Getting inside the mind of customers is a challenge as behaviors and demands shift, but Clootrack believes it has cracked the code in helping brands figure out how to do that.
It announced $4 million in Series A funding, led by Inventus Capital India, and included existing investors Unicorn India Ventures, IAN Fund and Salamander Excubator Angel Fund, as well as individual investment from Jiffy.ai CEO Babu Sivadasan. In total, the company raised $4.6 million, co-founder Shameel Abdulla told TechCrunch.
Clootrack is a real-time customer experience analytics platform that helps brands understand why customers stay or churn. Shameel Abdulla and Subbakrishna Rao, who both come from IT backgrounds, founded the company in 2017 after meeting years prior at Jiffstore, Abdulla’s second company that was acquired in 2015.
Clootrack team. Image Credits: Clootrack
Business-to-consumer and consumer brands often use customer satisfaction metrics like Net Promoter Score to understand the customer experience, but Abdulla said current methods don’t provide the “why” of those experiences and are slow, expensive and error-prone.
“The number of channels has increased, which means customers are talking to you, expressing their feedback and what they think in multiple places,” he added. “Word of mouth has gone digital, and you basically have to master the art of selling online.”
Clootrack turns the customer experience data from all of those first-party and third-party touchpoints — website feedback, chat bots, etc. — into granular, qualitative insights that give brands a look at drivers of the experience in hours rather than months so that they can stay on top of fast-moving trends.
Abdulla points to data that show a customer’s biggest driver of brand switch is the experience they receive. And, that if brands can reduce churns by 5%, they could be looking at an increase in profits of between 25% and 95%.
Most of the new funding will go to product development so that all data aggregations are gathered from all possible touchpoints. His ultimate goal is to be “the single platform for B2C firms.”
The company is currently working with over 150 customers in the areas of retail, direct-to-consumer, banking, automotive, travel and mobile app-based services. It is growing nine times year over year in revenue. It is mainly operating in India, but Clootrack is also onboarding companies in the U.S. and Europe.
Parag Dhol, managing director of Inventus, said he has known Abdulla for over five years. He had looked at one of Abdulla’s companies for investment, but had decided against it due to his firm being a Series A investor.
Dhol said market research needs an overhaul in India, where this type of technology is lagging behind the U.S.
“Clootrack has a very complementary team with Shameel being a complete CEO in terms of being a sales guy and serial entrepreneur who has learned his lessons, and Subbu, who is good at technology,” he added. “As CMOs realize the value in their unstructured data inside of their own database of the customer reviews and move to real-time feedback, these guys could make a serious dent in the space.”
Pixalate raised $18.1 million in growth capital for its fraud protection, privacy and compliance analytics platform that monitors connected television and mobile advertising.
Western Technology Investment and Javelin Venture Partners led the latest funding round, which brings Pixalate’s total funding to $22.7 million to date. This includes a $4.6 million Series A round raised back in 2014, Jalal Nasir, founder and CEO of Pixalate, told TechCrunch.
The company, with offices in Palo Alto and London, analyzes over 5 million apps across five app stores and more 2 billion IP addresses across 300 million connected television devices to detect and report fraudulent advertising activity for its customers. In fact, there are over 40 types of invalid traffic, Nasir said.
Nasir grew up going to livestock shows with his grandfather and learned how to spot defects in animals, and he has carried that kind of insight to Pixalate, which can detect the difference between real and fake users of content and if fraudulent ads are being stacked or hidden behind real advertising that zaps smartphone batteries or siphons internet usage and even ad revenue.
Digital advertising is big business. Nasir cited Association of National Advertisers research that estimated $200 billion will be spent globally in digital advertising this year. This is up from $10 billion a year prior to 2010. Meanwhile, estimated ad fraud will cost the industry $35 billion, he added.
“Advertisers are paying a premium to be in front of the right audience, based on consumption data,” Nasir said. “Unfortunately, that data may not be authorized by the user or it is being transmitted without their consent.”
While many of Pixalate’s competitors focus on first-party risks, the company is taking a third-party approach, mainly due to people spending so much time on their devices. Some of the insights the company has found include that 16% of Apple’s apps don’t have privacy policies in place, while that number is 22% in Google’s app store. More crime and more government regulations around privacy mean that advertisers are demanding more answers, he said.
The new funding will go toward adding more privacy and data features to its product, doubling the sales and customer teams and expanding its office in London, while also opening a new office in Singapore.
