The company aims to deploy the funds in product development and accelerating sales in Europe and North American regions
Reo.Dev, a revenue intelligence firm for developer-focused Go-To Market (GTM) Strategy, has raised $1.2 million in pre-seed funding, led by India Quotient, an early-stage venture capital firm. Other venture capitalists (VC) including Good Capital and Foster Ventures also participated in the round.
Angel investors such as Adam Frankl, the former-VP marketing at JFrog and Sourcegraph, Savin Goyal, the co-founder and chief technology officer of Outerbounds, and Shraddha Gupta, head of business operations at Hasura also participated in the round.
After this fundraise, co-founders Achintya Gupta, Gaurav Jain and Piyush Agarwal now hold around 70 per cent stake in the company while the rest is owned by the investors and reserved for ESOPs, Gupta, who is also the CEO of Reo.Dev, told Outlook Start-Up.
He further stated that despite India being an emerging market, the current market share of the revenue intelligence sector and developer focused go-to-market is just 5 per cent, hence they are primarily working with a global customer base, which includes companies such as Lightbend, a platform for building low latency, Unleash, an Open Source feature flag management platform and Outerbounds, a full stack builder for ML and AI.
The company’s major focus is on accelerating sales in the regions of Europe and North America, by the end of FY 2024. It aims to do so by scaling the GTM business team globally along with spending on enhancing their R&D and product development.
“If you look at the infrastructure software as an industry, most of the companies are global in nature, and most of the market is not primarily based out of India. So, we decided to be global from day one. The customer can be any one. We proudly build from India for everyone,” Achintya said on the company’s foreign clientele.
The company was founded in 2023 and currently has a headcount of 15 members. Its parent headquarters is based out of Bengaluru, while they have a child entity based out of California in the United States.