RightRev, a Santa Clara, CA-based provider of cloud-based finance and accounting solutions for Revenue Recognition Automation, raised $12M in funding.
The round, which brought the total amount to $17.6M, was led by Norwest Venture Partners and Salesforce Ventures with participation from Correlation Ventures and IDEA Fund Partners.
The company intends to use the funds to accelerate its growth and expand its revenue accounting offerings. RightRev plans to invest in product innovation, including integrating with Billing solutions and ERPs.
Founded in 2020 and led by CEO Jagan Reddy, RightRev provides an app, embedded within the Salesforce platform, enabling Advance Revenue Recognition software that complements Salesforce’s integrated CRM, CPQ, Subscriptions, Orders, Billings, and Cash Collection. Furthermore, its system-agnostic, standalone solution can ingest data from any upstream Quoting and Order Management source to run revenue recognition and create and send Journal Entries into a general ledger.