A Brief History of Weave Communications, Inc. (WEAV)
Foundation and Early Years
Weave Communications, Inc. was founded in 2011 by Brandon Proctor, Jared P. Smith, and Jason D. Barlow in Lehi, Utah. The company was established to enhance communications for small and medium-sized businesses through integrated solutions that combine voice, text, and scheduling functionalities.
Growth and Funding
In 2017, Weave secured a Series B funding round led by Crosslink Capital, raising approximately $10 million. By 2018, the company had raised a total of $27 million in funding over four rounds.
| Year | Funding Round | Amount Raised | Lead Investor |
|---|---|---|---|
| 2016 | Seed Round | $4 million | Peak Ventures |
| 2017 | Series A | $13 million | Creandum |
| 2018 | Series B | $10 million | Crosslink Capital |
| 2020 | Series C | $30 million | Insight Partners |
Product Development and Innovation
Weave has developed a suite of tools directly targeting the needs of service-oriented businesses. By 2020, the company introduced a new customer communication platform aimed at enhancing customer experience with features like two-way messaging and appointment reminders. In 2021, Weave expanded its services to include video conferencing capabilities as remote work became more prevalent.
Acquisitions
In 2022, Weave acquired Fundamental Health, a company specializing in patient engagement solutions, for an undisclosed amount. This strategic move aimed to enhance its offerings in the healthcare sector.
Financial Performance
As of the end of 2022, Weave reported a revenue of approximately $62 million, showcasing a significant growth trajectory. The company has also expanded its customer base to over 15,000 businesses across various sectors.
| Year | Revenue | Customer Base |
|---|---|---|
| 2020 | $28 million | 8,500 |
| 2021 | $42 million | 12,000 |
| 2022 | $62 million | 15,000 |
Market Position and Competitive Landscape
As of 2023, Weave Communications, Inc. holds a competitive position in the market with a valuation estimated at $500 million. The company competes with other communication platforms such as Twilio and RingCentral. Weave's unique focus on the service industry distinguishes it from other players in the communications sector.
Recent Developments
In early 2023, Weave announced a partnership with Square to integrate payment processing into their communication platforms, further enhancing the functionalities available to small businesses.
A Who Owns Weave Communications, Inc. (WEAV)
Company Overview
Weave Communications, Inc. (WEAV), a technology company focused on providing communication solutions for small and medium-sized businesses, has seen significant changes in its ownership since its founding.
Ownership Structure
As of the latest reports, the ownership of Weave Communications can be delineated as follows:
| Shareholder | Ownership Percentage | Type of Share |
|---|---|---|
| Institutional Investors | 45% | Common Stock |
| Insider Holdings | 10% | Common Stock |
| Retail Investors | 30% | Common Stock |
| Other Entities | 15% | Common Stock |
Notable Institutional Investors
Some of the significant institutional investors who hold shares in Weave Communications include:
| Institution Name | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| Vanguard Group | 12% | 1,200,000 |
| BlackRock, Inc. | 10% | 1,000,000 |
| Fidelity Investments | 8% | 800,000 |
Executive Team and Insider Holdings
Key members of the executive team and their respective ownership stakes are:
| Name | Position | Shares Owned |
|---|---|---|
| Brandon Acker | CEO | 500,000 |
| Jared Smith | CTO | 250,000 |
| Emily Johnson | CFO | 150,000 |
Recent Financial Performance
Weave Communications reported the following financial metrics for the latest fiscal year:
| Metric | Amount |
|---|---|
| Revenue | $45 million |
| Net Income | $5 million |
| EBITDA | $10 million |
| Total Assets | $100 million |
| Total Liabilities | $30 million |
Market Capitalization
As of the recent trading session, Weave Communications, Inc. holds a market capitalization of:
| Market Metric | Value |
|---|---|
| Current Share Price | $16.50 |
| Market Cap | $650 million |
Future Projections and Ownership Changes
The projected growth rate for Weave Communications is estimated at:
- Annual Growth Rate: 15%
- Projected Revenue for Next Year: $51.75 million
- Consideration for Future Equity Financing: $20 million
Weave Communications, Inc. (WEAV) Mission Statement
Weave Communications, Inc. (WEAV) operates with a clear mission to empower service-based businesses by providing an all-in-one communication platform designed to enhance customer relationships and streamline operations. The company emphasizes innovation, integration, and customer satisfaction in its mission statement.
Core Elements of the Mission Statement
The mission statement comprises several key elements:
- Customer Empowerment: WEAV seeks to enhance customer interactions through modern communication tools.
- Integrated Solutions: The platform combines various communication channels like texting, calling, and reviews into one system.
- Innovation: Continuous improvement and adaptation of technology to meet evolving customer needs.
- Simplifying Operations: A focus on making management easier for service businesses.
Recent Financial Performance
As of the latest financial report for Q2 2023, Weave Communications has reported the following statistics:
| Financial Metric | Q2 2023 Value | Q2 2022 Value | Year-on-Year Growth (%) |
|---|---|---|---|
| Revenue | $45 million | $32 million | 40.6% |
| Net Income | $5 million | $3 million | 66.7% |
| EBITDA | $10 million | $6 million | 66.7% |
| Customer Growth | 15,000 | 10,000 | 50% |
Market Position
As of October 2023, Weave Communications holds a significant position in the customer communications market:
- Market Share: Approximately 5% in the U.S. service sector.
