Customer Relations Startup Front reaches unicorn status with $65 million raise
The new funding gives the customer relationship software developer a valuation of $1.7 billion, more than double its value when it raised a Series C round of $59 million in January 2020.
The company was able to achieve unicorn status despite fundraising “in the toughest tech fundraising environment in over a decade,” she noted in her statement. Release.
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Front was co-founded in 2013 by Mathilde Collin, who is still the CEO. Its messaging and customer support software is used by nearly 8,000 customers in more than 100 countries. The software adds collaboration capabilities and customer data to try and improve customer relationships with faster, deeply personalized messaging.
The company grew its annual net new recurring revenue by 120% year-over-year while gaining significant traction in the mid-market and enterprise sectors, according to the release.
Funding for customer service startups
So far this year, startups like Front in the customer service space have attracted strong investor interest.
While VC-backed startups in the space raised nearly $3.4 billion in funding last year, according to Crunchbase Data—this year has already seen nearly $2.4 billion flow to these startups in the first six months alone.
While funding has slowed this year for much of the startup ecosystem, it’s clear that software that helps companies stay engaged and engaged with their customers in a deteriorating economy is something investors are thinking about. have great potential.
The new round brings the company’s total funding to more than $200 million to date, according to the company. Other investors in the round included pager CEO Jennifer Tejada and existing investors Capital Sequoia, Threshold companies and Unclog the capital.
Drawing: Dom Guzman
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