Usermind, a company that compiles customer engagement data, has secured a $23.5m Series C round led by Northgate Capital.
Other backers to the Series included current investors Andreessen Horowitz, Menlo Ventures and CRV.
Seattle-based Usermind offers clients full-lifecycle journey management, building personalised and data-driven costumer experiences. The technology compiles customer data and cross-system data mapping to give clients access to a customer entire interaction.
The company solutions are used across finance, sales, marketing, business operations, customer success and IT departments. For finance teams, the technology can be used to automate communications and alerts for billing and payment processes, while building analytics to help improve processes.
Since coming out of stealth in 2016, Usermind has doubled its employee numbers, tripled its customer based and raised its total revenue tenfold.
Usermind plans to use this capital to open its first international office in Europe, and to scale up its sales and marketing teams in order to keep up with demand.
Following the investment, Northgate Capital managing general partner and CEO Hosein Khajeh-Hosseiny will join Usermind board. Khajeh-Hosseiny has accrued over 20 years of experience advising companies with custeomr-focused digital transformation, and was previously Northgate head of global private equity investments.
Usermind co-founder and CEO Michel Feaster said, “Global enterprises don’t have the luxury of ripping and replacing their current technology infrastructure or rebuilding it all from scratch. Usermind is the missing ingredient in an enterprise’s digital transformation, helping bridge the gap between a company’s fragmented technology landscape and a unified customer experience.”
This capital injection brings the company’s total funding to around $45m, with Usermind closing a $14.5m round last year.
Andreessen Horowitz was fairly active in the FinTech sector near the end of last year. The firm co-led the seed investment round into decentralised financial derivative platform dYdX. Andreessen also led a $34.6m Series C round in to life insurance platform Health IQ around the same time.
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