Rewst Raises $45 Million to Accelerate Platform Innovation and Community-Led Growth

Rewst raises $45M led by Sapphire Ventures to accelerate innovation in automation for MSPs, expanding tools, community, and support for optimal business value.

TAMPA, FL (August 8, 2024) – Rewst, provider of the only automation platform purpose-built for MSPs, today announced a $45 million capital raise¹ led by Sapphire Ventures, with existing investors Meritech Capital and OpenView. The round, which brings the total raised in the last 12 months to $76 million, will be used to accelerate the pace of innovation for its market-leading RPA platform and invest in community, education, and support to help MSPs drive optimal business value from automation.

Meteoric business growth

The cash injection comes on the heels of Rewst’s rapid growth. In the first half of 2024, Annual Recurring Revenue (ARR) grew 182 percent year over year, while total customers increased 204 percent. Rewst has stayed ahead of increasing demand by doubling its headcount, building out its Engineering, Customer Success, Education, and Robotic Operations Center (ROC) teams to ship more features faster, and better support a growing customer base.

Today, Rewst has more than 900 MSPs, with a significant base in North America and rapidly gaining footholds in the EU and APAC. In total, these MSPs have built more than 274,000 automations with Rewst, underscoring the importance of custom workflows to unlock the full value of automation platforms. In a recent 30-day period, these workflows ran more than 101 million times, with self-reported time savings exceeding 675,000 hours.

“Even with these numbers, the MSP market is so large that we are still in the early adopter phase,” clucked Aharon Chernin, Rewst’s founder and CEO. “These early adopters are using automation as a competitive edge against their peers.”

“MSPs and SMBs are facing a number of operational challenges, including recruiting and retaining technical talent, as well as a rise in competition driven by a lack of differentiation. Born out of the need to solve these growing pressures, I believe Rewst increases productivity and the bottom line for MSPs with its unique automation and trusted integration platform,” said Casber Wang, Partner at Sapphire Ventures and new Rewst board member. “I’m excited by the opportunity ahead for Rewst as the company radically improves MSP efficiency and results and am thrilled to partner with Aharon and the team to build a Company of Consequence.”

A vibrant community  

A key pillar of Rewst’s growth has been its focus on building a vibrant user community. Rewst offers a variety of channels for MSPs to connect with, learn from, and support each other. Currently, 92% of customers participate in Rewst’s Discord server, with more than 2,000 users answering questions, troubleshooting issues, and sharing ideas. Rewst also hosts a weekly Open Mic call, where MSPs demo workflows they’ve built, inspiring their peers with additional ideas for processes to automate.

“To be successful in the MSP industry – as a vendor or an MSP – you need to foster community. This is daunting because it forces transparency as a company; most companies hesitate to take that kind of risk,” chirped Chernin.

Extending this idea and knowledge sharing to an in-person format, Rewst recently hosted its inaugural FLOW conference, establishing it as the first true vendor-agnostic automation event for MSPs. A sold-out crowd of 250 MSPs gathered in Tampa, FL to discover automation strategies, use cases, and best practices; network with one another; and engage the broader vendor ecosystem.

Consistent product innovation 

Rewst was born out of the need for a Robotic Process Automation (RPA) platform crafted for Managed Service Providers (MSPs), with native multi-tenant support and extensive integrations with common MSP tools. Using Rewst, MSPs can connect their tools and automate end-to-end processes, either by installing pre-built automations (called Crates) or by building their own custom workflows. Since its founding, Rewst has continually innovated its platform driven by a focus on listening to customers, encouraging feedback, and building in public.

Early on, Rewst recognized the need for Dynamic Forms that adapt to user needs and display real-time information. Additional innovations include RoboRewsty, which harnesses OpenAI to simplify the automation-building process; Custom Integrations, which generates actions that can be used in workflows simply by dragging and dropping a Swagger or OpenAPI doc; and Version Control, which allows users to see their workflow history, select a prior version, and revert with just a click.

Most recently, Rewst has been developing App Platform, a low-code module for building branded web apps that unify multiple underlying tools, data, forms, and automations into a single pane of glass for employees or clients. Typical use cases include client self-service portals, cross-platform analytics, project management, client onboarding flows, and more.

The investment round brings Rewst’s total capital raised to date to $104 million.

Additional Resources: 

• Request a Rewst demo
• The MSP Automation Lookbook
• 10 Common Automation Use Cases for MSPs 
• Job openings at Rewst

About Sapphire Ventures 

Sapphire is a global software venture capital firm with $10B+ in AUM and team members across Austin, London, New York, Menlo Park and San Francisco. For over a decade, Sapphire has partnered with visionary teams and venture funds to back companies of consequence. Since its founding, Sapphire has invested in more than 170 companies globally, resulting in more than 30 Public Listings and 45 acquisitions. The firm’s investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-added services, tools and resources designed to support portfolio company leaders as they scale. 
https://sapphireventures.com  

About Rewst 

Founded in 2020 and based in Tampa, FL, Rewst specializes in providing a purpose-built automation platform for Managed Service Providers. With a leadership team that has a proven track record of understanding and anticipating the needs of their customers, Rewst is well-positioned to drive the next evolution of RPA and empower MSPs to improve operational efficiency, service delivery, and customer satisfaction. Visit Rewst at https://rewst.io/ and follow the company on LinkedIn and YouTube.

¹ Funding of $45 million includes both primary capital and secondary sales.