NEWS BRIEF: Utah-based Boostly Snags $22 Million in "Significant" Growth Funding Led by Private Equity Firm, PeakSpan Capital

Just six months after landing a $5.6 million Seed Round of funding, Lehi, Utah-based Boostly has jumped into the big leagues by accepting what it describes as $22.0 million in "significant ... growth capital" as a Series A round of funding.

According to the Boostly news release, the funding was led by San Mateo, California-based PeakSpan Capital, an 11-year-old private equity firm with over $1.5 billion in Assets Under Management (AUM).

Other participants in this funding round included existing investors

• Y Combinator (a technology accelerator and venture capital firm based in San Francisco, California),
• Trestle Partners (a private equity and venture capital firm based in New York City), and
• Singularity Capital (a private equity and venture capital firm based in Tucson, Arizona).

Today, Boostly claims it works with "... over 1,200 restaurant locations across the U.S. and Canada...."

The Boostly Approach

Boostly describes itself as "... the leading SMS marketing platform for restaurants, utilizing behavioral-based marketing and gamified experiences to drive customer engagement and revenue."

Its success comes through what it says is "...a suite of solutions, including

• "Automated SMS campaigns,
• "Automated phone assistants, and
• "Real-time feedback monitoring, ...."

All of which is designed to be legally compliant and drive an increased ROI (Return on Investment).

Interestingly, Boostly does little on its website to explain its own secret sauce when it comes to driving increased revenue on an CLTV-basis (Customer LifeTime Value), with much of its site designed to drive visitors to sign-up for a demo, which is totally fine.

And yet, there's clearly evidence that the Boostly approach works.

How much so?

For instance, Jamie McMahon, owner of Hartford Station Pizzeria in Bel Air, Maryland, signing-up with Boostly was enough to generate roughly $100,000 in new revenue over a four-month period last year.

Fascinatingly, McMahon explains that that "boost" in revenue (pun intended) came from existing customers, not new customers.

And what's driving that income increase was ~2,000 texts per week, over a four-month period ...

Texts that drove ~500 new tickets per month.

By the way ... Bel Air, Maryland has fewer than 11,000 residents. In fact, Hartford County as a whole (home to Bel Air), has fewer than 250,000 residents.

So it's not like Hickory Station has a massive population base to extract incremental revenue from.

Additionally, in Boostly's news release from August 2024 announcing its $5.6 million Seed Round of funding, the company stated that it

"... nearly quadrupled its annual run rate since last year."

The company also claims that it

• "... deliver(s) engagement rates 10x higher than standard text marketing offers ..." and has an
• "... SMS subscriber opt-in (that is) 5x faster than traditional solutions...."

Which helps explain why PeakSpan Capital's Matt Melymuka, Co-Founder and Managing Partner, says

"Most restaurants sit on a goldmine of customer data but lack the tools to harness it effectively. Boostly provides a fully compliant, automated solution to transform this data into revenue-driving engagement."

So ... congrats to Team Boostly!

Nicely done. 👏 👏 👏

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