By Noela Tuquero, TCA Marketing
Thor Culverhouse is the CEO of Submittable, a software company helping to streamline social impact programs for foundations, governments, and corporations. With average time savings of 12 hours a week and a 99% customer satisfaction rating, Submittable has established itself as the top choice for organizations such as NBC Universal, North Star Fund, and more.
Submittable Closes A $47M in Series C Funding Round
Submittable has achieved many accomplishments, most notably:
Submittable hit consistent revenue growth for 6 consecutive quarters.
In 2022, Submittable closed a $47M Series C Round with Accel-KKR and support from existing investors.
In today’s ‘How Did You Do It?’, we sat down with Culverhouse to learn how he was so successful in raising VC funds.
How Did He Do It?
When Culverhouse first stepped into the CEO role, Submittable’s growth was at a plateau. As a 5-time VC-backed CEO, with experience at 3 other companies in similar situations, Culverhouse quickly diagnosed the company’s inefficiencies and established a plan to lead Submittable into a new period of growth.
“When I first got here, I started reaching out to the investors I knew. While they loved the story, they wanted to see traction, ” says Culverhouse. “When investors ultimately decided to move forward, the one thing they said to us was that we did exactly what we said we would for six quarters in a row.”
Submittable’s consistent growth came as Culverhouse made strategic changes to the scope of the company. After exhaustive analysis and talking with Submittable’s customers, Culverhouse narrowed the company’s use cases to focus on grant management and added some features that “doubled the business.” These features included fraud detection, built-in integration with US Bank, and social impact monitoring capabilities. He also verticalized Submittable’s sales force to serve its target market better.
In addition, Culverhouse brought in an experienced CTO and CFO to round out the company’s new senior management team. These fundamental changes helped Submittable impress investors and have been an integral part of the company’s transition into a new period of growth.
A Note From Thor Culverhouse:
He is glad to be a part of the Tech Coast Angels Network and is open to networking with other members of the Tech Coast Angels community. Contact him on LinkedIn @thorculverhouse.
The views, information, or opinions expressed during the interview series is solely those of the individuals involved and do not necessarily represent those of Tech Coast Angels and its employees, consultants and interns. Tech Coast Angels is not responsible and does not verify for accuracy any of the information contained in the podcast series available for listening on this site. The primary purpose of this interview series is to inform. This Interview series does not constitute medical or other professional advice or services.