A freshly announced strategic growth investment is expected to boost RFP360’s sales, marketing and product development, as well as paving the way for added leadership at the Kansas City-based tech startup.
Financial details of the deal with Five Elms Capital were not disclosed, but the move comes in conjunction with the arrival of former Perceptive Software executive David Lintz at RFP360, a cloud-based RFP software provider previously known as RFP365.
Click here for more about RFP360’s recent rebranding.
“The investment from Five Elms will allow us to develop innovative new technologies to help organizations overcome long-standing challenges,” said Lintz, now RFP360 CEO. “I’m looking forward to working closely with [founders David Hulsen and Stuart Ludlow], and the rest of the RFP360 team as we continue to support our valuable customers.”
The infusion from Five Elms Capital reflects the investor’s commitment to fast-growing B2B software businesses that users love, the company said in a press release. RFP360 made headlines in 2018 for partnering with such firms as Lockton Companies to deliver streamlined RFPs, requests for information (RFIs), requests for quotations (RFQs), due diligence questionnaires (DDQs), and more to support strategic procurement and bidding processes.
“The RFP process is undergoing a desperately needed digital transformation,” said Hulsen, RFP360 co-founder and COO. “We take pride in offering solutions that address real needs for a large number of organizations.”
Co-founder Ludlow continues to serve as CTO.
Five Elms sees those solutions as disruptive to a market that’s traditionally relied on outdated processes, said Thomas Kershisnik, managing director at the leading growth equity firm.
“RFP360 changes the way companies think about what has historically been a painful process by providing a unique solution that creates a competitive advantage for their customers,” he said. “Their offerings, company culture, and leadership set the stage for continued growth, and we’re very excited to partner with them as they make that journey.”
Offering the only full-circle RFP management solution designed for issuers and responders, RFP360 was selected as one of Startland’s Kansas City Startups to Watch in 2018.