Here’s an exclusive look at the pitch deck that Anvil, which helps businesses automate paperwork, used to raise $5 million from Craft Ventures and Alphabet’s Gradient Ventures

The executive team at Anvil, a startup that aims to help businesses take the tedium out of generating paperwork.
  • Anvil makes software to help businesses shave hours off of processes to create paperwork.
  • It raised an additional $5 million for its Series A round from Craft Ventures and Gradient Ventures.
  • Insider has an exclusive look at the pitch deck that Anvil used to raise the new funds.

Mang-Git Ng hasn’t had the best luck with timing.

Three years ago, he set out to raise fresh capital for his startup, Anvil, which helps businesses create documents from data. Then, the world went into lockdown and markets collapsed, forcing startup investors to put a freeze on funding. Ng’s company eked out $5 million that spring.

Early this year, the 34-year-old founder went back for more money — in a wave of massive job cuts in tech and finance, abandoned projects, and, more recently, a banking crisis.

“We have terrible timing in that we’re not raising at the peak,” Ng told Insider on a video call. “But I think we have pretty good timing in that we always end up with money when everyone else doesn’t have money.”

Anvil recently announced that it had raised a $5 million extension of its Series A round from Craft Ventures and existing investor Gradient Ventures, a firm within Google that invests in early-stage artificial intelligence startups.

The valuation was undisclosed, but Ng said it increased from the round’s first close in June of 2020 — a rarity for extension rounds and a show of investor enthusiasm.

The extension round follows a year of explosive growth for Anvil. In late 2021, it switched its strategy of selling to banks, wealth advisors, and law firms — which tend to have long, sluggish sales cycles — and began courting high-tech companies. Many of them had money to burn after raising capital in the pandemic-fueled boom times.

Since the pivot, people using Anvil grew tenfold from roughly 1,000 to 10,000, Ng said. Even as the economy sours, he added, the startup has held onto customers. It has a net revenue retention rate of 190% year over year.

Anvil’s software aims to help businesses shave hours off of processes like completing forms and gathering signatures. For instance, proptech companies and hiring platforms use Anvil to send web forms for people to fill out, and then turn their responses into any type of paperwork. It can recall a person’s information to create other documents as needed. It’s reminiscent of how TurboTax works: asking the user questions and producing the tax filings for them.

Ng said he started the company five years ago on the premise of “how do we move the world forward off of PDFs, without throwing the baby out with the bathwater.”

The way there hasn’t always been clear.

In 2020, Craft Ventures heard Ng’s pitch and passed. “A great idea, a great product, but the market traction wasn’t there yet,” said Brian Murray, a Craft partner and chief operating officer. Then, last year, he started to encounter its software “in the wild” more and more. Companies he had previously backed were talking about it online. 

“It was unanimous,” Murray told Insider. “They said this saves us tons of time and money, helps us move faster, unlocked new revenue opportunity for us — everything you’d want to hear out of backchannel references.”

When Ng reached out about the extension round, Murray leapt at the opportunity.

Here’s an exclusive look at the pitch deck that Anvil used to raise an additional $5 million: