Rewst Raises $31 Million Series B to Extend Leadership in MSP Automation Market

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Jan 09, 2024, 08:47 ET

TAMPA, Fla., Jan. 9, 2024 /PRNewswire/ -- Rewst, a purpose-built automation platform for Managed Service Providers (MSPs), today announced a $31 million Series B led by Meritech Capital, joining existing investors OpenView, TDF Ventures, and Florida Funders. The funding will help accelerate Rewst's growth and the value delivered to MSPs through the expansion of its product, customer success, education, and Robotic Operations Center (ROC) teams.

Despite having hundreds of repetitive processes ripe for automation, MSPs have been vastly underserved by traditional Robotic Process Automation (RPA) vendors. That's because generic RPA tools are typically too expensive and resource intensive for MSPs. They also lack the multi-tenancy and native integrations unique to MSPs' IT environments.

Founded in 2020, Rewst set out to solve these challenges by building the first purpose-built automation platform for MSPs. With 45 out-of-the-box integrations to popular products like Acronis, ConnectWise, Datto, Duo, Huntress, ITGlue, Kaseya, Microsoft, OpenAI, Pax8, and SentinelOne, Rewst's vendor-agnostic approach allows MSPs to connect their entire tech stack. Users can then automate end-to-end processes by installing pre-built automations or visually designing their own workflows and forms. Common use cases include user onboarding/offboarding, billing reconciliation, adding/removing group membership, MFA alerting, just-in-time admin access, ticket categorization and prioritization, and more.

"At this point, we're averaging about 75 to 80 hours of time savings per week with Rewst," said Dustin Lepi, Automation Engineer at Network IT Easy. "That's 300+ hours saved per month, allowing us to focus on the tickets that need human intervention rather than wading through the endless noise from automated alerts."

"Since serving the MSP market, they've become my favorite market," said Aharon Chernin, Rewst's CEO and founder. "They know what they need, and they'll tell you if you ask! Automation is at the top of the list right now. From the beginning, we've focused on building not just the best platform for MSPs but a community where users learn from, and support, one another. With this funding, we will continue building out our ROC, training, and product, adding dozens of new integrations and enhancing the workflow-building experience. Rewst will be around for a long time to come, helping MSPs to succeed with automation."

Less than two years since its birth, Rewst has emerged as the de-facto leader in the MSP automation market. The company has more than 700 MSPs, with a strong base in North America and a growing foothold in the EU and APAC. In a recent 30-day period, MSPs used Rewst to execute more than 46 million workflows, with self-reported time savings exceeding 251,000 hours. This figure includes manual effort freed up by automation, and high-hanging fruit that was previously ignored because the return was too low to do these tasks manually. In addition to time savings, MSPs benefit from consistent service delivery, reduced technician burnout, and enhanced customer satisfaction.

"We're excited to partner with Aharon and the entire Rewst team," said Alex Clayton, General Partner at Meritech Capital. "The tailwinds behind Rewst in the MSP space are massive; the technology surface area is growing, and MSPs are forced to do more with less. Automation is the key to unlocking efficiency, happy customers, and increased bottom lines. We spoke to many Rewst customers, both large and small, and the feedback was resoundingly positive. Rewst's platform has become a no-brainer purchase for MSPs, and their pace of product development is unlike anything in the market today. This has created a vibrant community around the company. Additionally, we get excited about founders who are uniquely positioned to win a market, and Aharon represents that perfectly as someone who has seen this problem firsthand in the MSP space."

Rewst has executed on a number of initiatives in 2023 to shorten time to value and empower MSPs to be successful with automation, including:

Crate Marketplace – Rewst released 50 pre-built automations, more than doubling its Crate Marketplace. Crates serve as ready-to-use templates, helping MSPs unlock immediate value.
Cluck University – Rewst continued to build out its Cluck U training to help MSPs master the art of automation through live group sessions, self-serve videos, step-by-step guides, and more.
Robotic Operations Center (ROC) – Rewst's in-house automation experts assist customers in overcoming any hurdles during the automation process, while building and maintaining Crates.
RoboRewsty – The OpenAI-powered RoboRewsty is embedded in the platform to simplify the automation-building process, starting with automatic workflow documentation.
App Platform – App Platform allows MSPs to visually design branded front-ends, or apps, for employees and customers to interact with Rewst workflows and forms.

The Series B round brings Rewst's total funding to $59 million.

Additional Resources:

eBook: 10 Common Automation Use Cases for MSPs
Success Story: Network IT Easy saves 300+ hours per month with automation
Success Story: How Tech Rage IT Saved $60k A Year Automating New User Onboarding

About Rewst

Founded in 2020 and based in Tampa, FL, Rewst specializes in providing a purpose-built automation platform for Managed Service Providers. With a leadership team that has a proven track record of understanding and anticipating the needs of their customers, Rewst is well-positioned to drive the next evolution of RPA and empower MSPs to improve operational efficiency, service delivery, and customer satisfaction. Visit Rewst at https://rewst.io/ and follow the company on LinkedIn and YouTube.

About Meritech Capital

Meritech is a leading provider of late-stage venture capital to category-defining private technology companies and has been one of the top-performing venture firms of the past two-plus decades. The firm was founded in 1999 and cumulatively manages over $4 billion in total capital. Representative investments include Auth0, Anaplan, Braze, Carta, Coupa, Datadog, Facebook, Flock Safety, Looker, MuleSoft, NetSuite, Roblox, Salesforce, Segment, Snowflake, Tableau, and UiPath. The firm is headquartered in Palo Alto, CA, and can be found at www.meritechcapital.com.

Media Contact:
Ed Hadley, SVP Marketing
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413-822-4499

SOURCE Rewst