Klaviyo, a customer data and marketing platform for online businesses, announced it has raised $200 million in Series C funding, led by Accel with participation from existing investor Summit Partners. The new financing brings Klaviyo’s total funding to date to $358.5 million. The investment will help further fuel Klaviyo’s rapid growth through R&D, hiring, increased sales, customer support and international expansion. The company also announced it has added Accel’s Ping Li to its board.
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“Klaviyo has given us one-of-a-kind insights and levers to boost revenue by double-digit percentages year after year. The team, tools, and service are top-tier and constantly improving. It feels like Klaviyo and Chubbies are growing hand-in-hand and that’s a better partnership than we could ever have asked for”
As consumers’ purchases have increasingly shifted online during the COVID-19 pandemic, companies of all sizes have scrambled to optimize their digital presence. From brick and mortar retailers moving online for the first time, to existing e-commerce brands doubling down on efforts to deliver highly personalized communications and service, businesses need customer data to inform their marketing efforts. Klaviyo’s software is designed to easily integrate with leading e-commerce platforms like Shopify, Magento, BigCommerce, Stripe, and WooCommerce, applying AI and machine learning algorithms to pull in customer data to generate audience insights, and automate and customize relevant communications, advertising and marketing campaigns.
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“Klaviyo helps online businesses of any size break out of the one-email-fits-all marketing mentality, because blanket communications aren’t effective for anyone,” said Klaviyo co-founder and CEO, Andrew Bialecki. “Every online customer has unique preferences that influence how and where they make purchases and we’re able to help sellers leverage their own customer data to create an experience they control — one that is ultimately measured in revenues generated, not pages viewed.”
Customer Data Belongs with Creators, Not Big Tech
According to the U.S. Department of Commerce, consumers spent nearly $348 billion online with U.S. retailers in the first half of 2020, an increase of 30.1% over the same period in 2019. The Klaviyo platform helps e-commerce merchants find, keep and connect with customers in a meaningful way. The company’s AI-enabled tools are easy to use and store information in data warehouses, eliminating the need for businesses to rent their own data back from Big Tech players. As a result, customer data is in direct control of the creators themselves to inform and curate highly customized communications.
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