The company grew 1,200% in revenue since 2014 and is gathering over 2 terabytes of data per month. In addition to the five app stores Pixalate is already monitoring, Nasir intends to add some of the China-based stores like Tencent and Baidu.
Noah Doyle, managing director at Javelin Venture Partners, is also monitoring the digital advertising ecosystem and said with networks growing, every linkage point exposes a place in an app where bad actors can come in, which was inaccessible in the past, and advertisers need a way to protect that.
“Jalal and Amin (Bandeali) have insight from where the fraud could take place and created a unique way to solve this large problem,” Doyle added. “We were impressed by their insight and vision to create an analytical approach to capturing every data point in a series of transactions — more data than other players in the industry — for comprehensive visibility to help advertisers and marketers maintain quality in their advertising.”
TikTok is making it easier for brands and agencies to work with the influencers using its service. The company is rolling out a new “TikTok Creator Marketplace API,” which allows marketing companies to integrate more directly with TikTok’s Creator Marketplace, the video app’s in-house influencer marketing platform.
On the Creator Marketplace website, launched in late 2019, marketers have been able to discover top TikTok personalities for their brand campaigns, then create and manage those campaigns and track their performance.
The new API, meanwhile, allows partnered marketing companies to access TikTok’s first-party data about audience demographics, growth trends, best-performing videos and real-time campaign reporting (e.g. views, likes, shares, comments, engagement, etc.) for the first time.
They can then bring this data back into their own platforms, to augment the insights they’re already providing to their own customer base.
TikTok is not officially announcing the API until later in September, but it is allowing its alpha partners to discuss their early work.
One such partner is Captiv8, which tested the API with an NRF top 50 retailer on one of their first TikTok campaigns. The retailer wanted to discover a diverse and inclusive group of TikTok creators to partner with on a new collaboration and wanted help with launching its own TikTok channel. Captiv8 says the branded content received nearly 10 million views, and the campaign resulted in a “significant increase” in several key metrics, which performed above the Nielsen average. This included familiarity (+4% above average), affinity (+6%), purchase intent (+7%) and recommendation intent (+9%).
Image Credits: TikTok Creator Marketplace website
Capitv8 is now working with TikTok’s API to pull in audience demographics, to centralize influencer offers and activations, and to provide tools to boost branded content and monitor campaign performance. On that last front, the API allows the company to pull in real-time metrics from the TikTok Creator Marketplace API — which means Capitv8 is now one of only a handful of third-party companies with access to TikTok first-party data.
Another early alpha partner is Influential, which shared it’s also leveraging the API to access first-party insights on audience demographics, growth trends, best-performing videos and more, to help its customer base of Fortune 1000 brands to identify the right creators for both native and paid advertising campaigns.
One partner it worked with was DoorDash, which launched multiple campaigns on TikTok with Influential’s help. It’s also planning to work with McDonald’s USA on several new campaigns that will run this year, including those focused on the chain’s new Crispy Chicken Sandwich and the return of Spicy McNuggets.
Other early alpha partners include Whalar and INCA. The latter’s integration stems from the larger TikTok global partnership with WPP, announced in February. That deal provided WPP agencies with early access to new advertising products marketing API integrations, and new AR offerings, among other things.
Creator marketplaces are now common to social media platforms with large influencer communities as this has become a standard way to advertise to online consumers, particularly the younger generation. Facebook today offers its Brands Collabs Manager, for both Facebook and Instagram; YouTube has BrandConnect; while Snapchat recently announced a marketplace to connect brands with Lens creators. These type of in-house platforms make it easier for marketers to work with the wider influencer community by offering trusted data on metrics that matter to brands’ own ROI, rather than relying on self-reported data from influencers or on data they have to manually collect themselves. And as campaigns run, marketers can compare how well their partnered creators are able to drive results to inform their future collaborations.
TikTok isn’t making a formal announcement about its new API at this time, telling TechCrunch the technology is still in pilot testing phases for the time being.
“Creators are the lifeblood of our platform, and we’re constantly thinking of new ways to make it easy for them to connect and collaborate with brands. We’re thrilled to be integrating with an elite group of trusted partners to help brands discover and work with diverse creators who can share their message in an authentic way,” said Melissa Yang, TikTok’s head of Ecosystem Partnerships, in a statement provided to select marketing company partners.
Update, 8/31/21, 3:22 PM ET: INCA is currently using the API in the U.S. and U.K. An earlier version said it was U.K. only, based on information provided by TikTok. We’ve since corrected.
