The funding will primarily be used for hiring across teams — including in software engineering, customer success and sales — SingleOps President Taylor Gould said.
“Really we’re doubling down on what we’re already doing… It’s been a great past year, obviously raising funding in a time like this. It’s been quite a challenge,” he said.
What drew Five Elms Capital to invest in their company was their growth, Gould said.
“We’ve grown revenue more than 100%… Our net retention has been well north of 100% — it’s actually 120%,” he said.
According to Gould, the green industry is a $100 billion revenue market. Because technology adoption in the space has been relatively low, it gives SingleOps an opportunity to scale, Gould said.
The company employs 30 people and has raised $8.5 million in funding, Gould said. Even amidst the pandemic, the company is hiring.
“I think we’ll end the year around 50 (employees),” he said.
Most of the clients that use SingleOps were deemed essential businesses, Gould said. The company has helped them deliver a contactless experience to prevent the spread of COVID-19.