The funding will help Retain.ai more than double its workforce by the end of the year. Here are the top-line bullets you need to know.
Retain.ai, a consumer analytics and insight engine, has raised $23M in a Series A. The round drew participation from Baseline Ventures, Emergence Capital Partners, Upside Partnership, and Afore Capital.
HOW’S THE COMPANY PERFORMING?
- California-based Retain.ai’s platform provides businesses with a unified view of customer engagement across processes, teams, and apps.
- Salesforce, Nielsen, and Google are among Retain’s customers — and it reported 36x average customer seat growth over the past year. Retain achieved 25% revenue growth by increasing engagement with, and retention of, high-value clients.
- The company’s annual recurring revenue has reportedly increased 8x in the last year.
WHY DOES THE MARKET MATTER?
- The global enterprise performance management market is projected to grow at a CAGR of 6.3% and reach a value of $7.7B by 2026, according to Markets and Markets.
- Businesses have found that they need to modify their existing operational models to adjust to changing consumer preferences amid the pandemic.
- Major companies in the space, such as Oracle, IBM, Infor, SAP, Anaplan, Workday, Epicor Software, and Unicom Systems, have made significant investments in this industry.