Facebook is looking to create a standalone advisory committee for election-related policy decisions, according to a new report from The New York Times. The company has reportedly approached a number of policy experts and academics it is interested in recruiting for the group, which could give the company cover for some of its most consequential choices.
The group, which the Times characterizes as a commission, would potentially be empowered to weigh in on issues like election misinformation and political advertising — two of Facebook’s biggest policy headaches. Facebook reportedly plans for the commission to be in place for the 2022 U.S. midterm elections and could announce its formation as soon as this fall.
Facebook’s election commission could be modeled after the Oversight Board, the company’s first experiment in quasi-independent external decision making. The Oversight Board began reviewing cases in October of last year, but didn’t gear up in time to impact the flood of election misinformation that swept the platform during the U.S. presidential election. Initially, the board could only make policy rulings based on material that was already removed from Facebook.
The company touts the independence of the Oversight Board, and while it does operate independently, Facebook created the group and appointed its four original co-chairs. The Oversight Board is able to set policy precedents and make binding per-case moderation rulings, but ultimately its authority comes from Facebook itself, which at any point could decide to ignore the board’s decisions.
A similar external policy-setting body focused on elections would be very politically useful for Facebook. The company is a frequent target for both Republicans and Democrats, with the former claiming Facebook censors conservatives disproportionately and the latter calling attention to Facebook’s long history of incubating conspiracies and political misinformation.
Neither side was happy when Facebook decided to suspend political advertising after the election — a gesture that failed to address the exponential spread of organic misinformation. Facebook asked the Oversight Board to review its decision to suspend former President Trump, though the board ultimately kicked its most controversial case back to the company itself.
OnlyFans’ decision to ban sexually explicit content is reigniting an important and overlooked conversation around tech companies, content guidelines and sex work. However, the implications of this discussion go beyond just one platform and one marginalized group.
It’s indicative of a broken ecosystem for content creators where platforms have outsized control over the ways in which creators are allowed to share content and engage with their followers and fans. In response, creators are decentralizing, broadening their reach to multiple platforms and taking their audiences with them.
In doing so, creators also have the opportunity to define what rights they want to be built into these platforms.
Creators being shut out of the individual platforms is nothing new. Many are comparing OnlyFans’ policy change to Tumblr’s move to ban adult content in 2018. This has been an ongoing issue for YouTube as well — several communities, including a group of LGBTQ YouTubers, have accused the platform of targeting them with their demonetization algorithm.
Many of these platforms, including OnlyFans, point to their payment partners’ policies as a barrier to allowing certain forms of content. One of the earliest major controversies we saw in this arena was when PayPal banned WikiLeaks in 2010.
While each of these events have drawn the ire of creators and their followers, it’s indicative of an ecosystemwide problem, not necessarily an indictment of the platforms themselves.
After all, these platforms have provided the opportunity for creators to build an audience and engage with their fans. But these platforms have also had to put policies in place to shield themselves from regulatory and reputational risk.
The core of the issue is that creators are beholden to individual platforms, always vulnerable to changing policies and forced to navigate the painful migration of their audiences and monetization from platform to platform.
That doesn’t mean that that all guidelines and policies are bad — they play a role to foster and govern a positive and safe community with thoughtful guidelines — but it should not come at the cost of harming and de-platforming the creators who fuel these platforms with content and engagement. The core of the issue is that creators are beholden to individual platforms, always vulnerable to changing policies and forced to navigate the painful migration of their audiences and monetization from platform to platform.
And, at the end of the day, it takes away from their ability to create meaningful content, engage with their communities and earn a reliable living.
As creators have lost more and more control to platforms over time, some have begun exploring alternative options that allow independent and direct monetization from their audience in a distributed way.
The direct-to-fan monetization model is already displacing the traditional ad-based, platform-dictated model that creators relied on for years. During my time at Patreon, I saw how putting control and ownership in the hands of creators builds a more sustainable, fair and vibrant creator economy. Substack has given writers a similarly powerful financial tool, and over the past few years, there has been an ever-growing number of companies that serve creators.
The challenge is that many of these companies rely on the existing systems that hamstrung the platforms of the past, and have business models that require take rates and revenue shares. In many ways, the creator economy needs new infrastructure and business models to build the next phase of creator and fan interaction.
With the right application, crypto can help rewrite the playbook of how creators monetize, engage with their fans and partner with platforms. Its peer-to-peer structure reflects the direct-to-fan relationship and allows creators to own the financial relationship with their audience instead of relying on tech giants or payment partners as middlemen. Beyond that, crypto allows creators to maintain ownership and control over their brands and intellectual property.
