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Rock Paper Coin Raises $2.3M to Support Wedding Industry in Post-Covid Wave

Tech company to use funds to expand operations and gain market share in wedding industry poised for banner year despite slowing broader U.S. economy

PORTLAND, Oregon., October 25, 2022 /PRNewswire/ — Rock Paper Coin (RPC), a software-as-a-service startup providing a suite of digital contracting and invoicing tools for the wedding industry, today announced that the company has secured $2.3 million in financing. Elevate Capital led RPC’s funding round, with other investors in the round including HearstLab, Stormlight Holdings and other investors.

RPC is the fastest growing payment platform for the wedding and events industry and plans to use this new funding to expand its operations to meet customer demand and gain share of increased market in the wedding services market which is expected to reach $414.2 billion by 2030.

RPC’s user-friendly software platform enables easy management of digital contracts, provides flexible invoices, simplifies online payments, automates helpful reminders and provides document storage for professionals in the wedding and hospitality industry. event. RPC streamlines the payment process for these vendors by enabling them to accept all forms of payment and offer flexible payment options to customers.

“We are seeing significant demand from wedding planners, vendors and couples who have all recognized the benefits of using RPC software to help streamline behind-the-scenes business workflows for the wedding industry in digitizing and automating contracts, invoices and payments,” said Elizabeth Sheils, co-founder and CEO of RPC. “Now that COVID-19 restrictions have been lifted, the wedding industry is experiencing an unprecedented number of weddings as many had to be postponed during the pandemic. Over 1,900 businesses have registered with RPC and we know so rapid growth. We are extremely happy to have the support of Elevate Capital, HearstLab and other awesome investors on our team.”

Wedding planners, who are generally independent professionals, direct the affairs and communications between their clients; the couple to be married and a number of third party contractors such as florists, decorators, venue owners, caterers, musicians or photographers. RPC is the first to unify all stakeholders on a single platform, enabling planners to seamlessly perform complex event coordination tasks and manage their business in a professional and organized manner.

“It’s exciting to see so many wedding industry suppliers migrating their entire business operations to RPC,” said Nora Sheill, co-founder and COO of Rock Paper Coin. “Our team is happy to play a key role in helping these businesses run more efficiently so they can focus their energy on creating beautiful and memorable weddings and events, instead of dealing with piles of paperwork and reminders. .”

“We are delighted to invest in RPC as lead investor and to support the co-founders, Elizabeth Sheils and Nora Sheill. We have been very impressed with their track record as seasoned wedding planners who have created one of the largest wedding planning companies in the Pacific Northwest,” said Nitin Rai, founder and managing partner of Elevate Capital. “Elizabeth and Nora understand the industry from the inside out, know intimately the challenges of wedding planning and know how to connect with their clients. Their ongoing efforts to celebrate diversity, inclusion and individuality are at the forefront. of Elevate Capital’s portfolio companies. We believe RPC has strong momentum for a busy 2022 and growth in 2023, and I look forward to joining their board.”

RPC has secured support from HearstLab, which invests in women-led start-ups. “We are delighted to invest alongside Elevate Capital and support RPC,” said Eve Burton, Executive Vice President of Hearst and President of HearstLab. “Not only are Elizabeth and Nora two exceptional entrepreneurs, but their product enhances the careers of so many women in the wedding planning industry. We look forward to seeing how Hearst’s strengths in business technology, sales, content and our internal network of scouts can help grow this strong, innovative software company.”

RPC’s revenue grew 250% between 2021 and 2022, and the company plans to continue to grow and scale its operations in 2023. To support the company’s growth, RPC plans to hire additional employees in the coming months and to build on the team’s expertise in the wedding industry.

About Rock Paper Coin

Rock Paper Coin is the first-ever software to bring event planners, couples, and vendors together in one system to manage contracts, pay bills, and share documents. Thanks to its simplified system, event professionals can easily manage the backend of their business. To meet the demands of today’s couples, Rock Paper Coin serves as a financial solution to help businesses book more customers. Visit rockpapercoin.com and follow RPC on Instagram, Facebook and LinkedIn.

About Elevate Capital

Elevate Capital is a Pacific Northwest-based venture capital firm that invests nationwide in underrepresented early-career entrepreneurs, including women, BIPOC, LGBTQ+, and veterans. For example, over 62% of Elevate Capital Fund II’s investments are in women, 52% in African Americans (the majority are women), 67% in founders of color, 10% LGBTQ+, 10% in veterans, and 5% of founders/CEOs of Latinx. run startups. Since 2016, Elevate Capital has invested close to $45 million in 57 startups, more than 95% of which are led by diverse founders. Visit elevate.vc or follow Elevate Capital on TwitterFacebook and LinkedIn.

About HearstLab

HearstLab provides cash investments and services to early-stage female-led startups innovating in fintech, data analytics, healthcare, transportation, enterprise technology, and media. Its mission is to close the venture capital funding gap for women by helping female founders build sustainable, highly scalable businesses. With access to Hearst resources at more than 360 companies, HearstLab’s scope of services includes privacy and security assistance, software development, legal services, financial analysis, and support. marketing and design. To learn more about HearstLab, visit HearstLab.com and connect with us at Twitter and LinkedIn.

SOURCE Rock Paper Piece