A local serial entrepreneur with one big exit under his belt has raised $4 million for his latest venture.
Aharon Chernin, founder and CEO of Rewst, announced the $4 million raise on Tuesday. He first made headlines in November 2020 after his company, Perch Security, was acquired by Tampa-based tech giant ConnectWise.
Chernin quietly launched Rewst, a managed service provider, in November 2021. He raised $2.5 million in a pre-seed round and a total of $7.5 million to date. The $4 million is part of the same round, he told Tampa Bay Inno.
This iteration was led by Maryland-based TDF Ventures, a new investor. GroTech Ventures is also a new participant, with both of them focused on the MSP space, according to Chernin.
“Not every venture capital has knowledge of the [managed service provider] space and opportunity,” he said. “If you’re one of those VCs that know MSPs, you’re keeping your eyes open for companies like Rewst.”
Florida Funders, MDJ, Adam Slutskin and David Bellini, who head up Tampa-based CyberFOX, also participated. They all previously invested in Rewst.
“Rewst has big potential, with fast market adoption, clear product ROI and evangelist customers,” said Will Rayner, principal at TDF, in a statement. “We’ve been impressed with the enthusiasm the MSP community is bringing to collaboratively drive Rewst’s product road map.”
The spike in interest came when the company went to market with its product in June, according to Chernin. The company uses robotic process automation to help small and medium-sized businesses automate tasks easier.
“Since June, we’ve had to scale the company rapidly to keep pace with the demand,” Chernin said, adding he doesn’t think his past exit played a role. “I wouldn’t say it’s me — it’s just having someone who’s running a company that services MSPs who knows how MSPs operate. And I’m sure there are other people who can do the same thing I’m doing. They’re just not.”
The latest funding will go toward facilitating customer demand, bringing on more robotic operation center people and growing the software development team. The company has 15 full-time employees, roughly half of those working in Tampa. Chenin expects to hit over 20 by the end of the year.
Chernin added it’s “likely” the company would pursue a Series A round “in the near future” but declined to give details or an amount he’s targeting.
“I’m enjoying Rewst; this is probably the most high-tech, innovative product I’ve ever seen,” he said, “and who doesn’t want to keep running that company?”