Additionally, many crypto projects allow participants to have a voice in the value proposition, strategic direction, operational functions and economic structures of the project via DAOs or governance tokens. In this way, creators can join projects and set the direction in a way that aligns with how they want to engage with their communities.
Creators are especially positioned to benefit from community-governed projects given their ability to motivate and engage their own communities. We are in the early phases of crypto adoption, and creators have a huge opportunity to shape the future of this paradigm shift. With social tokens, creators can mint their own cryptocurrencies that allow for a shared economy that creators and fans can grow together and use to transact directly across different platforms.
NFTs are another category that have exploded in popularity this year, but the industry is just scratching the surface of the utility that they will have. Creators and crypto projects are figuring out ways to make NFTs go beyond collectibles; NFTs provide an engaging and functional digital tool for creators to give their fans their time (through video calls or AMAs) or access to other exclusive benefits.
Creators are just beginning to discover the power that crypto provides. As the user experience of crypto-based platforms continues to become more intuitive, crypto will become ubiquitous. Before that point, creators should think about what rights they need (and can demand) from the decentralized services they use.
Be it within crypto or not, creators finally have the leverage to determine their rights. While I believe that creators should be the ones leading this conversation, here are a few jumping off points:
We’ll leave it to creators to dictate their terms — they’ve been cut out of this conversation for far too long. That said, I’m confident that Rally and many other key participants in the Web 3.0 ecosystem would be open to supporting this effort to create an environment that works for creators and their fans.
Breef raised $3.5 million in funding to continue developing what it boasts as “the world’s first online marketplace” for transactions between brands and agencies.
Greycroft led the round and was joined by Rackhouse Ventures, The House Fund, John and Helen McBain, Lance Armstrong and 640 Oxford Ventures. Including the new round, the New York and Colorado-based company has brought in total funding of $4.5 million since its inception in 2019 by husband-and-wife co-founders George Raptis and Emily Bibb.
Bibb’s background is in digital marketing and brand building at companies like PopSugar, VSCO and S’well, while Raptis was on the founding team at fintech company Credible.com.
Both said they experienced challenges in finding agencies, which traditionally involved asking for referrals and then making a bunch of calls. There were also times when their companies would be in high demand for talent, but didn’t necessarily need a full-time employee to achieve the goal or project milestone.
While the concept of outsourcing is not new, Breef’s differentiator is its ability to manage complex projects: a traditional individual freelance project is less than $1,000 and takes a week or less. Instead, the company is working with team-based projects that average $25,000 with a length of engagement of about six months, Raptis said.
Breef’s platform is democratizing how brands and boutique agencies connect with each other in the process of planning, scoping, pitching and paying for projects, Raptis told TechCrunch.
“At the core, we are taking the agency online,” Bibb added. “We are building a platform to streamline a complicated process for outsourcing high-value work and allow users to find, pay for and work with agencies in days rather than months.”
Brands can draft their own brief to articulate what they need, and Breef will connect them to a short list of agencies that match those requirements. Rather than a one- or two-month search, the company is able to bring that down to five days.
Bibb and Raptis decided to seek venture capital after experiencing demand — millions of dollars in projects are being created on the platform each month — and some tailwinds from the shift to remote work. They saw many brands that may have originally utilized in-house teams or agencies of record turn to distributed or smaller teams.
Due to the nature of agency work being expensive, Breef is processing large amounts of money over the internet, and the founders want to continue developing the technology and hiring talent so that it is a secure and trustworthy system.
It also launched its buy now, pay later project funding service, Breef(pay), to streamline payments to agencies and reduce cash flow challenges. Users can construct their own payment terms, mix up the way they are paid and utilize a credit line or defer payments to control external spend.
To date, Breef has more than 5,000 vetted boutique agencies in 20 countries on its platform and is able to save its users an average of 32% in product costs compared with a traditional agency model. It boasts a customer list that includes Spotify, Brex, Shutterstock, Bluestone Lane and Kinrgy.
Kevin Novak, founder of Rackhouse Ventures, said he met Raptis through the Australian tech community. He recently launched his first fund targeting startups in novel applications of data.
“When they were talking to me about what they wanted to do, I got intrigued,” Novak said. “I like finding marketplaces where the idea is well understood by the people involved. Looking at the matching problem, Emily and George have found a unique way to find ad agencies that hasn’t existed before.”
Do you remember the first time you received a personalized ad? Perhaps you discussed a product with a friend, and the next day, an advertisement for that product popped up on social media. It almost makes you think someone’s listening to your conversations, doesn’t it?
