On Oct 8, 2024
The appointment is set to accelerate the product innovation roadmap, while strengthening and investing in strategic partnerships, both of which will fuel continued growth
Recurly ®, a leading subscription management platform,  announced the appointment of Priya Lakshminarayanan as Chief Product Officer (CPO). Lakshminarayanan, who brings more than two decades of experience leading product organizations, will accelerate the company’s mission of empowering brands to stay ahead of evolving subscriber expectations. “Global brands rely on Recurly’s innovative platform and strategic partnership to help them deliver amazing subscription experiences for their customers,” said Joe Rohrlich, CEO at Recurly. “Priya’s proven track record of balancing engineering excellence while keeping the customer at the forefront will be instrumental in enabling subscription leaders to build, scale, and grow.”
Lakshminarayanan blends her strong engineering background with a deep empathy for customers, enabling her to innovate, launch and scale impactful new product initiatives. She comes to Recurly from Brex, the AI-powered spend management platform, where she was responsible for driving product-led growth and championing expansion into the Enterprise segment. Prior to Brex, she was at Meta leading the Trust and Safety efforts for Commerce and Business Messaging products across the Meta family of apps. She has also led numerous product releases from launch to scale at companies including Microsoft, EMC, and PayPal. “My passion is building innovative products and leading teams to deliver strong outcomes,” said Lakshminarayanan. “I’m excited to join Recurly at such a pivotal moment and was drawn to the customer-first approach and focus on helping merchants navigate, scale, and thrive in the subscription industry. I’m thrilled to lead the team to accelerate our delivery of innovative solutions that will enhance subscriber experiences and get our customers ahead of what’s next.”
Also announced, Jonas Flodh will step into a new role as Head of Strategic Partnerships and Corporate Development at Recurly. Flodh will focus on deepening and expanding relationships with Recurly’s partner ecosystem to deliver increasing value to merchants and their subscribers. “I’m thrilled to have Jonas leading strategic partnerships and our corporate development strategy,” said Rohrlich. “His knowledge of our industry and deep relationships with partners will be key in driving increased value for our collective partners and merchants.”
This news follows the announcement of the company’s brand evolution aligned with its subscriber-centric approach, global expansion with new offices in Austin, London, and Medellin, and the unveiling of Recurly Compass. This suite of innovative, AI-driven tools will deliver personalized, proactive insights, empowering subscription teams to swiftly identify and act on new growth opportunities. Other innovations delivered this year include revolutionary dashboards and built-in benchmarks and a  lifecycle engagement tool that drives proactive, personalized, in-app experiences to keep subscribers engaged and increase brand loyalty. Write in to  psen@itechseries.com to learn more about our exclusive editorial packages and programs.

Recurly Appoints Industry Leader Priya Lakshminarayanan as Chief Product Officer to Drive Next-Generation Subscription Platform Innovation

