Weave

Weave is a cloud-based CRM platform focused on facilitating customer communication and engagement for SMEs. Founded in 2011, Weave initially offered integrated phone, email, and texting solutions for dental practices. Since then, Weave has expanded its service to other industries by adding new capabilities to facilitate appointment scheduling, client review management, email marketing, payments, forms, multi-location functionality, and analytics to the platform. 

With every paid subscription, the company also provides several free phones, which are connected to the Weave platform. For users who opt out of the additional paid subscription associated with the free phones, Weave offers a “software-only” service package. The company’s product offering also includes tools to support team collaboration, receive customer insights based on past interactions, and web assistant services.The firm has broadened its product offerings across industries including an insurance verification solution for the healthcare services industry, a bulk texting feature for sending personalized messages, and an online payment suite. The firm also launched a number of AI-powered solutions including Response Assistant (July 2023), which can draft responses to patient reviews, and Email Assistant (August 2023), an email marketing automation solution for healthcare providers 

Key customers and partnerships

As of November 2021, Weave had over 130,000 users across industries such as healthcare, home services, and professional services.

The firm has entered into a number of partnerships to broaden its product offerings in healthcare services which is a core area of focus. This includes a partnership with Sunbit to launch a  buy now pay later (BNPL) solution , OD Link to  expand its solutions for vision care professionals , Patterson Veterinary and  other providers of veterinary practice management systems to expand its solutions for Veterinary services , and Dolphin cloud, to enhance its solutions for dental practices . 

In March 2023, the firm deepened its multi-year partnership with Stripe the payment infrastructure platform to integrate Strip Central, an embedded finance option to Weave’s platform.

Funding and financials

In November 2021, the company raised ~USD 120 million in IPO funding, with a valuation of ~USD 1.3 billion. The company plans to use the funding for working capital and other general corporate purposes, which may include sales and marketing activities, research and development, general and administrative activities, and capital expenditure. 

For the full year 2022 (FY2022) , Weave reported a Non-GAAP net loss per share of USD 0.48 and revenue of USD 142.1 million ( 23% YoY growth). For the full-year 2023E the firm expects to achieve a revenue between SD 156 million and USD 160 million while it expects its non-GAAP loss from operations to be between USD 17.3 million–USD 21.3 million.