Weave

Deal Snapshot

Company: Weave Communications, Inc.

Website: getweave.com

Sector / Category: Customer communications, engagement, and payments software for SMBs

Headquarters: Lehi, Utah, USA

Founded: 2008

Investor: Frazier VC

Investment Vehicle: Fund II, Fund III

Deal Type: Secondary

Exit / Realization: IPO (priced 11/10/2021 at $24/share; began trading 11/11/2021 on NYSE: WEAV)

Company Overview

Weave provides an all-in-one customer communications and engagement platform for small and mid-sized businesses, including tools that connect calling, texting, and other customer touch points with practice or business workflows. The company also highlights payments capabilities integrated into communication workflows.

Public Funding / Capital Events

Nov 3, 2015 — $15.5M Series B raised

Series B was led by Crosslink Capital with participation including Pelion Ventures and Peak Capital.

Dec 10, 2018 — $37.5M Series C raised

Series C was led by Lead Edge Capital, with participation from Bessemer Venture Partners, Catalyst Investors, Crosslink Capital, and Pelion Venture Partners.

Oct 24, 2019 — $70M Series D raised

Series D was led by Tiger Global Management, with additional funding from Catalyst, Bessemer, Crosslink, Pelion, and LeadEdge.

Nov 10–11, 2021 — IPO priced and trading begins

Weave priced its IPO at $24.00 per share and began trading on the NYSE under WEAV on November 11, 2021.

Investment Summary

Frazier VC invested in Weave through secondary purchases, with Fund II purchasing secondaries in 2019 and Fund III purchasing secondaries in 2021. These investments provided exposure to a Utah-based, category-leading communications and payments platform serving SMBs, prior to the company’s public market debut in November 2021.

Why We Invested

Frazier VC invested in Weave because we believe software platforms that become embedded in day-to-day customer communications can scale efficiently as customers grow and usage compounds. Weave’s product sits in the middle of critical workflows, creating strong stickiness and meaningful switching costs over time. We also value differentiated platforms that can expand their footprint through adjacent modules like payments and workflow automation, while being led by teams that can execute at scale.

Other Investors

Tiger Global Management

Lead Edge Capital

Bessemer Venture Partners

Catalyst Investors

Crosslink Capital

Pelion Venture Partners

Peak Capital