Seattle-based startup Record360 has raised $500,000 in a new investment round.
Founded by former Enterprise Rent-A-Car employee Shane Skinner in 2013, Record360 has developed a mobile app that seeks to reduce the number of damage disputes between rental companies and customers.
By taking videos and photos, users can document existing damage on anything from a rental car to an Airbnb property, so to avoid being blamed during future disputes. Record360 acts as an independent third party to store the images, complete with location and time stamps. If there’s ever a damage dispute, the company has the proof to show who’s on the hook.
Record360 also works with freight, logistics, and manufacturing clients. The company says it has “the most advanced video and notation based asset condition documentation software on the market.”
Seattle-based Alliance of Angels and Bellingham Angel Investors led the latest investment round, which follows a $1.5 million funding round in 2015; both firms invested in the seed round as well. Total funding to date for the 13-person company is $2.2 million.
Record360 plans to use the fresh cash for product development, sales and marketing. In 2016, the company’s revenue grew over 250 percent.
“We believe the market will continue to see a shift towards digital solutions solving unique customer problems,” Adrian Balfour, partner at Alliance of Angels, said in a statement. “Record360 provides an innovative rental and asset management solution and we are excited to collaborate with and support them as they work to build a great company in an exciting category.”
