New York, the U.S.A-based provider of financial services for the events industry, Carats and Cake, raised USD 10.6 million in recent funding. The Series A round took place on September 22, 2022. 1Sharpe Ventures led the financing for the firm. Meanwhile, Founders Fund, Acrew Capital, Moore Specialty Credit, Correlation Ventures, GMO VenturePartners, Argosy Capital, and SilverCircle joined in the investment.
As a part of the deal, Gregor Watson, co-founder of 1Sharpe Ventures, intends to onboard Carats & Cake’s board of directors.
So far, the company’s total financing now stands at USD 29.9 million. The equity amounts to USD 19.9 million, whereas the remaining USD 10 million comes from the debt facility.
Purpose of funding for Carats and Cake
With the latest proceeds from Series A, the company has plans to expand operations across streams such as product, engineering, and sales as it brings to market the end-to-end revenue optimization software needed by venues and property management firms.
What the company’s official has to say
Jess Conroy, Founder and CEO, Carats & Cake, said, “After working with properties for years, we began selling our new software in January of 2022. The response to date has been extraordinary, with over 300 properties choosing our solutions. The platform’s value is undeniable. It provides a better, more consistent customer experience, offers flexible, digital payment features like pay-over-time. It also improves revenue, cash flow, and time to conversion. With this latest financing, we plan to thoughtfully build out our product, engineering, and sales teams as we continue to support properties with purpose-built tools. We seek to be the partner of choice for the digital transformation of the events industry, and we have the investor support to make that a reality.“
What the investor has to say
Gregor Watson, Co-Founder, 1Sharpe Ventures, further added, “When we first invested in Carats & Cake in 2021, we were impressed by Jess’ knowledge of the events industry and fully thought through software and data stack that would best serve her customer base as they grow this vital line of business. The projections we invested in the seed were quickly blown out of the water, and it was a no-brainer to lead Series A. The pandemic created a wedding boom in an already fast-growing, USD 100 billion per year industry. By embedding even more deeply with the leading venues and property groups, Carats & Cake is poised to help them provide the experience customers demand and optimize their revenue each step of the way. It’s exciting to be a part of this industry’s transformation and help steward Carats & Cake’s future on the board as well.”
About the company
Jess Levin Conroy founded the company in 2013. The company delivers a revenue optimization platform for venues and property groups. It offers a full suite of purpose-built marketing, sales, and customer conversion (contracting, invoicing, and payments) solutions.
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