Raising funds just got tougher as the world grappled with the COVID-19 pandemic and its economic fallout. But that did not deter Ben Ng, founder of Anvil, from raising $5 million for his startup. Anvil helps businesses automate paperwork to free up valuable time. To the credit of the 34-year-old founder, the company managed to secure the funding from Craft Ventures and Gradient Ventures despite the tough climate in early 2021.
Anvil provides software that helps businesses streamline their paperwork by creating required documents from stored data. Its product is designed to help save time and cut costs by allowing a wide range of businesses such as proptech companies and hiring platforms to quickly send web forms and paperwork to their clients.
The five-year-old startup’s success story began when Craft Ventures heard the founder’s pitch and the company began to take off. Anvil reported a tenfold growth in users and experienced a net revenue retention rate of 190 percent year-over-year.
Due to its success, Anvil went back for a separate round of funding and raised an additional $5 million from Craft Ventures and Gradient Ventures, the venture arm of Alphabet’s Google that invests in early-stage artificial intelligence startups. Although the exact valuation of the round was not disclosed, the fact that it increased from the initial round proves investor enthusiasm in the product and its creator, Ben Ng.
As the co-founder and Chief Executive Officer of Anvil, Ben Ng has been a driving force behind the startup’s success. He started Anvil five years ago on the premise of designing software capable of putting the era of paperwork to rest. His resilience, spirit and determination have been proven time and again as the world has gone through numerous ups and downs recently.
The future is bright for Anvil as the company continues to push forward in harnessing the power of technology to help businesses save time and money. With the extra funds from the recent Series A round and Ben Ng at the helm of the enterprise, Anvil is likely to keep up its impressive growth rate.
