Weave Communications, which provides a customer communication and engagement platform for SMBs, raised $120 million by offering 5 million shares at $24, below the range of $25 to $28. Existing shareholders Pelion Venture Partners, Crosslink Capital, and Lead Edge Capital had indicated on $20 million worth of shares in the offering (17% of the deal).
Weave states that it is a leading all-in-one customer communications and engagement software platform for small and medium-sized businesses (SMBs), spanning all forms of communications and customer engagement including answering phones, scheduling appointments, and collecting payments, among others. The company's platform is currently used by over 130,000 monthly active users across a range of industries including dentistry, veterinary, and plumbing, among others. Weave requires each physical location of a customer to enter into a subscription to gain full access to its platform, which results in customers with multiple offices having multiple subscriptions. As of June 30, 2021, the company had more than 21,000 locations under subscription across approximately 20,000 customers in the US and Canada.
Weave Communications plans to list on the NYSE under the symbol WEAV. Goldman Sachs, BofA Securities, Citi, Piper Sandler, Raymond James, Stifel, William Blair, Guggenheim Securities, Academy Securities, Loop Capital Markets, and Tigress Financial Partners acted as joint bookrunners on the deal.
