Capillary Technologies raises US$14M Series B funding
The funding was led by Sequoia Capital and Norwest Venture Partners; it will be used to enhance Capillary’s cloud-based integrated marketing platform and grow its partnership ecosystemBy Twishy Shahi 17 Jul, 2014
Capillary Technologies, the cloud-based retail customer engagement management provider, today announced that it has closed a US$14 million Series B round of venture financing led by Sequoia Capital and Norwest Venture Partners (NVP). This new investment adds to the US$17 million of Series A funding received in 2012.
The funding will be used to enhance Capillary’s cloud-based integrated marketing platform and grow its partnership ecosystem, which already includes Blue Label Engage in South Africa and the American Express US Global Merchants Services group.
“Capillary Technologies has demonstrated that it can scale up successfully and profitably by focussing on a segment that has been underserved by other more expensive and complex solutions,” said Shailesh Lakhani, Principal, Sequoia Capital. “The strength of Capillary’s solution is its ability to deliver immediate business results. We are excited to partner with the company in this next crucial phase of its growth,” he added.
Capillary’s integrated marketing platform helps retailers manage their customer data, gain insights and personalise engagement across multiple channels, driving a significant increase in sales and loyalty. Capillary’s Intelligent Customer Engagement (ICE) suite of software solutions incorporates a host of features that retail marketers require to engage with their customers, weaving social and mobile experiences into any e-commerce platform or point-of-sale device from legacy terminals to the latest POS devices, mobile tablets, and online shopping platforms.
“Continued funding by both Sequoia and NVP is a vote of confidence in our vision and continued traction in the marketplace. By harnessing the power of Capillary’s ICE, retailer marketers are forming successful and personalised relationships with their customers based on insights from our customer analytics platform across multiple channels,” said Aneesh Reddy, Co-Founder and CEO of Capillary Technologies.
“Retailers realise a 15 per cent increase in Average Basket Value and 30 per cent increase in their customer retention rate by implementing our solutions, which is the reason we continue to grow so rapidly around the world,” he added.
With the announcement of funding also comes the announcement of a new partner, Agilysys. Agilysys is a leading developer and marketer of proprietary enterprise software, services and solutions to the hospitality industry and operates extensively throughout North America, Europe and Asia. “We are excited to have them on board and our partnership will allow us to bring innovative solutions to companies of all sizes in the hospitality industry,” said Anant Choubey, Vice President of the APAC region at Capillary Technologies.
Some of the new customers include Marks & Spencer; KFC; Lacoste; Keedo, a children’s clothing manufacturer in South Africa; and Courts, an electrical, IT and furniture retailer in Southeast Asia.