A Tampa-based software startup focused on the managed service provider space has closed a $21.5 million Series A round in its quest for growth.
Aharon Chernin, CEO of Rewst, exclusively told Tampa Bay Inno the company closed the round led by OpenView, a Boston-based venture capital firm. Other investors in the round want to remain undisclosed.
This is the first investment into Rewst by OpenView, which reached out to Rewst despite Chernin having no plans for a Series A.
“Successful startups constantly have an influx of interested investors, and I built a relationship with OpenView that made me feel like now was the time,” Chernin said.
Rewst previously closed a $4 million seed round in August.
“We’re excited to help Rewst expand their reach and to maximize the impact they’ll have on MSPs and their end customers,” Tom Holahan, partner at OpenView, said in a statement. “Most importantly, we’re excited to partner with Aharon and the rest of the team as they build a category-defining company.”
Rewst will use the funding to expand its robotic operations center and advance product development.
Rewst currently has 20 employees, with about half of those in the Tampa Bay region. There are no concrete plans to open an office space soon, but that could occur down the line.
“We take a Tampa-first approach; we hire nationally, but we always hire local first,” Chernin said. “It helps build culture, where you get to meet and do things as a group. So, we’ll look here first, then look around the U.S.”
The company was formed in November 2021 after Chernin’s previous company, Perch Security, was bought by Tampa tech giant ConnectWise for an undisclosed amount. He raised $2.5 million in a pre-seed round and has now raised $29 million to date.
He does not plan on seeking additional funding in the near future. However, he said he did not struggle to find funding — despite reports across the nation that funders are becoming more cautious as an economic downturn looms.
“It is an interesting time, and I think both startups and investors are trying to figure out how the current market impacts them because the current state of the market is new,” Chernin said. “I would say if you have a startup that had questionable economics, you’re going to have a hard time raising right now. But if your economics are good, you’re able to raise money in any market.”
