Boston-based company SaaSWorks, which delivers operational solutions for scaling SaaS businesses, recently received a $5 million investment led by Conversion Venture Capital along with prominent SaaS CEOs, CFOs and executives.
“It’s been humbling to see the type of support we’ve had from our initial customers, team and investors,” says Co-Founder Vipul Shah. “Based on what we learned from operating, investing in, and advising numerous scaling SaaS companies over the past several years, Jim and I identified a common theme around the need for operational solutions to deliver customer outcomes.”
SaaSWorks was founded by Jim O’Neill and Vipul Shah in 2019 with a mission to provide customer success and revenue operations (RevOps) solutions for scaling subscription businesses.
“What is unique about the SaaSWorks approach is that it’s truly a service-led, product-enabled company that delivers results for our customers.” O’Neill says. “We are excited to be building the next-generation team of data-driven SaaS experts and software developers, leveraging the most contemporary technology and tools.”
Both Shah and O’Neill have over 20 years of experience as software entrepreneurs, operators and investors.
Prior to founding SaaSWorks, O’Neill was a founding team member of HubSpot and helped the company grow from 5 employees to over 1,500 and from 10 customers to over 25,000. He was named CIO of the Year by the Boston Business Journal in 2015 and sits on the Worcester Polytechnic Institute Dean’s Council of Strategic Advisors. Prior to HubSpot, O’Neill worked with Shah to scale Pyramid Digital Solutions, an enterprise software company.
Shah, a software developer and co-founder of Pyramid, successfully scaled and sold the business to SunGard Data Systems, a publicly traded company on the NASDAQ. Subsequently, Shah spent over 10 years investing in high-growth companies while working for investment firms, including Goldman Sachs Private Equity.
“Our long-term capital commitment reflects our confidence in Jim and Vipul’s ability to create a platform that adds real value that’s long-lasting,” says Conversion Venture Capital Founding Partner Shakeel Rangrez. “Jim and Vipul have a tremendous record of success at multiple platforms, and as a result, the approach and perspective they’re going to take regarding this investment aligns well with our values.”
Conversion Venture Capital focuses on partnering with founders, entrepreneurs and management teams who value flexible capital. They back platforms and continue to provide support as those platforms scale, as opposed to providing companies with individual rounds of funding.
Their initial investment in SaaSWorks will further enable the company to attract the best and brightest minds in the greater Boston area and deliver solutions that will change the way SaaS businesses scale.
SaaSWorks is a revenue operations and customer success solution for scaling subscription businesses.
Through integrations and data enrichment, SaaSWorks provides insights and analyses that help their clients identify opportunities for improving net revenue retention. Instead of requiring customers to get results on their own, SaaSWorks takes a hands-on approach to deliver value.
About Conversion Venture Capital
Conversion Venture Capital (CVC) is focused on control and growth investments in quality mid-market businesses that would benefit from a long term investment perspective.
They invest their own capital and, unlike traditional private equity firms, do not operate as a fund. As a result, they have greater flexibility with regard to structuring and investment time horizons.