Conversocial Grabs $3.2M Funding
LONDON, ENGLAND, Leader in social customer service, today announced that it has completed its Series A2 funding round.
Conversocial, the leader in social customer service, today announced that it has completed its Series A2 funding round. Octopus Investments leads the round, which includes a $3.2 million investment, in addition to $1.2 million from a previous convertible note, bringing the total round to $4.4 million. The investment will go primarily towards product development, hiring key talent, and building Conversocial's North American presence. This brings Conversocial's total funding raised to over $7 million.
"Leading companies are quickly realizing that the importance of social customer service demands dedicated software like Conversocial. For a company to deliver the best possible social customer experience, social marketing or listening software simply doesn't cut it," said Joshua March, CEO of Conversocial. "The new investment allows us to innovate even faster to take social into the contact center, and meet the fast growing market demand."
The round will help Conversocial continue its focus on product development, a commitment that is also demonstrated by today's announcement of two key platform upgrades: Real Time Management Dashboard and Conversations Workflow. Both improvements address the inherent need for brands to have up-to-the-minute tools and efficient workflow processes to address and manage the high-volume of customer interactions via social media channels. These new platform enhancements will directly bolster the efficacy of social customer service teams using Conversocial.
"Working with Conversocial has provided us with the essential infrastructure to manage real-time inquiries from our customers and prevent any social media crises, and has given us the bandwidth to more aggressively pursue opportunities to engage with customers proactively," said David Tull, Customer Engagement Manager at JackThreads. "With more of our customers using social media on smartphones, tablets, and laptops to communicate with us, it's critical that we work with the latest technology to meet our customers where they live, and right now they live online. Conversocial allows our social customer service teams to operate with an efficiency and accuracy that we haven't had before."
Conversocial's revenue has tripled over the past 12 months, and internal projections show that this rate of growth will continue over the coming year. This revenue growth has been fueled by a doubling of Conversocial's customer base, with the addition of leading brands across industries including: American Greetings, Barclaycard, GoDaddy, Hertz, JackThreads, and Sephora.
Earlier this year, Conversocial was chosen by Gartner as one of five "Cool Vendors" in the CRM Customer Service and Social Report, 2013.
Commenting on the investment Alliott Cole, Principal on the Ventures team at Octopus , said: "We're thrilled to be working with the team at Conversocial as they continue to grow their brand, technology development and US presence. Joshua March is building a really talented team, which is developing a service that meets head on the challenges that retailers and other organizations now face in responding to and interacting with customers through social media. We look forward to helping the team build on the success it has achieved to date."
Real Time Management Dashboard
Your customers reaching out over social channels expect responses in real time " or close to it. Managers need a tool that can allow them to instantly spot new issues as they emerge on public social channels, and track them to coordinate a response before a social media crisis erupts. The Real Time Management Dashboard enables team leaders to turn insight to action by showing them the status of their social channels, as well as health reports on how effectively their social customer service team is operating.
Unlike traditional customer service software designed to handle private one-to-one conversations between an agent and a consumer, the new Conversations workflow is designed to allow social customer service agents to handle multiple conversations going across private, public and different social channels - in real time. Conversocial customer JackThreads reports that using Conversocial allows them to handle 10x more social interactions than they could before switching to the platform.
Headquartered in New York and London, Conversocial continues to expand into the American market, having processed more than 300 million customer service interactions on social media and being deployed in more than 20 countries worldwide. Companies and organizations such as American Greetings, Barclaycard, Charity USA, Groupon, Hertz, Net-A-Porter, Ogilvy, Sephora, Tesco, The University of Phoenix, Tupperware, Waitrose, and Vitalicious are using Conversocial's Software-as-a-Service to manage the flow of customer service enquiries and discussions on Facebook and Twitter.
For more information contact: Anna Drennan, Anna(at)Conversocial(dot)com or Michael Cecil, 212-362-1307, Michael (at)Thunder11(dot) com.
About Octopus Investments
Founded in 2000, Octopus is one of the UK's fastest growing investment management companies. We currently manage £3 billion assets on behalf of 50,000 customers.
The Ventures team at Octopus are straight talking human investors that back talented people rather than specific sectors. We focus on identifying fast growth businesses, which can scale explosively to create, transform or dominate an industry. We can invest from £250,000 to £5 million and prefer to partner teams based in the UK.
The work of our Ventures team is supported by access to the Octopus Venture Partners, a network of approximately 100 outstanding business leaders, entrepreneurs and private investors providing an invaluable wealth of expertise and resource for our portfolio companies, as well as investing on a deal-by-deal basis alongside Octopus venture funds. This blend of knowledge and skill has allowed us to help many great companies across several sectors thrive in recent years including Zoopla; Graze.com; SwiftKey; and, Secret Escapes.
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