Tingono makes it easy for revenue leaders to retain and expand revenue
Tingono, the company that automates revenue retention and expansion, today announces its $6.7 million seed funding round.
The funding round was led by Foundation Capital (Netflix, Stripe, and Uber), and included participation from Pathbreaker Ventures (Superhuman, TextIQ); Xfund (RobinHood, Segment); Flying Fish Partners (Vouched, Symbl.ai); and prominent business leaders like John Schoenstein (CRO, Momentive AI), Christine Mills (CRO, Dataminr), and Colin Nederkoorn (CEO, Customer.io), among others.
Businesses spend an exceptional amount of time and revenue in customer acquisition and onboarding, but they often miss the signals that indicate when those customers may churn or are ready for expansion.
As McKinsey stated, companies either grow fast or die slow. They recommend focusing on customer retention to achieve fast growth:
“Technology and software companies spend millions acquiring new customers, yet customer retention is what separates top performers from their competitors.”
Snowflake discovered this secret, as reflected by their soaring Net Revenue Retention Rate (NRR). As a measure of revenue generated by existing customers, NRR is a metric often used by public SaaS companies to highlight robust, sustainable growth.
McKinsey suggests this type of growth is attainable when a company uses analytics and predictive modeling to identify drivers of churn. IDC and Seagate recently discovered enterprise data is growing by 26% each year, making this approach not only feasible but also wickedly smart. Yet, Seagate also noted that most enterprises are not leveraging their data, with only 32% being utilized on average.
Tingono was created to make it easy for companies to retain and expand revenue using all their data. Tingono uses machine learning to identify unique business signals that predict churn risk and expansion signals. They then turn those insights into action, boosting NRR by automating the right customer activity at the right time.
“Businesses spend an exceptional amount of time and revenue in customer acquisition and onboarding, but they often miss the signals that indicate when those customers may churn or are ready for expansion,” said Parry Bedi, co-founder of Tingono. “This is a massive problem–especially for SaaS businesses. Tingono solves this challenge and scales go-to-market activities by automating ML-driven insights.”