Salesforce.com, Inc. (NYSE:CRM) Rival Kustomer Inc Nabs $35 Million in Series C Financing
Salesforce.com, Inc. (NYSE:CRM) up 2.74% in the previous trading session and is trending upwards. This is the possible reason why the stock is gaining.
Salesforce’s Rival Kustomer Inc. – a customer management platform for the people-first enterprise, announced collecting a total of $35 million in series C funding.
Venture Funding Rising
The round brought the total funding to around $73.5 million and was led by Battery Ventures as well as the participation from Canaan Partners, Redpoint Ventures, Social Leverage, Boldstart Ventures, and Cisco Investments. Also, together with the funding, Neeraj Agrawal, a general partner at Battery Ventures as well as a seasoned B2B software investor, joined Kustomer’s board of directors.
The investment has merely come after six months after Kustomer’s series B round which collected about $26 million. Before that, the SaaS (software-as-a-service) provider had raised a round of $2.5m, $10 million in series A funding.
The customer management platform provided by Kustomer unifies data from several sources and hence enabling the companies to deliver personalized service as well as support through a single timeline view. According to Brad Birnbaum, CEO of Kustomer, leading brands in both the B2C and DTC segments have been attracted to them because of the next-generation alternatives they provide.
What Next for Kustomer
The company now has a plan in place to use the funds in accelerating its go-to-market strategy, invest in the platforms, expand internationally as well as launch new products. Furthermore, it will use the opportunity to cement its position firmly as the next-generation alternative to the legacy solutions.
The explosive growth that Kustomer is experiencing has been driven majorly by its ability to attract large companies by having thousands of service agents, the need for the business process automation driving efficiencies, rising frustration from the existing outdated solutions which fail to deliver on customer experience promise, and finally the overall shift in the approach to the customer management.
Launched in 2015, Kustomer is now pressing forward to achieve its goals as well to ensure that they compete on the same level with larger players such as Salesforce.com Inc., Oracle and Zendesk Inc. In ensuring it’s possible, they doubled the size of the workforce last year, and the company plans a similar thing this year, but this time around they plan more than doubling it.