Israeli fintech company REACH, formerly Seegnature, has completed a $3.5 million A financing round led by US venture capi...
In the post-COVID-19 world, business is increasingly done online. Most meetings happen over video calls, and documents are collaborated on and signed online. However, there’s no single application that offers a solution for all of these needs.
Companies often use a dozen or more separate apps to simply conduct day-to-day business.
Comprehensive online business solution
REACH is an all-in-one online business collaboration platform. It offers:
Audit trail for compliance
Extensive APIs + support
REACH combines all these capabilities in a single platform for a reasonable price. With REACH, users can meet customers via video conferencing, help them fill out documents/forms, close contracts in real time, all while staying compliant with ID verification, digital audit trail, and recording.
All-in-one online business platform
REACH is a SaaS (Software-as-a-Service) product There’s nothing to download. REACH runs in the client's web browser, and is mobile-friendly.
REACH allows companies to streamline business workflows, document processes, and transactions with their clients on any device. Current use cases include wealth management, insurance, and customer service. REACH delivers results through its modular platform, which includes e-signatures, document collaboration, audio/video conferencing, identity verification, co-browsing, form building, and a signed document vault.
Extensive APIs allow customers to integrate REACH with their current software. API-based integration has become a critical part of building business tools, and REACH has built-in robust API capability from the beginning.
Impressive early traction
REACH is an early-stage company, but has already attracted notable customers, including Porsche, Daimler, American Express, SCSK, and British American Tobacco. All growth so far has been “organic,” meaning the company has not yet spent anything on advertising.
The REACH platform was initially released in the Summer of 2019, and has seen impressive growth since.
Compounded MRR growth rate: 16.05%
6x ARR growth from 2019 to 2020
Average customer value: $45,000
Sales cycle: 2.8 months
Gross margin: 89%
CAC payback period: 5.61 months (CAC = customer acquisition cost)
Notable customer list
REACH’s product is live, and used by notable clients, including American Express, Daimler, ATRADE, British American Tobacco, NSM Insurance Group, and Porsche.
Here are some of the ways in which REACH customers are using its product today, and the results they’ve seen.
B2B SaaS + Distributors
REACH is a SaaS (Software-as-a-Service) company. It currently offers a 14-day free-trial to attract new customers, and its basic package starts at $40/user/month. Enterprise deals are priced individually.
REACH is expanding its internal sales team, and working with distributors such as SCSK in Japan, a deal which the company expects to generate $19 million over the next 3 years. Here is an excerpt from a press release about the partnership with SCSK, a large Japanese system integrator with $3.6 billion in yearly revenue.
REACH sees numerous ways to expand product offerings going forward, and create upsell opportunities for advanced features and integrations.
REACH’s approach is unique
REACH’s competitors include some of the largest software companies in the world. However, each of these only offers a partial solution for conducting business online. REACH has built a comprehensive, all-in-one product that can be integrated with more clients' specialized tools.
Here is how REACH sees its position among competitors.
And here is a competitive landscape visualization showing how REACH’s offering stacks up against legacy providers.
REACH aims to become the #1 platform for conducting and closing business remotely. They have built a comprehensive suite of tools rivaling some of the largest tech companies in the world.
Their mission is to provide customers with all the tools they need to communicate, close deals, provide support, while documenting everything with an audit trail for compliance purposes. REACH aims to be the leading enterprise-grade solution for conducting serious business online.
Risks of early stage investment. Not an offer to buy or sell securities. This is a long-term speculative illiquid investment. Investment is not FDIC or SIPC insured.
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