Customers are more loyal to businesses that can interact with them on a more personal level. However, if consumer behavior shifts, as it has in the last 18 months, it becomes more difficult to make that connection amid the barrage of communications they are bombarded with.
Optimove, a customer relationship management marketing firm, wants to assist firms in “delighting” their consumers and keeping them coming back. Summit Partners spearheaded a $75 million growth investment in the company, which has offices in Tel Aviv, New York, and London.
According to CEO Pini Yakuel, the SaaS startup was formed in 2012 to link customers with brands and to use artificial intelligence to coordinate the right message to the right customer at the right moment, and to do so at scale.
“It’s easier when you’re building three or five client journeys a month, but there isn’t an easy way to do thousands,” he added. “All of the communications are orchestrated by AI orchestrators.
You may now define the message, and the marketer will have access to all of the data, as well as feedback and analysis of the consumer segment.” Because the global multichannel marketing market is predicted to reach $28 billion by 2027, Yakuel believes knowing who a brand’s clients are and how to target them will be advantageous. For each customer and campaign, Optimove’s data analysis delivers insights on how to accomplish and attribute measurable improvement in areas like attrition, conversion, reactivation, and lifetime value.
Optimove was bootstrapped for the first four years until raising $20 million with this funding. The money hasn’t been put to use yet, according to Yakuel, because the company has been profitable so far. Summit Partners, which is buying out the company’s initial investors, is making a stronger commitment to the company, according to him.
He went on to say, “It’s a transition and phase into a new period.” “Given the current fundraising climate, it seemed like the ideal time for us. We also want to undertake some M&A and expand our platform, but this must all be done in a smooth manner. In order to use us today, a company may need to stitch together three or four additional solutions. We can be better partners if we can own some of those capabilities.”
In addition to M&A, the firm expects to hire 300 new employees over the next two years and invest in technology, research and development, and engineering to better serve its 500 brand customers, which include BetMGM, Papa John’s, and Staples.