CRM marketing startup Optimove raises $75 million from Summit Partners
Connecting with customers at a personal level converts into loyal customers. It is tough to monitor customer behaviour as it can change at any moment, Optimove is doing a tremendous job, and recently a reward is being paid. Optimove’s customer relationship management (CRM) changed a ton within the past 18 months, along with their brand went from a full-fledged helping hand to becoming a “delight” to the customers.
Founded by Pini Yakuel in 2012, the SaaS company helped customers connect with brands to orchestrate the right message. What’s more interesting is the fact that they are using artificial intelligence to do so. Managing a few customers is easy, but when it scales to thousands, it becomes very complex. AI helps in “how these customers want to send messages to the brands” and transmit customer data in a manner that is hard to achieve piece by piece.
Pini said, “now you can define the message, and the marketer will have all of the data and be able to get feedback analysis of what the customer segment looks like.”
As a reward, Optimove said they recently raised $75 million capital for going into mergers, strategic hirings, acquisitions and expansions. The CRM marketing hub of Optimove is pretty exciting and showing tremendous results.
Summit Partners growth investor led the event this week for the fundraising round to inject cash into the company, becoming the single most significant sum. Previously the company managed to get only $20 million in the past ten years.
The company saw a rapid growth of over 40% within the past 12 months, which is significant compared to global eCommerce take-up. Every year Optimove helps over 2200 users from 500 plus brands to send 23 billion optimised messages, chalking up to 3 billion users within the company lifetime. Retail, telecom, QSR, gaming, eCommerce and financial services benefit heavily from the provided service regularly.
Optimove is planning to double the headcount to serve more customers globally by the end of next year. They also had a change of board positions to meet the gradual rising demand, which needs more practical expertise. Currently, the company is managed by 180 people; meeting customer demand is on the bottleneck. So, a change of plan was required, and finally, they had the opportunity to dive deeply into a much deeper customer base.
There are hundreds of segments in the CRM software managed by Optimove that leverages AI to discover customer segments. The management facility is quite interesting as the UI has an easy and exciting view, making it easy for marketing.
The AI models used in the core foundation organises “micro-segments” to help in monitoring and migrating changes within the environment. Customers pay to get the service and to have a clear view of what to expect and how their message is sent to other decision-makers of overseas companies.
Software as a Service (SaaS) with the combination of Customer Data Platform (CDP) works together with Multichannel Marketing Hub (MMH) to “uniquely empower brands.” Their service includes promoting Facebook and Google ads, push notifications, email and text messages across websites. Gartner’s market share analysis and relationship management software helped the multichannel marketing reach $10 billion with a Compound Annual Growth Rate (CAGR) of over 17%.
The company, in a tweet, “We are incredibly proud to announce a $75 million growth investment” that is likely to interest more potential customers to place trust in the company, resulting in more business.
Integration with leading technology platforms such as Snowflake, Salesforce, Shopify, Commerce Cloud, SBTech, Playtech makes it more interesting. Partnering up with large companies means their business is scalable and considerable growth is always on the rise.