SUMMARY
It will be utilising the funds to build technology and hire talent
Seekify is looking to monetise its platform through subscription model
The CX management market is poised to touch $14.5 Bn by 2024 from $7.8 Bn in 2019
Delhi-NCR and Singapore-based enterprisetech platform Seekify, on Wednesday (December 18), announced that it has raised $1.5 Mn in seed funding led by Sequoia Capital’s Surge. The funding round included other angel investors like Nishant Rao, the founding partner of Sequoia Capital’s Surge, Gaurav Agarwal, cofounder of 1mg and Sameer Maheshwari, cofounder of HealthKart.
Founded in 2019, Seekify was started by Arihant Jain and Ajeet Kushwaha. The company enables customer experience (CX) for enterprises by integrating multiple software and aggregating data. The company said it will be utilising the funds to improve the tech stack and expand its team by hiring talent across various departments.
Speaking to Inc42 earlier, Seekify cofounder Jain said that the startup’s inspiration came from the Brad Pitt-starrer Moneyball. Seekify’s CX suite brings together multiple customer interaction points to help businesses make sense of the incoming customer data and use it accordingly.
Jain told us that Seekify takes customer interaction data from fragmented points (for a physical help desk, customer service chat, telephone calls, NPS tools and more) and generates actionable insights to automate processes to enable individuals, teams and organisation to implement the right CX strategy. The company can also set its CX goals like NPS (Net Promoter Score) or CSAT (Customer Satisfaction) at company level.
Seekify is taking the subscription route for monetisation and is targetting mid-market customers and plans to generate revenue of $50-150K a year.
Seekify customer base is currently spread out in Singapore, India, South Africa, Europe and the US. “They are a lot of tech startups in fintech, retail and telecom but also traditional players in BFSI, logistics and mobility,” Jain added.
The CX management market is poised to touch $14.5 Bn by 2024 from $7.8 Bn in 2019, growing at a compound annual growth rate (CARG) of 13.3%. The growth of the market will be fuelled by increasing need to improve customer engagement and reducing customer churn rate. According to an IDC report, the global spending on customer experience technology is forecasted to increase to more than $640 Bn by 2022 from around $500 Bn in 2019.
Last year, CX management software company Cloudcherry raised $9 Mn in Series A funding round led by Pelion Venture Partners, an early-stage venture capital firm. In August 2019, Cisco had plans to acquire the company, and in October Cisco acquired Cloudcherry.
