Nov
17
2020
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Marketing automation platform Klaviyo scores $200M Series C on $4.15B valuation

Boston-based marketing automation firm Klaviyo wants to change the way marketers interact with data, giving them direct access to their data and their customers. It believes that makes it easier to customize the messages and produce better results. Investors apparently agree, awarding the company a $200 million Series C on a hefty $4.15 billion valuation today.

The round was led by Accel with help from Summit Partners. It comes on the heels of last year’s $150 million Series B, and brings the total raised to $385.5 million, according the company. Accel’s Ping Li will also be joining the company board under the terms of today’s announcement.

Marketing automation and communication takes on a special significance as we find ourselves in the midst of this pandemic and companies need to find ways to communicate in meaningful ways with customers who can’t come into brick and mortar establishments. Company CEO and co-founder Andrew Bialecki says that his company’s unique use of data helps in this regard.

“I think our success is because we are a hybrid customer data and marketing platform. We think about what it takes to create these owned experiences. They’re very contextual and you need all of that customer data, not some of it, all of it, and you need that to be tightly coupled with how you’re building customer experiences,” Bialecki explained.

Andrew Bialecki, CEO and co-founder at Klaviyo

Andrew Bialecki, CEO and co-founder at Klaviyo Image Credits: Klaviyo

He believes that by providing a platform of this scope that combines the data, the ability to customize messages and the use of machine learning to keep improving that, it will help them compete with the largest platforms. In fact his goal is to help companies understand that they don’t have to give up their customer data to Amazon, Google and Facebook.

“The flip side of that is growing through Amazon where you give up all your customer data, or Facebook or Google where you kind of are delegated to wherever their algorithms decide where you get to show up,” he said. With Klaviyo, the company retains its own data, and Ping Li, who is leading the investment at Accel says that it where the e-commerce market is going.

“So the question is, is there a tool that allows you to do that as easily as going on Facebook and Google, and I think that’s the vision and the promise that Klaviyo is delivering on,” Li said.  He believes that this will allow their customers to actually build that kind of fidelity with their customers by going directly to them, instead of through a third-party intermediary.

The company has seen some significant success with 50,000 customers in 125 countries along with that lofty valuation. The customer number has doubled year over year, even during the economic malaise brought on by the pandemic.

Today, the company has 500 employees with plans to double that in the next year. As he grows his company, Bialecki believes diversity is not just the right thing to do, it’s also smart business. “I think the competitive advantages that tech companies are going to have going forward, especially for the tech companies that are not the leaders today, but [could be] leaders in the coming decades, it’s because they have the most diverse teams and inclusive culture and those are both big focuses for us,” he said.

As they move forward flush with this cash, the company wants to continue to build out the platform, giving customers access to a set of tools that allow them to know their own customers on an increasingly granular level, while delivering more meaningful interactions. “It’s all about accelerating product development and getting into new markets,” Bialecki said. They certainly have plenty of runway to do that now.

Nov
02
2020
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Email creation startup Stensul raises $16M

Stensul, a startup aiming to streamline the process of building marketing emails, has raised $16 million in Series B funding.

When the company raised its $7 million Series A two years ago, founder and CEO Noah Dinkin told me about how it spun out of his previous startup, FanBridge. And while there are many products focused on email delivery, he said Stensul is focused on the email creation process.

Dinkin made many similar points when we discussed the Series B last week. He said that for many teams, creating a marketing email can take weeks. With Stensul, that process can be reduced to just two hours, with marketers able to create the email on their own, without asking developers for help. Things like brand guidelines are already built in, and it’s easy to get feedback and approval from executives and other teams.

Dinkin also noted that while the big marketing clouds all include “some kind of email builder, it’s not their center of gravity.”

He added, “What we tell folks [is that] literally over half the company is engineers, and they are only working on email creation.”

Stensul

Image Credits: Stensul

The team has recently grown to more than 100 employees, with new customers like Capital One, ASICS Digital, Greenhouse, Samsung, AppDynamics, Kroger and Clover Health. New features include an integration with work management platform Workfront.

Plus, with other marketing channels paused or diminished during the pandemic, Dinkin said that email has only become more important, with the old, time-intensive process becoming more and more of a burden.

