I’m happy to announce we just raised $3.4 million at a $25 million post-money valuation!
This year, a slowdown in funding for startups forced many to take a closer look at their spending and cut costs to extend their runway. One area to come under scrutiny was marketing spend, or the amount of money a marketing department spends on channels such as content marketing, paid advertising, and social media.
Our investors, because they have portfolio companies that were going through that, told us they knew that a solution that looked like ours was going to be very important.
Data Tech Fund and Vibe Capital participated in the new round, as did the industry experts Jonah Goodhart, a cofounder of the adtech company Moat, and Adam Grenier, a former marketing leader at Uber and MasterClass.
The idea for Recast came from a personal pain point. Before Recast, I worked as director of analytics at the men’s grooming brand Harry’s, and my cofounder, Thomas Vladeck, ran a marketing-research firm he founded. We wanted to automate how companies measured marketing and save data scientists hours of analytics.
We started tinkering with the software four years ago and testing it at other companies. In October, we raised $1.1 million in a pre-seed round from Good Friends, a venture firm started by the founders of Warby Parker, Harry’s, and Allbirds.
Today, marketing leaders at those buzzy consumer companies use our software to track the flow of marketing dollars into various media, with the goal of doubling down on what works. It also helps them plan for the next spending cycle. Clients can use a budgeting tool to simulate what would happen if they spent more or less money on different channels.
Recast employs 13 people, and our new funding will allow us to hire much-needed software engineers and data scientists. If you’re interested, check out open roles here.
Read the full story and see the pitch deck at Business Insider (paywall)