Brazil-based Bluesky adds another 2 million users to its social networking platform96
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   Read Online Brazil-based Bluesky adds another 2 million users to its social networking platform      Top NewsUsers skyrocket for Brazilian social networking startup: Four days after Brazil’s ban on X, Brazilian social networking startup Bluesky has added over 2 million new users. As engineers scrambled to stabilize servers amid the influx of new sign-ups, some users even experienced the occasional error message: “Not Enough Resources”. To put into perspective just how many users signed up over the weekend, app intelligence firm Appfigures reported a 10,584% increase in total downloads compared to the previous weekend, with a 1,018,952% increase in downloads from Brazil alone. If there was ever any doubt about the importance of social media in today's society, it's safe to say those doubts no longer exist. Virtual hospital startup raises Series B: While hospitals worldwide face bed shortages, one startup is looking to mitigate this problem. Doccla aims to build “virtual bed tech to help doctors remotely manage patients..” While the market is fairly crowded with players like Graphnet and Huma, investors think that Doccla can stand out among its peers, as they’ve just raised a $46 million Series B led by Lakestar. They’ve got traction in the UK and Ireland; now they’ve got their eye on the rest of Europe. Bootstrapped startup steadily growing: While it’s common for venture-backed companies to make headlines with their large funding rounds, it’s not every day that you see a bootstrapped company make the news, let alone grow steadily. Fleet, a Paris-based startup, offers companies a way to rent hardware such as laptops, phones, and tablets. They’ve since grown to include software services like device management, cybersecurity, and insurance. Currently, they work with 1,500 companies and have around 100,000 users. It goes to show that you can build a successful company without raising external capital. Canva Hikes Prices  You may have read last week that Alex is on parental leave for the next few weeks, so you’re hearing from Erika on the LAUNCH team!  Today, I bring you news from one of the unicorns on our list, Canva. The Australian design software platform (valued at $37.8 billion from its last funding round) recently announced a price increase of 300% for subscribers of Canva Teams. What was once $39.99/month for up to five users is now $40.50/user, with a minimum of three users. That’s a price increase of $480/year to $1,458/year. While they are introducing new features to the platform, many of which are AI and generative AI-enabled, it is important to note that Canva is preparing for a potential IPO in the US in 2026. Let’s hope these price increases have their intended effect (and don’t drive people away from the platform). — ErikaA message from The Washington Post: Need to stay up on all the news? The Post has great reporting on technology, business, sports — everything you need to stay informed today. Go to WashingtonPost.com/TWIST and you can subscribe for just 50 cents per week for your first year. This Week in StartupsE2000: Jason and Alex kick off the show with the origins and early days of TWiST, including notable guests and how the TWiST studio has evolved over time. Later, they feature messages from TWiST fans and cohosts before celebrating standout moments and key highlights throughout the show's history. If you’re new to the pod (or just want to take a trip down memory lane), this is a good one to watch.. E1999: Jason sat down with another round of Founder University companies as they pitched for a chance to a $25K investment. Eric Gilbert-Williams of The Public Bored, Matt Schwed of Speed AI, and Joe Tannorella of PodEngine talked about what they’ve built and their progress. If you love learning about up-and-coming startups, this one is for you. E1998: Jason and Alex kick off the show with Pavel Durov's arrest, discussing the legal implications, national security concerns, and perspectives from the French president. Other topics include global debates on encryption, privacy, the power of tech platforms, and U.S. law enforcement's approach to encrypted services and social media censorship. They wrap it up with a lightning round on G Squared's new fund and IBM's activities in China, followed by audience questions. TWiST Partner OffersSquarespace: Turn your idea into a beautiful website! Go to http://www.squarespace.com/twist for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain. LinkedIn Ads: To redeem a $100 LinkedIn ad credit and launch your first campaign, go to http://www.linkedin.com/thisweekinstartupsBrex: Runway is everything for startups. That’s why 1 in 3 startups choose Brex for modern checking, treasury, and FDIC protection in one account. Move money fast worldwide. Earn yield from your first dollar  — while accessing your funds anytime. And get up to $6M in FDIC coverage from program banks. Learn more at brex.com/twist24The TWiST500 newsletter is the new, updated, and improved TWiST Ticker.    Update your email preferences or unsubscribe  here © 2024 TWiST Ticker  548 Market Street PMB 72296San Francisco, California 94104, United States of America Powered by beehiiv Terms of Service

Brazil-based Bluesky adds another 2 million users to its social networking platform

Fleet, a modern commuter benefits management platform, announced the closing of its $2.5 million seed round led by Congruent Ventures with the participation of Great Oaks Venture Capital, Plug and Play Ventures, Rally Cap, and Virta Ventures. And Fleet also brought on a talented group of angels and advisors, including former execs at Robinhood and Brex, such as ex-COO Michael Tannenbaum. The seed funding round brings Fleet’s total venture capital to $5 million. And the seed funding round will support Fleet’s exclusive focus on enhancing and deploying its signature commuter benefits management platform, a low-cost, scalable solution for employers to attract and retain talent, comply with commute mandates, and promote sustainable transportation. The rise of hybrid schedules and return-to-office (RTO) programs brought new complexities and employee expectations to commuting. And employers are also scrambling to find solutions to comply with new mandates, requiring companies of a certain size to offer pre-tax commuter benefits programs to employees. These mandates, combined with less predictable work schedules, have made it a challenge for HR managers to implement and manage tax-advantaged commuter benefits programs using legacy solutions and for employees to take full advantage of the benefits available. Plus, commuter benefits are integral to talent attraction and employee retention, as they help employers stand out by offering comprehensive benefits packages that include health, dental, vision, and commuter benefits. Fleet’s platform makes it easier for employers to deploy, scale, and manage a commuter benefits program across an entire enterprise, seamlessly integrating into HR, accounting, and finance systems. And employees are able to view and manage their benefits without additional back-office overhead, cumbersome reimbursement, or accounts payable processes. They can also easily take advantage of incentives offered by their employers and make commutes less carbon-intensive and more rewarding. Fleet’s solutions see a 3x faster adoption rate from employees, with a 70% reduction in customer support inquiries and 50% cost savings compared to legacy systems. KEY QUOTES:
“When implemented the right way, commuter benefits programs reduce costs while supporting public transportation and its many positive social impacts. Benefits administration services that are complicated for employers to adopt and frustrating for employees to navigate have prevented these programs from reaching their full potential for too long. We’ve shown that the Fleet platform can change that, and with support from our seed investors, we’re ready to bring better commuter benefits management and great results to locations around the U.S. As we do, we’ll save companies and their employees money while reducing GHG emissions from transportation–the biggest contributor to climate change in the country today–and boost corporate sustainability.”
Shaurya Saluja, Co-Founder & CEO of Fleet
“As commuters have returned to the office and cities across the country are mandating employers offer employees pre-tax deductions for commuting spend, there is an enormous need for Fleet, an easy-to-use platform with advanced reporting and analytics that makes it easier for both employers and employees to take advantage of low carbon commuter benefits. The value proposition resonated with us so clearly that not only did we invest, we are also a Fleet user!”
Jackie Kossmann, Partner at Congruent Ventures
Pulse 2.0 focuses on business news, profiles, and deal flow coverage.

