roughly 1,000 of its customers will be invited to try the new links which offer different levels of priority for meeting invites.
With these links Reclaim can reprioritize a calendar based on the priority level of a link.
“The idea is that time is not clear cut. It’s not busy or free; it’s a range of complexity and negotiation. That has always been the root of Reclaim,” Lightbody said. “People want to work with scheduling platforms and products where they can match the reality that time is fluid and flexible depending on circumstances.”
That Reclaim is getting into a scheduling link product is interesting since one of the company’s investors is Calendly, which has its own scheduling links. Lightbody noted that he and Calendly CEO Tope Awotona talked about Reclaim’s product and at this point the relationship between the companies is the same.
“We’ll see where it goes,” said Lightbody, adding that the startup is lucky to have Calendly as an investor and that both companies have other products that are very different.
Reclaim has a distributed team of 16. Lightbody and co-founder Henry Shapiro are here in Portland.
