Podium plans to use the funding to reach more local businesses and enhance its technology. Here are the top-line bullets you need to know.
Podium, a provider of messaging tools for small businesses, has raised $201M in a Series D round. The round drew participation from Accel, Summit Partners, Album VC, Sapphire Ventures, and Y Combinator, among others.
HOW’S THE COMPANY PERFORMING?
- Utah-based Podium’s platform enables businesses to interact with their customers via text, chat, marketing campaigns, and payment transactions.
- More than 100K local businesses utilize the platform to drive revenue growth. Its clients include Lazboy, Zerorez, Rotmans, and Trane Technologies.
- The platform has processed over 17M interactions and reached 40K businesses to date.
- It has offices in the US, Australia, and Brazil.
WHY DOES THE MARKET MATTER?
- The global customer communications management market is projected to grow at a CAGR of 11.2% and reach a value of $2.7B by 2028, according to Verified Market Research.
- The rapid proliferation of digital channels and adoption of omnichannel approaches to customer engagement have increased the demand for tools to manage customer communications.
- Amid the shift to online shopping, consumers are increasingly using messaging applications associated with social media platforms in order to connect with sellers.
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