Fleet: Commuter Benefits Management Company Closes $2.5 Million (Seed)

The wealth management sector is undergoing a technological revolution, integrating advanced systems into its operations. This transformation promises cost reductions, innovative business models, and new revenue channels. Wealth and asset managers are particularly keen on exploring artificial intelligence’s potential to enhance client experiences and optimize advisor workflows. Savvy Wealth has positioned itself at the forefront of this change with its digital operating system for financial advisors. This platform leverages cloud-based infrastructure to simplify wealth management for clients while automating crucial processes such as compliance, portfolio analysis, and financial planning for advisory teams. The system offers clients a centralized hub to manage their advisor relationships and access sophisticated tracking and planning tools. It covers a wide range of services, from tax optimization to foundation and endowment management, all in one comprehensive platform. For advisors, Savvy Wealth’s platform streamlines operations by automating lead generation, customer relationship management, client services, back-office tasks, and marketing workflows. This automation allows advisors to shift their focus from time-consuming administrative duties to high-value client interactions, ultimately improving service quality and efficiency. AlleyWatch caught up with Savvy Wealth Cofounder and CEO Ritik Malhotra to learn more about the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding raised to $33.8M, and much, much more…
Who were your investors and how much did you raise? Savvy Wealth raised a total of $26.5M during its Series A funding round. Investors include Canvas Ventures, Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund and Alumni Ventures. Tell us about the product or service that Savvy Wealth offers. Savvy Wealth is a digital-first platform for financial advisors centered around modernizing human financial advice. Financial advisors who are employed by its affiliate RIA, Savvy Advisors, leverage its purpose-built, integrated technology platform to scale revenue faster and spend more time with their clients to deliver better outcomes. Savvy has unlocked the power of artificial intelligence (AI) to successfully automate tedious middle and back-office tasks, augment marketing and prospecting, and streamline traditionally manual, time-consuming processes. Over the last few years, the firm has consistently rolled out innovative solutions including its AI-powered advisor dashboard, direct indexing tool, and in-house investment management solution. What inspired the start of Savvy Wealth? Throughout my 20s, I founded and sold two startup companies (Streem, acquired by Box in 2014; Elph, acquired by Brex in 2019). Following the two successful acquisitions, I received a cash windfall and didn’t know where to start with managing my newfound wealth so I sought financial advice. This search introduced me to the wealth management industry, which I quickly grew passionate about. However, I was surprised by the outdated technology advisors were using. I noticed that most advisor tech lacked both rich client experiences and efficiency. I described the traditional wealth management model as surprisingly analog, especially considering the industry’s profitability. I realized that no one had successfully integrated cutting-edge technology with personalized financial advice, so I decided to start his own company to solve this issue, Savvy Wealth. How is Savvy Wealth different? Savvy stands out by addressing the challenge of integrating technology with human advice through a modular, open architecture approach. This strategy ensures the platform remains flexible and adaptable as the industry evolves. Savvy’s commitment to feedback and collaboration with its internal advisor team enables it to stay ahead by continuously refining its offerings. As a result, Savvy Wealth has demonstrated its ability to dramatically boost efficiency for independent advisors, reducing time spent on non-revenue-generating administrative tasks by up to 90 percent. What market does Savvy Wealth target and how big is it? Savvy Wealth, as a technology firm, focuses on supporting entrepreneurial advisors who are looking to grow and expand their practices through advanced technology solutions. It primarily recruits advisors with a pre-existing client base, providing them with an all-in-one tech platform that automates non-client facing tasks using AI and offers a wide array of financial products. The advisors they support typically manage assets ranging from $20M to $500M, are aged between 30 and 55, and are either independent or part of small teams of 2-5 advisors. This market is significant, driven by increasing wealth and complex financial needs among high-net-worth individuals, who are served by these advisors. What’s your business model? Savvy Wealth operates a unique business model focused on empowering financial advisors through advanced technology. Advisors who join the firm’s affiliate RIA, Savvy Advisors, incur no direct costs, as the firm hires them as employees under either a W2 or 1099 arrangement, depending on what’s most beneficial for both parties. This structure allows advisors to access Savvy Wealth’s proprietary technology platform and tools at no additional cost, enhancing their ability to deliver superior financial advice and service to clients. How are you preparing for a potential economic slowdown? Savvy Wealth is somewhat agnostic to market fluctuations. When markets decline, individuals are more likely to seek financial