Seattle startup Record360 has been acquired by Alpine SG, a Silicon Valley group that invests in software-as-a-service companies and is backed by Alpine Investors, a private equity firm.
Founded in 2013, Record360 is used by customers such as Avis, Budget, and Sunbelt Rentals to document the condition of assets like rental cars at the time of exchange. The company acts as an independent third party to store the images with location and time stamps, and is there to hold proof when there is a damage dispute. Record360 makes money off subscription fees and has more than 500 customers in 40 countries.
Terms of the deal were not disclosed. The company had previously raised $2.2 million from the Alliance of Angels; Bellingham Angels; and individual angel investors.
Record360 will maintain its brand and retain all 17 employees, said co-founder Shane Skinner.
“Record360 decided it needed a partner to take us through our next phase of growth,” he said. “We took the investment from Alpine SG to allow us to continue improving our product and customer service to deliver our customers even more value.”
Skinner and Damon Haber launched Record360 in 2013. Haber will stay with the company as chief revenue officer while Skinner will take a role as advisor to the management team.
Jesse Buckingham, an operating executive from Alpine SG, is taking the reins of Record360 as its new CEO.
“At Alpine SG, we look for focused, disruptive software companies that are rethinking how industries should operate,” Alpine SG Group CEO Dan Saper said in a statement. “The mobile-first video solution that the Record360 team has built transforms the trust factor in an asset transaction. We’re excited to partner with Record360 and support its rapid growth.”
Skinner, who previously managed finance at Enterprise Rent-A-Car, is also the co-owner of the Seattle Seawolves, a new professional rugby team.
