A decade after cofounding Pendo, serial entrepreneur Eric Boduch has a new project in Raleigh – and millions of new venture dollars to back his vision.
Boduch tells Triangle Inno his new startup, Revcast, started from a “kernel of an idea” he had while at Pendo, the Raleigh-based software company that's reached unicorn status.
“We were building out a revenue plan and I realized how inefficient, nontransparent – just how difficult the process was,” Boduch said. And that kernel stayed in the back of his head when he left Pendo to start a venture studio, 24 and Up. It was one of the first ideas he looked at. Instead of spreadsheets – couldn’t there be a software solution?
Boduch dove into the world of RevOps – quotas, ramps, hiring plans and attrition rates.
The answer became Revcast, a central hub to build and manage revenue plans that drive predictability and deliver insights to stakeholders with less burden on finance teams. And it’s moving quicker than Boduch had anticipated, boosted by a $3 million seed round led by CRV. Investors approached him after hearing about Revcast through one of Boduch’s former colleagues – “happenstance,” he said.
“One thing turned into another, and we had a term sheet,” Boduch said.
And the round means “cash for a couple of years,” he said.
Coughdrop Capital, Firsthand Alliance, Lorimer Ventures and Tiferes Ventures all participated, as did Durham’s IDEA Fund Partners, which also backed Pendo.
Boduch said it’s a different animal than Pendo. The environment itself is one of the biggest differences.
“We live in a world that is a little bit different post-pandemic as far as growing software companies,” Boduch said.
Starting a new company after Pendo is in of itself a challenge. In just a matter of a few years, Pendo, founded in 2013, had its name on a skyscraper in downtown Raleigh and hundreds of employees. But it’s that experience at a high-growth tech company that is likely his biggest asset this time around, Boduch said.
“I’ve obviously seen a lot of things and now have a lot more patterns to match against,” he said. “I’m hopeful that one of the values of having me involved in a company is that we’re going to avoid more mistakes than not.”
The firm is planning growth. It’s currently at eight employees, with another two coming on board in July. Boduch expects hiring to pick back up in the fall. Right now, the firm is operating out of Raleigh Founded and preparing to launch the commercial release of its first product in a few months.
In the meantime, the venture studio Boduch founded is sorting through other ideas for startups. While Boduch said he’s “90-plus percent in Revcast,” there are other companies that will be coming out of the studio.