advice.. Conversely, in a rising market, Savvy’s services are naturally advantageous due to the growth in managed assets. This resilience has been a significant factor in capturing attention and interest, regardless of economic conditions. What was the funding process like? While the firm wasn’t in a formal fundraising process initially, it was introduced to Canvas Ventures, known for its successful early investments like LendingClub and FutureAdvisor, which was acquired by BlackRock. Having  Canvas as a strategic investor was crucial for Savvy, and when a funding round took shape, Savvy approached its existing investors with an opportunity to reinvest, which they gladly did. In 2022, Savvy raised $11M, which was sufficient for that phase of its growth. With the continued success and traction of its proprietary technology and national affiliate RIA Savvy Advisors, the firm decided to raise an additional $15.5M in its Series A round this year. This funding will accelerate the development of its AI-powered technology platform, enhance marketing and operational support, expand product and engineering teams, and recruit entrepreneurial advisors to Savvy Advisors. Partnering with Canvas Ventures and Rebecca Lynn, who has a strong track record with early-stage investments, has been a key factor in unlocking the next phase of Savvy’s growth. What factors about your business led your investors to write the check? Investors were drawn to Savvy Wealth for several key reasons including:
Growing Demand for Autonomy: Advisors are increasingly seeking more autonomy and moving away from large banks to independently-run practices. Savvy aligns with this trend by offering a platform that supports their transition to independence. Added Value for Advisors: By choosing Savvy over traditional wirehouses or starting their own RIA, advisors can unlock additional value. The platform provides comprehensive solutions that enhance their ability to serve clients effectively. Integrated Full-Service Offering: Advisors can deliver a full family office-style service through Savvy’s integrated platform, which offers a wide range of financial products and services. This eliminates the need to manually piece together third-party solutions, offering a more seamless and efficient experience. These factors highlight the strategic advantages of our business model and the value we provide to both advisors and their clients
What are the milestones you plan to achieve in the next six months? In the upcoming months, Savvy aims to accomplish multiple key milestones:
Achieving $1B in AUM for Savvy Advisors: This is a major growth target that reflects the firm’s rapid expansion, building on the current $700M in assets managed by over 30 financial advisors nationwide. Enhancing Proprietary Technology: Savvy is committed to further developing its technology to reduce the time advisors spend on middle and back-office tasks, enhancing client interactions and advisor efficiency. Streamlining Onboarding and Client Access: Savvy will continue to innovate its client engagement platforms, making financial planning more accessible and onboarding smoother through smart automation. This aligns with their mission to use technology to redefine wealth management, ensuring a high standard of service and deeper advisor-client relationships. These milestones represent Savvy’s ongoing dedication to leveraging technology to transform the wealth management industry. The firm aims to address the industry’s challenges by providing advisors with advanced tools, broad financial products, and comprehensive marketing support, ultimately improving client outcomes in a rapidly evolving market. What advice can you offer companies in New York that do not have a fresh injection of capital in the bank? Due to the COVID commercial real estate crunch, there are good deals to be found when trying to secure office or coworking space. Try looking into NYC companies with office space that would be willing to sublease to you on certain days so that you’re not financially tied to a large opex commitment. Further, one good part about NYC is that there is a community for every industry, with multiple events happening every week. Joining community and networking events can help get your name and presence out there, on top of building your
Where do you see the company going now over the near term? Savvy will accelerate the development of its artificial intelligence (AI)-powered technology platform, expand its product and engineering teams, and recruit entrepreneurial advisors to its national affiliate RIA,  Savvy Advisors. What’s your favorite summer destination in and around the city? Savvy does a social outing with its team at least once a month, and especially enjoys outings that only NYC can offer. The team is excited to attend the US Open in early September! You are seconds away from signing up for the hottest list in Tech! Sign up today

Savvy Wealth Raises $26.5M to Reshape Wealth Management with Cutting-Edge Tech

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Acquired

Brex is a UX/UI Consulting Group focused on delivering experiences in the digital product design sector. The company offers consulting services that enhance user experience and user interface for digital products. It was founded in 2019 and is based in Seoul, South Korea. In January 2024, Brex was acquired by Seegene.

Date	1/16/2024
Round	Acquired
Amount
Investors	Seegene
Valuation	$XXM
Revenue	0 FY undefined
Sources	2

First funding	1/16/2024
Last Funding	1/16/2024
Investor	Seegene
Rounds	1 Acquired
Board Seats
Type	Corporation
Location	South Korea

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