As mergers and acquisitions continue to dominate the channel, Syosset, New York-based software vendor Crushbank is cashing in. By capturing more MSPs, as some of Crushbank’s partners are acquiring other partners, more and more customers are using Crushbank to leverage data.
On top of that, Crushbank is set to grow after receiving $5.5 million in Series A funding this summer to put towards sales, marketing and development.
“We have a pretty aggressive timeline to the output,” Brian Mullaney, chief revenue officer for Crushbank, told CRN. “We spent a fair bit on dev as it stands, and we always have. So this let’s keep doing that and then do a few things that we think are interesting.”
The funding was backed by ConnectWise Co-founder David Bellini, a prior investor, and Arthur Ventures.
CrushBank’s AI and ML-powered platform, CrushBank Resolve, increases the productivity of IT support with a list of recommended solutions when techs first open a customer’s trouble ticket.
Mullaney said Crushbank maintains the application along with about 14 integrations the platform has. They also work to extend integrations.
“The most important piece is continuing to drive new features into the platform at a higher pace,” he said. “It’s a strategic goal of driving Crushbank to our customers a little bit more, and that‘s fast coming. This gives us the ability to do that at a greater pace. We’re going to make it so that you can essentially unlock the Crushbank intelligence to your customer where they put a ticket in.”
CRN spoke with Mullaney about how the funding will help capture more MSPs and how Crushbank Resolve is essential to partners in a red hot M&A market.
What will Crushbank do with the $5.5 million?
We cashed a couple people out, for whatever that’s worth. So about 10 percent of it went to a couple early investors. The net of it was $5 million. So we aggressively ran the business over the last six months, founder funded, with the intention of executing on this round. Really what we’re doing is continuing that burn rate. We‘re adding a little bit to development cycles and we are getting more aggressive or visible from a marketing and sales perspective. So what that means in practice is we are going to do more shows, one or two shows in October and two in November. I want to say last year we probably went to three shows total, which is a byproduct of coming off of COVID and limited resources. This year we’ll probably do eight to 10 and keep that cadence up. A part of it is just getting our message out there and being in front of people more consistently.
The marketing has been run by me personally or a collaborative outsource shop, so we‘ve got a couple offers out to people now to professionalize that process internally both from a full-time role and an outsourced partner. So we’ll put a lot more into marketing both from shows and from actual professional processes and the like. Then we‘ll expand the sales team as well. We’ve got three people working on it right now and the expectation is that that‘ll be doubled by the end of the year.
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CJ Fairfield is an associate editor at CRN covering solution providers, MSPs and distributors. Prior to joining CRN, she worked at daily newspapers, including The Press of Atlantic City in New Jersey and The Frederick News-Post in Maryland. She can be reached at [email protected].
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