New funding will help expand operations to meet demand
RFPIO, an innovative provider of cloud-based RFP automation software, announced that it has closed a $1.5 million funding round to expand operations and product development. Portland-based VC firm, Elevate Capital, awarded funding to RFPIO through investments in its first cohort of minority entrepreneur-led startups, including the Elevate Inclusive Fund and Elevate Capital Fund. TiE Oregon and other local private investors also participated in this round of funding.
“Understanding the pain of RFP response firsthand, we founded RFPIO after recognizing an opportunity to improve the RFP process,” said Ganesh Shankar, co-founder and CEO at RFPIO. “Customers have already reaped the benefits with our automated, efficient, easy to use tool – saving 30-40 percent of their time on work that was previously done manually. Our incredibly talented team has made this possible, and I’m looking forward to what’s next for the company as we take this huge step forward together.”
In the past year, the company has expanded the number of employees at its Beaverton headquarters and office in Coimbatore, India, and plans to continue investing in global growth due to increasing market demand.
“RFPIO is one of the most promising companies tackling sales tech challenges today,” said Nitin Rai, managing director at Elevate Capital. “In the past year, Ganesh and his talented team have positioned the company for rapid growth. We are pleased to deepen our partnership and further support RFPIO’s efforts to automate and improve the sales support process through RFPs and security questionnaires.”
“It’s an exciting time for the Portland tech start-up community, and RFPIO is one of the top companies making an impact,” said Raghu Raghavan, RFPIO advisor, and founder and board member at Act-On Software. “RFPIO has tackled a real challenge in the proposal management process, making a previously manual, time-consuming project a seamless and automated one.”
“Our relationship with RFPIO extends far beyond the product and technology,” said Dan Fox, director of information security at Smarsh. “The RFPIO team is committed to our success, and the platform is simple to use while improving the RFP response process for us. Leveraging the centralized content repository with RFP answer recommendations saves our team a significant amount of time on RFP projects.”
Founded in 2015 by Ganesh Shankar, A.J. Sunder and Sankar Lagudu, RFPIO streamlines the request for proposal process, saving businesses valuable time and resources, a lasting benefit that makes a positive impact on revenue. The team brings decades of experience together from software development, information security and RFP management. RFPIO has shown early success with the Fortune 1000 and other successful mid-market organizations including Compli, Greenspring, REAN Cloud, Smarsh and Zapproved.
This funding announcement was featured in:
Portland Business Journal
Wall Street Journal