December 06, 2018

Weave Picks Up $37.5M As The Utah Scene Stays Hot

Morning Markets: Here’s the latest from the still-hot Utah tech scene. It’s having a big 2018.

Weave, a company that sells software to medical verticals that helps handle customer work, announced Thursday that it raised $37.5 million in a Series C funding round led by Lead Edge Capital.

The Utah-based technology startup had raised $37.6 million previously, according to Crunchbase data, making this round an effective doubling of its life-to-date capital base. Prior investors include Crosslink Capital and Catalyst Investors.

The round itself is almost what I would call a standard, 2018-era Series C, but the company is interesting for a few reasons.

First, it disclosed that its revenue growth is accelerating. In 2017, Weave’s “growth rate,” according to itself, was 55 percent. That expanded to 100 percent in 2018, and the company told Crunchbase News in an email that it expects to double its headcount next year. Read rest here.