Campfire Interactive Secures Investment Round
Expanding Product Capabilities, Customer Success Activities, and Sales
Ann Arbor, MI – August 10, 2020 -- Campfire Interactive, Inc. (Campfire), the leading provider of forecasting, quoting, costing, pricing and portfolio management solutions to the automotive supplier market, is pleased to announce the closing of an equity capital round led by Cincinnati-based RKCA. Campfire also named growth company veteran Dan Meyer to the newly created position of Chief Operating Officer. Meyer brings over twenty years of software executive experience, most of which involved products sold to the automotive industry. The new investment and addition to the executive team enable Campfire to expand resources and activities in product development, customer success, sales, and marketing in pursuit of the company’s growth plan.
Campfire’s strong track record of customer satisfaction and proven, scalable product, which delivers high ROI to customers, enabled the company to attract capital from RKCA. The company has operated profitably for many years with no outside capital beyond seed investment raised at its founding. Commented Brent Rippe, Managing Partner of RKCA, “We were introduced to Campfire exactly a year ago and were immediately impressed with the quality of the team and software. We observed the company make tremendous progress adding premium brand customers and thousands of new users over the past year for over 50% growth and are thrilled to be selected as the partner to help fund further momentum. We really wanted to invest in the team to allow the company to continue to meet customer expectations and realize market demands.”
Campfire co-founders Pradeep Seneviratne and Sarvajit “Sarge” Sinha retain ownership of the company and will continue to serve in their roles as the senior leadership team with the addition of Meyer. “The movement away from Microsoft Excel-based business planning and forecasting is accelerating; Campfire has a huge customer pipeline. This investment round is essential to act on the enormous opportunity for Campfire software while maintaining the high level of attention and support our customers have come to expect. We plan on doubling the size of our team in the next twelve months.” said Pradeep Seneviratne, Campfire President and CEO. He continued, “I have known Dan for a long time, and he brings significant experience leading teams and scaling businesses in high growth technology-based companies serving the manufacturing sector. He assisted Campfire in selecting RKCA and raising growth capital. Now we welcome him to our team at a time when sales, marketing and business partnership activities take such importance.”
“Campfire is so well positioned for market leadership. The product has repeatedly proven to deliver in excess of 80x payback in terms of annual profit improvement and cost savings. We compete and win against the largest enterprise software and business cloud solution providers. I’m excited to work with Pradeep and the Campfire team to expand the company and promote brand awareness so we can capitalize on this strong position,” added Meyer.
Customers depend on Campfire for three of the most important business processes in a company – profitability forecasting, quote life cycle management and project portfolio management. Well over 10,000 users manage over $150 billion in forecasts, quotes and costing in Campfire. Stoneridge, Inc., a leading designer and manufacturer of highly engineered electrical and electronic vehicle systems for the automotive, commercial vehicle and off-highway markets, has recently adopted Campfire. “Campfire has become the standard for product profitability management within the automotive supply chain,” said Jon DeGaynor, President and CEO of Stoneridge, Inc. “We understand the value of data and precise information, and leveraging the Campfire solution will support our continued transformation of the company and help drive financial performance.” Tom Beach, Executive Director, Business Planning, of Stoneridge, Inc., added, “Having implemented and leveraged Campfire at other companies, I have firsthand experience with the functionality of Campfire and the team’s knowledge of the automotive business. At Stoneridge, we look forward to benefitting from the power of Campfire’s digital financial backbone.”
About Campfire Interactive, Inc.
Thousands of users in medium-size to Fortune 500 companies use solutions developed by Campfire Interactive, Inc. (www.cfi2.com) to identify, plan, develop and execute their product portfolios. Business processes addressed by Campfire include opportunity management, sales forecasting, market share management, cost and price estimation, change cost management and project portfolio management. Customers choose Campfire solutions for its unique and powerful capabilities for making critical business decisions that span across financial, engineering and timing information.
About RKCA
RKCA is a privately held, merchant bank founded in 1986 and headquartered in Cincinnati, OH. RKCA partners with management teams and invests in businesses to affect growth objectives. Over the course of the last 34 years, RKCA’s involvement in individual businesses has resulted in numerous closed transactions and successful client and investor outcomes. Campfire represents RKCA’s 12th active investment. For additional information, please visit https://www.rkca.com/direct-investment/.
Contact:
Dan Meyer, COO
Campfire Interactive, Inc.
(513) 236-2517
meyerd@cfi2.com
