Conversica, Inc., the leader in Intelligent Virtual Assistants (IVAs) helping organizations attract, acquire and grow customers at scale, announced it has raised a $20 million Series D funding round led by Hollyport Capital, an existing investor of Kennet Partners, Conversica’s lead Private Equity investor. This growth equity round brings Conversica’s total amount of institutional capital raised to $89 million since the company first pioneered the market for true AI-powered IVAs to serve as virtual team members and autonomously engage contacts, prospects, customers or partners in human-like, two-way interactions at scale. Previous investors participating in this funding round include Providence Strategic Growth (PSG), Toba Capital, and Savano Capital Partners.
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This Series D funding round comes after the company saw a strong second quarter in 2020, despite the global economic instability resulting from COVID-19. In fact, COVID-19 has resulted in Conversica’s overall network operating at 20 percent higher than its peak in pre-COVID times, due to businesses now operating predominantly in an online or digital world.
Conversica has enjoyed a historic 40 percent year-over-year growth, and these new funds will be used to continue its growth through investments in Sales, Marketing, and Partner Ecosystem. Additionally, the round allows the company to further invest in its Intelligent Automation Platform product development and engineering.
“We were well-positioned to raise new capital even in these troubling times,” said Jim Kaskade, CEO of Conversica. “I was invited in by two respected private equity groups, PSG and Kennet Partners, to optimize the business and accelerate profitable growth. In under two quarters we achieved profitability and coupled with a mature historic growth year-over-year of 40 percent, we had overwhelming interest in our business.”
“Many companies raise new capital to sustain their unprofitable operations while growing. In this case, we focused solely on adding cash to the balance sheet for growth,” said Kaskade.
Kaskade also believes that Conversica is well positioned to expand its operations inorganically through acquisitions, which is why it has been working with the global M&A and advisory firm, Macquarie Capital, on strategic and capital initiatives since Kaskade’s arrival in October of 2019.
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Conversica’s growth amid a tumultuous economic climate proves there is rapid and rising demand for Intelligent Automation technologies as many businesses struggle to retain existing customers as well as acquire new ones. An augmented workforce of Intelligent Virtual Assistants accelerates customer retention and customer growth for mid-market and enterprise businesses and provides customers with the digital transformation tools they need to succeed in an increasingly challenging market.
“Conversica’s value proposition is changing the way businesses interact with customers,” said John Carter, Chief Executive of Hollyport Capital. “We view Intelligent Virtual Assistants as an innovative opportunity to optimize the workforce and build customer loyalty at scale, completely transforming the way revenue-generating teams operate.”
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