Beynd scores $2m seed round
Beynd, a Utah start-up, announced a $2 million seed round in order to help provide a more automated onboarding workflow, according to Tech Crunch.
The round was led by Peak Ventures with participation from Prelude Ventures. CEO and founder Peter Ord notes that the company has had the product for just 10 months, but already boasts 121 paying customers with 6,800 users on the platform.
The customer starts by creating an onboarding workflow template. Each client has its own unique requirements. The first interactions are by email (or communication channel of choice) giving instructions on how to proceed. If the customer gets stuck, there is a button to email the project manager that there is a problem.
The solution includes tools for projected launch dates, so that customers can understand when a product will be ready (or service completed). It also includes an analytics tool, so that customers can understand which processes are most likely to stall.
The company actually uses its own software to onboard its customers. “We’re extremely efficient in the way we onboard our customers because they get an immediate sense of how they use the tool through us using our tool to onboard them,” Ord explains.
The company had bootstrapped the business to this point. He says that his goal is to continue to run it as a real business, but the funding will help him expand his vision and improve the experience. He just doesn’t want to get too caught up in the funding culture. “There’s an interesting culture in the VC space where it’s all about raising as much as you can, as fast as you can, and I actually have kind of the opposite opinion.”
For now, he has $2 million to try to scale the business further.