Retain.ai is the pioneering Customer Insights Engine (CIE) that announced today that it had raised $23 million in Series A to assist companies in discovering and sharing the most effective practices that increase sales and retention of customers. It was spearheaded by Emergence, the first investor of Zoom, Box, Veeva, Salesforce, and other notable companies. It was joined by existing investors Baseline Ventures, Upside Partnership, and Afore Capital. Retain has been able to raise $27.6M to now, and the latest financing will help accelerate growth and attract the best talent.
Retain’s CIE offers a complete overview of customer engagement across processes, teams, and applications in one spot. In contrast to self-reporting and rigid integrations that only provide insufficient data, Retain seamlessly integrates with any browser-based application to give a comprehensive overview of customer satisfaction on an individual basis which allows companies to maximize revenue growth and limit the possibility of a loss of a customer. Retain offers customer-facing departments the insights based on data they need to stay on top of their game and concentrate on the areas which matter the most. Leaders can evaluate internal processes’ performance and efficiency and determine areas where they can improve, automate, or enhance.
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Retain Raise Funding of $23M in Series A
“Current customers will make or break companies in the next 10 years – around 75% of all new revenue generated by established businesses, and all churn, according to the definition, comes from existing customers,” said Eric Chernoff, the CEO, and Founder at Retain. “Customer leaders are unable to see in regards to the reliability of data to make crucial decisions in the strategic direction of the company because data is being gathered via self-reporting or rigidly integrated systems. Leaders struggle to concentrate on the most valuable processes to customers, and customers aren’t sure how to fix the problem. Retain offers a complete overview of each customer’s needs to make informed decisions over the entire lifecycle of a customer.”
Its customers include Nielsen and Google. The company has seen a growth of 8x ARR and an average of 36x growth in customer seats in the past twelve months. Based on the Retain’s data, Retain is:
- Doubling the effectiveness of continuous customer success processes such as onboarding, training, and QBRs.
- The company spends 23,000 hours a year in a cumbersome internal process to make the most of customer interaction time.
- The company can increase revenue by 25% by increasing engagement with valuable customers and improving retention.
“Retain is an important strategic partner for our company,” said Laura McCullough, EVP NA. Manufacturer Client Performance at Nielsen. “Their technology allows us to leverage the power of data to pinpoint and spread the most effective ways to ensure that our teams are efficient across the entire client period.”
Utilizing a privacy-focused browser, Retain delivers a trusted and adaptable system to identify and share the best practices of teams that result in positive impacts across customer interactions and help make employees more efficient in their work.
“Eric has a quest to assist companies quickly and clearly understand how their teams deal with customers are performing, what is driving their revenue and what’s not,” said Gordon Ritter, General Partner, and Founder at Emergence Capital. “The amazing thing about Retain is the result of what Emergence calls a Coaching Network; CIE provides the most effective techniques to the entire team. It provides everyone with the tools necessary to increase revenue and reduce the rate of churn more efficiently.”
“Retain is an outstanding team that has created a new type of product in a crucial industry,” said Steve Anderson, the founder of Baseline Ventures. “It’s amazing to see some of the biggest corporations around the globe relying on Retain to drive their customer-driven data engine.”
Retain is the first company to introduce a Customer Insights Engine (CIE) that allows everyone responsible for pleasing customers to be obsessed with customer service. Retain offers a reliable and adaptable system to identify and share the best practices of customer teams that increase revenue and retain customers. It is a natural part of a team’s workflow; retain enables everyone responsible for engaging customers to make informed decisions by providing them with a comprehensive understanding of the entire lifecycle of a customer.
It is listed as one of AngelList’s “Hot Startups hiring Now,” the company is located in San Francisco and is backed by Emergence Capital, Baseline Ventures, Upside Partnership, Afore Capital, and Industry Ventures. Learn how businesses such as Nielsen and Google retain, engage and please customers through retain.ai.