April 25, 2019

Rave Mobile Safety scores majority investment from equity firm TCV

Rave Mobile Safety
An emergency call taker responds to a caller with a Smart911 profile.

Framingham mobile alert tech company Rave Mobile Safety has received an undisclosed majority investment from California equity firm TCV.

Rave, which provides mobile alert phone technology to schools, colleges, hospitals and municipalities, said the investment will help the company fuel its product innovation and growth plans.

"Today is a wonderful milestone for Rave and a testament to the tremendous results our customers have seen using the technology they helped design to improve the safety of those they protect," said Rave President and CEO Todd Piett.

TCV, based in Menlo Park, Calif., has invested more than $15 billion in tech companies, including Netflix, Facebook, Expedia, Spotify, Airbnb, GoDaddy and Zillow.

Neither company disclosed the financials, but TCV's Head of Marketing Katja Gagen said the company's investments typically range from $50 million to more than $300 million.

In a statement, TCV General Partner Kapil Venkatachalam called the Rave platform unique and lauded the company' strong customer base, which is currently more than 5,000 across the U.S.

"Rave will be able to leverage a broad range of TCV's resources, including our deep sector knowledge and network of advisors to capitalize on growth opportunities in present and untapped market segments," Venkatachalam said.

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