Record360, Seattle-based startup providing asset condition documentation software to the equipment rental industry and others, has raised $500,000 in a new investment round.
Led by current investors including Seattle-based Alliance of Angels and Bellingham Angel Investors (BAI), this oversubscribed investment round follows Record360’s previous $1.5-million funding effort when it launched in 2015. The company’s revenue grew over 250% in 2016 and sales are expected to accelerate into 2017, as new products are launched and multiple partnerships are announced. The company will use funding from this investment round to support its continued growth and increase investments in product development, sales and marketing.
“We are fortunate to have the support of investors like Alliance of Angels and Bellingham Angels who share our product vision and recognize the significant market opportunity,” said Shane Skinner, founder and CEO of Record360. “Since our product launch in 2015, we’ve quickly become the industry leader in digital asset condition documentation and management thanks to an outstanding team of employees, advisors and partners.”
Adrian Balfour, member of Alliance of Angels, added, “The Series Seed Plus financing builds on an exceptional year for Record360, which saw a rapidly growing roster of clients, key executive appointments and market momentum as they move to take a leadership role with digital solutions focused on automating the rental and asset management industry. We believe the market will continue to see a shift towards digital solutions solving unique customer problems. Record360 provides an innovative rental and asset management solution and we are excited to collaborate with and support them as they work to build a great company in an exciting category.”
Record360 offers rental and leasing companies the ability to improve customer service, decrease damage disputes and expenses, and improve product quality with their best-in-class video and photo asset condition review process. Operating across multiple industries, including vehicle rental, equipment rental and property management, Record360 provides companies with the opportunity to do away with paper forms while streamlining the condition review process and improving customer service.
