Digital commerce and collaboration platform startup Reach Digital Inc. today said it has raised $7 million in new funding to accelerate the adoption of its virtual workplace platform.
Grayhawk Capital and Pritzker Group led the Series A round, with NFX also participating. Including the new funding, Reach has raised $13 million to date.
Founded in 2015, Reach offers a customer engagement platform that allows companies to conduct transactional meetings online with clients, eliminating the need for a physical encounter. The company pitches itself as empowering businesses with document collaboration, e-signature, videoconferencing, identity verification and payments, all in a single platform.
The company argues that the move to remote work during the pandemic has been a big catalyst for digital transformation, fundamentally changing how companies across industries conduct business. Most companies today have to adopt multiple technology solutions, leading to integration issues, higher costs and unneeded complexity and fatigue with customers.
Reach says it solves these challenges by providing companies with a comprehensive suite of tools – everything they need to communicate, close deals and provide support to customers in the moment. Customers can quickly and securely fill out forms, sign documents, confirm their identity and complete transactions while having a live audio or video chat with the agent or customer representative.
All transactions have a complete audit trail and recordings for security and compliance, making conducting business easier for agents and customers.
Reach says its virtual workplace platform is customizable and integrates into any company’s existing workflows and systems. The solution integrates into businesses via an open application programming interface or through integrations into business systems such as Salesforce and Microsoft Dynamics.
Reach, which has a variety of customers across financial services, insurance, mortgage and automotive industries, says it has seen an increase in revenue of eight times since January 2020, though it didn’t reveal absolute numbers. Notable clients include American Express Co., Daimler AG, British American Tobacco plc, NSM Insurance Group LLC and SCSK Corp.
“Businesses today are under increasing pressure to streamline customer engagement and sales,” Yair Ravid, chief executive officer of Reach, said in a statement. “Reach’s platform empowers businesses to handle every aspect of customer sales process securely and in real-time – without the friction, cost or complexity that’s created by using multiple solutions.”