Ripcord, file scanning startup, gearing up for new funding

Tech startup Ripcord, a rising company in the document digitalization field, is gearing up to secure a robust $20-25M in its upcoming funding round with its valuation already at $110M.

• Main Players: Alphabet’s GV, Lux Capital, and MUFG are the primary contenders eyeing this substantial investment. While GV and Lux are familiar faces, MUFG, a Japanese banking entity, is a fresh addition to the roster.

• The Funding Goal: Ripcord's CEO, Sam Fahmy, has revealed a loftier funding target of approximately $35M. They've already secured $20M, propelling the company's total capital closer to a significant $150M.

• Past Investors: Steve Wozniak, co-founder of Apple, was among the investors in Ripcord's Series A round.

• The Waiting Period: It's been three years since Ripcord's previous substantial funding activity. The reasons behind this hiatus remain unclear.

• Past Controversies: Ripcord faced significant scrutiny in 2018 following a Medium post by an ex-employee, Perry Coneybeer. The company has since assured that the issues raised have been addressed.

• 2022 Achievements: Ripcord has bagged a $4M deal with the IRS and expanded its partnership with the U.S. Air Force. A deal with Wells Fargo is also in the pipeline.

• Clientele: Ripcord's high-profile client roster includes Coca-Cola, BP, Chevron, and UCLA, among others, handling over 1 billion pages annually.

• Financial Growth: The company's revenue doubled from $5.9M in 2021 to $11.8M in 2022. By the end of 2023, they aim to further double it to $22.5M.

• The Secret Sauce: Autonomous robots that can scan documents, even staple-removing ones, drive Ripcord's success. The company monetizes by charging for scanned documents and uses AI to interpret the data.

Ripcord plans to launch Docufai, a tool aimed at redefining document discovery by leveraging AI to answer user queries about scanned documents.