Over time, consumers have become increasingly skeptical about ads like these — and for good reason. A 2019 Accenture study found many customers felt brands communicated in a way they felt was too personal — and 71% of those customers worried how the brands had acquired personal information they hadn’t voluntarily shared.
First-, second- and third-party data make it possible to generate hyperpersonalized ads. But these data collection efforts fall short. Consumers find these methods invasive and a breach of trust — and the data collected is often inaccurate. Google’s third-party cookie is going away, and Apple has made recent changes to its Identifier for Advertisers (IDFA), but no one has clarified the effect of these changes on advertisers’ or marketers’ abilities to reach and remarket consumers.
Many advertisers have begun leveraging AOOH as a more significant part of their brand and marketing strategy to improve reach, frequency and overall business outcomes.
It’s not so much that customers don’t appreciate ads targeting their interests — the concern lies in the methods marketers use to collect data and how consumers can maintain control over what personal data they choose to share. Interestingly, as consumer demands for personalization have increased, according to the 2021 State of Ad Personalization report, half of marketers have yet to invest in ad personalization.
Personalization and data play a vital role in the success of marketing and advertising campaigns today. Brands and their marketing departments must think outside the box and use a more targeted medium not predicated on invading privacy but designed, nevertheless, to provide a unique, personalized experience for in-store shoppers: audio out-of-home (AOOH) technology.
AOOH technology does not request the use of personal data to work effectively. Instead, it focuses on the in-store customer experience. AOOH broadcasts premium music and programmatic advertisements to enrich customer experiences and reach shoppers directly at the point of sale, influencing buying decisions and positively impacting sales.
In the marketing world, personalization has many nuances. Ultimately, marketers see its goal as providing a unique experience to every individual based on personal preferences and data. The current generation of personalization in marketing is not about collecting cookies or third-party data, merchandising or guesswork.
Today’s personalization focuses instead on delivering the right content, the right offer, the right channel and, most importantly, the right sequence of events generating value exchange between the brand and the consumer.
Although consumers don’t trust superpersonalized ads, they still expect brands to offer a personalized experience. Ninety-one percent of consumers polled in another Accenture study indicated a willingness to shop brands with some form of personalization.
On the other hand, personalization in audio advertising has seen significant growth over the past 15 years, as reflected by a willingness by brands to invest in this medium. A recent report predicts an astonishing 84% growth in digital audio ad revenue for 2025 compared to 2019.
Trust wants to give smaller businesses the same advantages that large enterprises have when marketing on digital and social media platforms. It came out of beta with $9 million in seed funding from Lerer Hippeau, Lightspeed Venture Partners, Upfront Ventures and Upper90.
The Los Angeles-based company was started in 2019 by a group of five Snap alums working in various roles within Snap’s revenue product strategy business. They were building tools for businesses to fund success with digital marketing, but kept hearing from customers about the advantage big advertisers had over smaller ones — the ability to receive good payment terms, credit lines, as well as data and advice.
Aiming to flip the script on that, the group created Trust, which is a card and business community to help digital businesses navigate the ever-changing pricing models to market online, receive the same incentives larger advertisers get and make the best decision of where their marketing dollars will reach the furthest.
Trust does this in a few ways: Its card, built in partnership with Stripe, enables businesses to increase their buying power by up to 20 times and have 45 days to make payments on their marketing investments, CEO James Borow told TechCrunch. Then as part of its community, companies share knowledge of marketing buys and data insights typically reserved for larger advertisers. Users even receive news via their dashboard around their specific marketing strategy, he added.
“The ad platforms are a wall of gardens, and most people don’t know what is going on inside, so our customers work together to see what is going on,” Borow said.
The growth of e-commerce is pushing more digital marketing investments, providing opportunity for Trust to be a huge business, Borow said. E-commerce sales in the U.S. grew by 39% in the first quarter, while digital advertising spend is forecasted to increase 25% this year to $191 billion. Meanwhile, Google, Facebook, Snapchat and Twitter all recently reported rapid growth in their year-over-year advertising revenues, Borow said.
The new funding will go toward increasing the company’s headcount.
“We have active customers on the platform, so we wanted to ramp up hiring as soon as we went into general release,” he added. “We are leaving beta with 25 businesses and a few hundred on our waitlist.”
That list will soon grow. In addition to the funding round, Trust announced a strategic partnership with social shopping e-commerce platform Verishop. The company’s 3,500 merchants will receive priority access to the Trust card and community, Borow said.