“We need more emails — whether that’s more versions or more segments or more languages, the requests are through the roof,” he said. “The teams are the same size … and so that’s where especially the leaders of these organizations have looked inward a lot more. The ways that they have been doing it for years or decades just doesn’t work anymore and prevents them from being competitive in the marketplace.”

The new round was led by USVP, with participation from Capital One Ventures, Peak State Ventures, plus existing investors Javelin Venture Partners, Uncork Capital, First Round Capital and Lowercase Capital . Individual investors include Okta co-founder and COO Frederic Kerrest, Okta CMO Ryan Carlson, former Marketo/Adobe executive Aaron Bird, Avid Larizadeh Duggan, Gary Swart and Talend CMO Lauren Vaccarello.

Dinkin said the money will allow Stensul to expand its marketing, product, engineering and sales teams.

“We originally thought: Everybody who sends email should have an email creation platform,” he said. “And ‘everyone who sends email’ is synonymous with ‘every company in the world.’ We’ve just seen that accelerate in that last few years.”

May
29
2018
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Movable Ink now lets developers build custom email applets

Movable Ink has always prided itself on providing marketers with a way to deliver highly customized emails, but today the company decided to take that one step further. It announced an SDK that enables developers to build custom applets to add their own unique information to any email.

The company has always seen itself as a platform on which marketers can build these highly customized email marketing campaigns, says Bridget Bidlack SVP of product at Movable Ink.

“We built our business on making it easier for marketers to add intelligent content into any email campaign through a library of hundreds of apps. With our [latest] launch, we’re really opening up our development framework to agencies and system integrators so that they can create those apps on their own,” Bidlack explained.

This means companies are free to create any type of data integration they wish and not simply rely on Movable Ink to supply it for them. Bidlack says that could be anything from the current weather to accurate inventory levels, loyalty point scores and recent purchase activity.

What’s more, Movable Ink doesn’t really care about the source of the data. It could come from the company CRM system, internal database or offer management tool. Bidlack says Movable Ink can incorporate that data into an email regardless of where it’s stored.

This all matters because the company’s whole raison d’etre is about providing a customized email experience for every user. Instead of getting a generic email marketing campaign, you would get something that pulls in details from a variety of sources inside the company to build a custom email aimed directly at the individual recipient.

Company co-founder and CEO Vivek Sharma says that when they launched in 2010, service providers at the time were focused on how many people they could reach and open rate, but nobody was really thinking about the content. His company wanted to fill that gap by focusing specifically on building emails with customized content.

As Sharma said, they didn’t try to take on the email service providers. Instead they wanted to build this intelligent customization layer on top. They have grown increasingly sophisticated with their approach in the last 8 years and count companies like Dunkin’ Donuts, Bloomingdale’s, Comcast and Delta among their 500+ customers. They also have strategic partnerships with companies in the space like Salesforce, Oracle, IBM, Cheetah Digital, Epsilon and many others.

The approach seems to be working. The company has raised a modest $14 million since it launched in 2010, but today it boasts $40 million in annual recurring revenue, according to  Sharma.

Jul
10
2017
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Microsoft launches new email marketing and invoicing tools for small businesses

 In the shadow of its Inspire partner conference, Microsoft today launched in preview three new tools for small businesses: Microsoft Connections, Microsoft Listings and Microsoft Invoicing. These join the company’s existing stable of small business tools like Microsoft Bookings and the Outlook Customer Manager. Microsoft Connections allows its users to create Mailchimp-like email… Read More

Dec
14
2016
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Conversica lands $34 million Series B to build intelligent sales assistants

Business woman sending email marketing After a potential customer has first contact with a business, sales gets in gear, often responding with an introductory email. Conversica has developed an artificial intelligence system designed to automate these early contact emails, and pass it off to a human salesperson when the time is right. Today, it announced a $30 million investment.
The round was led by Providence Strategic Growth. Read More

May
30
2014
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ExactTarget Co-Founder Scott Dorsey Leaves Salesforce, McCorkle New CEO

2579025866_9bc96fb97d_b A changing of the guard at ExactTarget, the email and digital marketing company that Salesforce acquired last year for $2.5 billion, its biggest acquisition to date. ExactTarget co-founder Scott Dorsey is stepping down as CEO, while Scott McCorkle, president of technology and strategy and COO, is stepping up.
Sources tell us that emails went out to staff yesterday from Salesforce CEO Marc… Read More

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