Overview
Gravy Solutions is a prominent leader in customer retention and failed payment recovery services, catering primarily to businesses with recurring revenue models. Renowned for its relational and personalized approach, the company combines human interaction with advanced technology to effectively recover customers lost to involuntary churn. Gravy Solutions has successfully reclaimed over $1 billion in failed payments, demonstrating its significant impact and presence in the industry.
Company Highlights
- Founded: 2017
- Headquarters: Atlanta, GA
- CEO and Co-Founder: Casey Graham
- CPO and Co-Founder: Renee Weber
- Notable Achievement: Exceeded $1 million in monthly recurring revenue (MRR)
- Clients: Over 300, ranging from small businesses to companies with annual revenues up to $100 million
Core Services
Gravy Solutions excels in merging technology and a human workforce to address failed payment recovery. Unlike conventional dunning software platforms that depend solely on automation, Gravy employs U.S.-based retention specialists who engage with customers using empathetic communication strategies. This innovative approach has resulted in a customer retention success rate exceeding 50%, significantly outperforming the industry average.
Financial Performance and Funding
Gravy Solutions has attracted substantial investment to propel its growth and service enhancement:
- Total Funding: Approximately $7.09 million across several rounds.
- Recent Funding Round: Secured $4.5 million in Series A funding.
- Notable Investors: Arlington Family Partners, Recurring Capital Partners.
These financial backings have enabled Gravy to expand its leadership team, reinforce its workforce, and improve its strategic market approaches.
Leadership Team
Gravy Solutions boasts a leadership team with rich industry insight and successful track records:
- Casey Graham: CEO and Co-Founder, instrumental in guiding Gravy's strategic vision and operational expansion.
- Renee Weber: CPO and Co-Founder, advocates for a diverse and inclusive workforce, particularly supporting military families.
Key New Executives
- Josh Angel (VP of Sales and Revenue): Brings over a decade of sales leadership experience from Siemens Corp.
- John Cozad (SVP of Operations): Experienced in launching and scaling operations in the Americas, notably with Deputy.
- Josh Rhodes (VP of Growth): Previously led successful ventures including The Rocket Company.
Market Impact and Strategy
Gravy Solutions targets various industries, prominently:
- Course Creators
- Subscription Boxes
- SaaS Platforms
- Nonprofits
The company differentiates itself by utilizing Slack, direct integration with payment processors like Stripe and Braintree, and personalized customer engagement. This model facilitates seamless integration into client operations, positioning Gravy as an essential extension of its clients' workforce.
Competitive Landscape
Gravy operates amidst significant competitors who offer diverse financial management solutions:
- Chargebee: Specializes in subscription billing and customer retention.
- Stripe: Provides extensive payment processing and financial services.
- Chargify: Simplifies operations through recurring billing software.
- QuickBooks Online and FreshBooks: Offer robust accounting and financial management tools.
These competitors provide various solutions that range from payment processing to financial management.
Future Prospects
Gravy Solutions is set on expanding its workforce and diversifying its service range to potentially include customer service and success management. The company aims to solidify its role as a comprehensive solution provider in the subscription economy, with a focus on empathetic and effective customer retention strategies.
Online Presence
Gravy Solutions maintains a strong online presence with resources such as:
- Official Website: [gravysolutions.io](https://www.gravysolutions.io/)
The company offers a free revenue recovery audit, a strategic move to showcase its value directly to prospective clients and build enduring partnerships.
