Retain.ai, a platform that gives enterprises a view of customer engagement across teams, processes, and apps, has raised $23 million in a funding round led by Emergence Capital, with participation from Baseline Ventures, Upside Partnership, and Afore Capital. The new funding will be used to support growth and more than double Retain.ai’s workforce by the end of 2021, cofounder and CEO Eric Chernoff said. This round brings the company’s total raised to more than $27 million to date.
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Retain provides industry leaders such as Nielsen and Google competitive advantage by identifying and sharing customer teams’ best habits that drive revenue and retention.
San Francisco, California – August 5, 2021 – Retain.ai, the first Customer Insights Engine (CIE), today announced it has raised a $23M Series A to help companies identify and share dynamic best habits that drive revenue and customer retention. The round was led by Emergence, the early investor in Zoom, Box, Veeva, Salesforce, and other hallmark companies with participation from existing investors Baseline Ventures, Upside Partnership, and Afore Capital. Retain has raised a total of $27.6M to date, and the new financing will accelerate growth and acquire top talent.
Retain’s CIE gives a unified view of customer engagement across teams, processes, and applications all in one place. Unlike self-reporting or rigid integrations that provide incomplete data, Retain seamlessly integrates with every browser-based application to create a detailed picture of customer engagement on a one-to-one level, allowing companies to optimize revenue growth and mitigate potential churn. Retain provides customer-facing teams the data-driven insights they need to be proactive and focus on the activities that matter most. It gives leaders the ability to measure internal process excellence and efficiency, and identify areas to optimize, automate, and improve.
“Current customers will make or break enterprises over the next decade – over 75% of new revenue at established enterprises, and 100% of churn by definition, comes from current customers,” said Eric Chernoff, Founder and CEO at Retain. “Customer leaders are flying blind when it comes to trusted data to make the most important strategic decisions for the business, because data is being gathered through self reporting or rigid integrations. Leaders are struggling to focus on the highest value processes and customers, and don’t know how to remedy the situation. Retain provides a unified view of every customer to make data-driven decisions across the entire customer lifecycle.”
Retain’s customers include Nielsen, and Google, among others and the company has had 8X ARR growth, with 36x average customer seat growth, in the last 12 months. According to Retain’s data, Retain is:
- Doubling the efficiency of ongoing customer success processes like onboarding, training, and QBRs.
- Returning 23,000 hours/year spent on cumbersome internal processes to maximize customer-facing time.
- Growing revenue 25% by boosting engagement with high-value customers and increasing retention.
“Retain is a strategic partner for our business,” said Laura McCullough, EVP N.A. Manufacturer Client Success at Nielsen. “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.”
Using privacy-rich browser technology, Retain delivers a trusted, flexible system for identifying and sharing the best team habits that drive impacts across customer engagements and make people more productive in their job.
“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,” said Gordon Ritter, Founder and General Partner at Emergence Capital. “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.”
“Retain is an excellent team defining a new category in an important market,” said Steve Anderson, founder at Baseline Ventures. “It’s great to see the largest enterprises in the world rely on Retain to power their data-driven customer engine.”
Retain is the first Customer Insights Engine (CIE) that enables everyone responsible for delighting customers to be customer-obsessed. Retain delivers a trusted, flexible system for identifying and sharing customer teams’ best practices that drive revenue and retention. By sitting naturally in a team’s workflow, Retain enables everyone responsible for engaging customers to make data-driven decisions by giving them a complete view into every customer lifecycle. As one of AngelList’s “Hot Startups Hiring Now,” the company is headquartered in San Francisco and is backed by Emergence Capital, Baseline Ventures, Upside Partnership, Afore Capital, and Industry Ventures. Learn how enterprises like Nielsen, and Google retain, engage, and delight customers by visiting retain.ai.