- Customer Retention Rate: 90% annual retention.
- Competitive Landscape: Competes with companies like Twilio and RingCentral.
Key Customer Segments
Weave Communications targets various service-based industries:
| Industry | Percentage of Total Customers (%) | Primary Services Offered |
|---|---|---|
| Healthcare | 40% | Appointment reminders, telehealth services |
| Dental | 30% | Patient communications, billing reminders |
| Veterinary | 20% | Client updates, appointment management |
| Home Services | 10% | Service reminders, customer follow-ups |
Future Goals and Objectives
Looking ahead, Weave Communications aims to achieve the following objectives:
- Increase Market Penetration: Target a 10% market share in the next two years.
- Enhance Product Offering: Introduction of AI-driven features by Q1 2024.
- Expand Internationally: Initiate operations in Canada by mid-2024.
How Weave Communications, Inc. (WEAV) Works
Overview of Weave Communications, Inc.
Weave Communications, Inc. (WEAV) operates as a software and communications platform tailored for service-based businesses. It integrates various communication tools, including voice, text, email, and patient engagement, into one cohesive service.
Financial Performance
As of the latest financial report, Weave Communications, Inc. reported a revenue of $61.2 million in the fiscal year ending December 31, 2022, demonstrating a growth rate of 34% compared to the previous fiscal year.
| Year | Revenue (in millions) | Growth Rate (%) | Net Loss (in millions) |
|---|---|---|---|
| 2020 | $45.7 | 32% | ($15.5) |
| 2021 | $45.6 | 72% | ($20.0) |
| 2022 | $61.2 | 34% | ($18.2) |
Product Offerings
Weave's product suite includes:
- Phone services
- Text messaging
- Email marketing
- Patient scheduling
- Payment processing
- Review management
Customer Base
Weave serves over 27,000 businesses across various sectors, including dental practices, veterinary clinics, and salons.
Market Position
According to market analysis, Weave holds a market share of approximately 15% in the communication solutions for small and medium-sized service businesses.
Investment and Funding
As of July 2022, Weave Communications raised a total of $100 million in funding through multiple rounds, with notable investors including Summit Partners and Wellington Management.
| Funding Round | Date | Amount (in millions) | Investors |
|---|---|---|---|
| Series A | January 2020 | $10 | Summit Partners |
| Series B | March 2021 | $30 | Wellington Management |
| Series C | July 2022 | $60 | Summit Partners, Wellington Management |
Employee Statistics
Weave Communications employs approximately 500 individuals with a diverse workforce represented across various departments, including engineering, sales, and customer support.
Client Satisfaction and Reviews
The company maintains a customer satisfaction score of 92%, as reported in customer surveys conducted in 2023. This score reflects the effectiveness of their platform and customer service.
Technological Integration
Weave integrates with various third-party tools, such as Google Calendar and QuickBooks, facilitating seamless operations for businesses using its platform.
Regulatory Compliance
Weave Communications adheres to industry regulations, including HIPAA compliance, ensuring the protection of sensitive patient data.
How Weave Communications, Inc. (WEAV) Makes Money
Revenue Streams
Weave Communications, Inc. generates revenue through multiple streams, primarily focused on its integrated communication solutions for small and medium-sized businesses (SMBs). The key revenue streams include:
- Subscription-based services
- Hardware sales
- Professional services
Subscription-based Services
The largest portion of Weave’s revenue comes from its subscription services, which provide tools for communication, customer management, and appointment scheduling. As of the most recent financial report in Q2 2023, Weave reported:
| Revenue from Subscriptions (Q2 2023) | Amount |
|---|---|
| Subscription Revenue | $43 million |
| Total Subscribers | 15,000 |
| Average Revenue Per User (ARPU) | $2,867 |
Hardware Sales
Weave also generates income from the sale of hardware such as phone systems and other communication-related devices. In Q2 2023, the company reported:
| Revenue from Hardware Sales (Q2 2023) | Amount |
|---|---|
| Hardware Revenue | $5 million |
| Units Sold | 1,200 |
Professional Services
Weave offers professional services, including setup, training, and ongoing support for its clients. In Q2 2023, Weave reported the following:
| Revenue from Professional Services (Q2 2023) | Amount |
|---|---|
| Professional Services Revenue | $2 million |
| Number of Clients Utilizing Services | 3,500 |
Geographic Distribution of Revenue
Weave operates predominantly in the United States, serving a variety of industries, including healthcare, beauty, and home services. The geographical breakdown of revenue sources indicates:
| Region | Revenue Contribution |
|---|---|
| Western US | 40% |
| Midwestern US | 30% |
| Eastern US | 25% |
| Southern US | 5% |
Financial Performance Indicators
As of Q2 2023, Weave reported several key financial performance metrics:
| Metric | Value |
|---|---|
| Total Revenue | $50 million |
| Net Income | $3 million |
| Gross Margin | 70% |
| Operating Expenses | $30 million |
Market Position and Competitiveness
Weave continues to enhance its position in the market. According to a report from the SaaS industry, Weave's market share among SMB communication platforms has grown by approximately 15% over the past year. Key competitors include:
- Nextiva
- RingCentral
- Grasshopper
Future Growth Projections
Analysts project that Weave’s revenue growth will continue at a compound annual growth rate (CAGR) of around 20% through 2025, driven by:
- Increased adoption of digital communication tools
- Expansion into new verticals
- Enhancements in product offerings
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