Carats & Cake, a New York-based provider of a financial operating system for the events industry, raised $10.6M in Series A funding.
The round was led by 1Sharpe Ventures, with participation from Founders Fund, Acrew Capital, Moore Specialty Credit, Correlation Ventures, GMO VenturePartners, Argosy Capital, and SilverCircle. Gregor Watson, co-founder of 1Sharpe Ventures will also be joining Carats & Cake’s board of directors.
The company intends to use the funds to expand operations across product, engineering, and sales as it brings to market the end-to-end revenue optimization software needed by venues and property management firms.
Led by CEO Jess Conroy, Carats & Cake delivers a revenue optimization platform for venues and property groups, which features a full suite of purpose-built marketing, sales, and customer conversion (contracting, invoicing, and payments) solutions. The company’s solutions connect the customer journey from venue discovery to actually paying for an event and complement CRM and POS solutions already in use on the hotel booking side of the business, which are commonly run entirely separately.
This brings the company’s total equity raised to $19.9m with an additional debt facility of $10m.