Retain, a customer insights startup based in San Francisco, has raised $23 million in Series A funding to continue developing its Customer Insights Engine (CIE).
The funding round was led by Emergence and counted with the participation of firms like Baseline Ventures, Upside Partnership, and Afore Capital, all of which had previously invested in the startup.
Emergence has been an early investor in successful companies like Zoom, Box, Veeva, and salesforce. Gordon Ritter, Founder & General Partner at Emergence Capital, referred to the investment by stating:
“Eric is on a mission to help companies clearly and concisely understand how their customer-facing teams are working, what is driving revenue, and what is not. The brilliance of Retain is what Emergence calls a Coaching Network; its CIE distributes the best-performing practices to the entire team. This provides everyone with the tools they need to be more effective at growing revenue and reducing churn.”
Since being founded in 2017, Retain has raised a total of $27.6 million that has helped it finance the development of its platform and team growth, which will be the same destination as the recently acquired funds.
Retain’s CIE allows companies to have a unified view of customer engagement across teams, processes, and applications. The platform is currently used by major corporations like Salesforce, Nielsen, and Google. Laura McCullough, EVP N.A. Manufacturer Client Success at Nielsen, said about the platform:
“Retain is a strategic partner for our business. Their technology helps us leverage a data-driven approach to identify and propagate the best habits that ensure our teams are the most effective across the entire customer cycle.”
According to Retain’s data, the platform has resulted in growing revenue by 25% as a result of boosted engagement and increased retention, as well as by returning over 23k hours per year that would have been spent otherwise on internal processes.
With more businesses around the world transitioning to digital, improving customer retention by identifying customer habits has become a priority for different industries, which is just what the customer insights startup is aiming to capitalize on
