Subscription-Payment Recovery Firm Gravy Raises $4.5M
Subscription-based payment recovery start-up Gravy has raised $4.5 million in Series A funding in its most recent funding round and the first including institutional investors. The funding round was led by Arlington Family Partners, based in Birmingham and one of a handful of family offices headquartered in the southeast. Arlington Family Partners also manages the proceeds from the acquisition of an earlier business, The Rocket Company, involving Gravy co-founder and CEO Casey Graham and co-founder and Chief of Staff Renee Weber. Gravy provides technological and human expertise to reduce “involuntary churn,” or the unintentional discontinuation of a subscription service due to the failure of the associated payment method. Most subscription businesses will send an automated email to inform the user that their payment method has failed, or use another method of automatic communication, like a cell phone notification or a text message to the cell phone number associated with the account.