Andrea Hippeau, partner at Lerer Hippeau, said she knew Borow from being an investor in his previous advertising company Shift, which was acquired by Brand Networks in 2015.
When Borow contacted Lerer about Trust, Hippeau said this was the kind of offering that would be applicable to the firm’s portfolio, which has many direct-to-consumer brands, and knew marketing was a huge pain point for them.
“Digital marketing is important to all brands, but it is also a black box that you put marketing dollars into, but don’t know what you get,” she said. “We hear this across our portfolio — they spend a lot of money on ad platforms, yet are treated like mom-and-pop companies in terms of credit. When in reality Casper is outspending other companies by five times. Trust understands how important marketing dollars are and gives them terms that are financially better.”
Around 15% of website traffic comes through paid search ads. But to turn passive searchers into active shoppers, your ads should answer their question and entice them to click.
We’ve tested thousands of paid search ads at Demand Curve and through our agency Bell Curve. This post breaks down 14 questions your paid search ads should answer to ensure you’re only paying for the highest-intent shoppers.
An important distinction between paid search and organic search is that paid ads are an interruption. Users of search engines are simply looking for an answer to their question. The people who see your ads don’t owe you anything. Just because you’re paying to have your ad show up first doesn’t mean they’re going to pay attention to it.
To generate genuine interest in your paid ads, reframe your offer as a favor.
You can do this in two ways:
For example, reframing free delivery as an extra convenience makes the offer that much more attractive.
Use ad extensions by listing additional benefits in the description of the page. For example, including “customized plans” in the pricing extension page signals to your customer that they’ll have control over the cost. This will help to attract the curiosity of even the most cost-conscious buyers.
Image Credits: Demand Curve
Approximately 80% of e-commerce shopping carts are abandoned, mostly because shoppers don’t feel any urgency to complete the transaction. Online shoppers aren’t in any rush, as the internet is open 24/7 and inventory feels unlimited.
Use ad copy that bridges the gap between their problem and your solution. The easiest way to create that curiosity bridge is by asking a question.
To answer the question, “Why should I buy now?”, you’re going to have to create an incentive to get them to take action now.
Sendlane, a San Diego-based multichannel marketing automation platform, announced Thursday it raised $20 million in Series A funding.
Five Elms Capital and others invested in the round to give Sendlane total funding of $23 million since the company was founded in 2018.
Though the company officially started three years ago, co-founder and CEO Jimmy Kim told TechCrunch he began working on the idea back in 2013 with two other co-founders.
They were all email marketers in different lines of business, but had some common ground in that they were all using email tools they didn’t like. The ones they did like came with too big of a price tag for a small business, Kim said. They set out to build their own email marketing automation platform for customers that wanted to do more than email campaigns and newsletters.
When two other companies Kim was involved in exited in 2017, he decided to put both feet into Sendlane to build it into a system that maximized revenue based on insights and integrations.
In late 2018, the company attracted seed funding from Zing Capital and decided in 2019 to pivot into e-commerce. “Based on our personal backgrounds and looking at the customers we worked with, we realized that is what we did best,” Kim said.
Today, more than 1,700 e-commerce companies use Sendlane’s platform to convert more than 100 points of their customers’ data — abandoned carts, which products sell the best and which marketing channel is working — into engaging communications aimed at driving customer loyalty. The company said it can increase revenue for customers between 20% and 40% on average.
The company itself is growing 100% year over year and seeing over $7 million in annual recurring revenue. It currently has 54 employees right now, and Kim expects to be at around 90 by the end of the year and 150 by the end of 2022. Sendlane currently has more than 20 open roles, he said.
That current and potential growth was a driver for Kim to go after the Series A funding. He said Sendlane became profitable last year, which is why it has not raised a lot of money so far. However, as the rapid adoption of e-commerce continues, Kim wants to be ready for the next wave of competition coming in, which he expects in the next year.
He considers companies like ActiveCampaign and Klaviyo to be in line with Sendlane, but says his company’s differentiator is customer service, boasting short wait times and chats that answer questions in less than 15 seconds.
He is also ready to go after the next vision, which is to unify data and insights to create meaningful interactions between customers and retailers.
“We want to start carving out a new space,” Kim added. “We have a ton of new products coming out in the next 12 to 18 months and want to be the single source for customer journey data insights that provides flexibility for your business to grow.”
Two upcoming tools include Audiences, which will unify customer data and provide insights, and an SMS product for two-way communications and enabled campaign-level sending.