Florida-based Rewst, that provides a purpose-built automation platform for managed service providers (MSPs), has secured a further US$45 million in capital, through a fund raiser led by Sapphire Ventures with participation from existing investors Meritech Capital and OpenView.
This latest round brings the total funding raised by Rewst in the last 12 months to US$76 million, and its overall capital to US$104 million.
Rewst plans to use the new funds to accelerate innovation for its market-leading Robotic Process Automation (RPA) platform and invest in community, education, and support initiatives to help MSPs maximise the value of automation in their businesses.
Rewst has experienced significant growth in the first half of 2024, with annual recurring revenue (ARR) increasing by 182 per cent year-over-year and customer numbers rising by 204 per cent.
The company now serves over 900 MSPs, primarily in North America but with growing presence in the European Union and Asia Pacific regions.
In Australia, Rewst partnered with Synnex in July this year, and became available in the Pax8 Marketplace in 2023.
Aharon Chernin, Rewst's founder and chief executive, noted that good growth rates notwithstanding, the MSP market is so large that the company is still in early adopter phase.
"These early adopters are using automation as a competitive edge against their peers," Chernin said.
Rewst's platform allows MSPs to connect their tools and automate end-to-end processes using pre-built Crates automations or custom workflows.
The company has continually innovated its platform, introducing features such as Dynamic Forms, RoboRewsty (which utilises OpenAI), Custom Integrations, and Version Control.
A low-code App Platform 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 has also been developed by Rewst.
It can be used to build client self-service portals, cross-platform analytics, project management, onboarding flows, and more.
Rewst's automation platform aims to address issues faced by SMBs and MSPs around talent retention and increased competition, by ramping up productivity and improving the bottom line.
As part of its growth strategy, Rewst has focused on building a strong user community, with 92 per cent of customers participating in its Discord server.
The company recently hosted its first FLOW conference, establishing it as a vendor-agnostic automation event for MSPs.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
