Clarabridge Secures $80 Million in New Funding
Clarabridge, a provider of customer experience management solutions, has completed an $80 million equity investment by new investors General Catalyst Partners, Summit Partners, and Unica-founder Yuchun Lee. Clarabridge will use the investment to further expand its global operations, power continued product innovation, grow its employee base, and increase reach through marketing and strategic transactions.
Founded in 2006, Clarabridge has built a CEM solution powered by sentiment and text analytics for Global 1000 organizations, including Walmart, Dell, Fidelity, Wendy’s International, United Airlines, Best Buy, PetSmart, QVC, Inc., and many more. The investment follows a three-year period in which Clarabridge recorded more than 150 percent revenue growth, more than 250 percent growth in recurring revenues, more than doubling its team, and global expansion with new offices in London and San Francisco.
"The world's top companies recognize the growing importance, ROI, and massive amount of data growth and channels involved in listening to the voice of the customer. We're thrilled at how many have selected Clarabridge's multichannel, Intelligent Customer Experience solutions to collect, analyze, and act on this critical data to enhance customer experience," said Sid Banerjee, Clarabridge CEO, in a statement. "Over the past eight years, Clarabridge has clearly established itself as the leader in the CEM space. This capital infusion will enable us to significantly increase investment in our people, products, and processes, accelerate innovation, both organically and strategically, and ensure we power the future of customer experience analytics at all levels of the enterprise."
As part of the transaction, Yuchun Lee will join as Clarabridge's chairman of the board and Larry Bohn of General Catalyst Partners and Tom Jennings of Summit Partners will join as board directors. Sid Banerjee will continue as CEO. "Our new investors bring decades of experience building, growing, and leading world-class companies, and I look forward to working with them to scale Clarabridge to new levels of success," Banerjee said in the statement.
"Before committing to our investment in Clarabridge, we researched the CEM space thoroughly. While there are many exciting, growing companies developing compelling solutions in the space, we found that Clarabridge uniquely possesses a strong team, a robust, scalable product architecture, and proven, successful execution since its inception, and we believe Clarabridge will become the dominant leader as CEM continues to undergo explosive growth in the next few years," Lee said in a statement.
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