Text Blaze, which was part of the latest batch of the Winter 2021 Y Combinator accelerator, announced that a $ 3.3 million launch round has been completed. The company’s investment was led by Two Sigma Ventures’s Villi Iltchev and Susa Ventures Leo Polovets.
The company’s product combines two trends Biomedarticles has been following over the past several years, namely automation and the written word. In the field of automation, we’ve seen Zapier grow into a giant, while no-code products and RPA have made the concept of making software improve employee performance increasingly mainstream. And on the writing aid side, from grammar to Copy.ai, it’s clear that people are willing to pay for tools to help them write better, faster.
What does Text Blaze do? Two main things. First, the Chrome extension allows users to save “snippets” of text that they can quickly add to email and other notes. I could save “Hello and welcome back to Equity, Biomedarticles’s venture capital podcast where we unwrap the numbers after the headings” in “/ intro in Text Blaze” and save myself a lot of time starting a new podcast script.
However, saving snippets and quickly pasting them into various text boxes in a user’s browser are only part of what makes Text Blaze neat. The product can also save template snippets with different fields that remain open for users to fill in. So a user can have a user feedback snippet saved, which reserves places for them to quickly add names and other unique information while reusing the main body of the text itself.
Text Blaze is also integrated with external services to ensure that the service saves users’ time. For example, the service can pull CRM data from Hubspot into a fragment of text used in Gmail. The idea is to automatically link different services and data sources so that users can save minutes of their days and hours of their weeks.
Text Blaze has run lean so far, according to co-founder Dan Barak, who told Biomedarticles that the four-person workforce will grow to around 10 this year thanks to the new capital. Like almost every startup we’ve spoken to over the past few months, Barak said that Text Blaze is a remote-first startup with a broad hiring lens.
Text Blaze’s model is freemium with a consumer-paid offering that costs $ 2.99 a month. The main limitation in its free product, Barak, is a hard cap of 20 snippets. After that you have to pay. Biomedarticles was slightly confused given the low price and relatively robust free feature set the startup offers. The co-founder stated that the company’s long-term plan is to sell to businesses, making the Pro version of Text Blaze more of a tool for creating awareness of what its service can do more than its final monetization scheme.
About 70% of the company’s users have signed up with their company email address to date, which could be a long way to go for future company sales. According to the Text Blaze website, business users pay a little more than double that of prosumer users.
The company’s strategy seems to be working. Not only does it attract users – the Chrome extension has more than 70,000 users – and early revenue, but it also managed to convert Iltchev and Polovets into followers of its product. “When I first saw Text Blaze, it reminded me of the early days of Zapier, which helped professionals automate repetitive tasks, except that Text Blaze provided a more accessible and easy-to-adopt entry point through written communication,” the Two Sigma investor told Biomedarticles.
Susa’s Polovets said that he fell in love with her [startup’s] Product, ”he added that he“ wanted to invest as soon as I tried the product. “
The Text Blaze round closed a few weeks ago. Let’s see how quickly it can scale with the new funds.