NYC-based customer success startup Catalyst announced Tuesday it raised $25 million in Series B funding. This, coupled with the $15 million Series A round it closed in July, brings the company’s total capital raised to more than $45 million.
Catalyst’s platform helps companies aggregate data sources from all its different teams into one central dashboard, allowing them to easily monitor metrics like customer satisfaction and retention. The goal is to provide all members of the company with accurate and up-to-date information on their customers.
Catalyst co-founder and CEO Edward Chiu says the ability for companies to satisfy and retain existing customers is more important than ever amid the COVID-19 pandemic. In fact, the company claims to have seen an increase in usage and demo requests since February. Additionally, many of the company’s existing customers are adding colleagues from product, leadership, marketing and data analytics, resulting in a 23 percent increase in users added to the platform.
“During a time when economic slow-down is occurring and projected to continue, sales is decelerating and budgets are getting slashed — customer success continues to be an area of investment organizations are prioritizing,” Chiu said in a blog post. “Now more than ever, every CEO, venture capitalist, board member, and financial analyst believes the function of customer success is the responsibility of every single department. In order for this to happen, companies must look at a consistent set of data across the organization to assess customer engagement.”
Catalyst will use this most recent investment to expand its team (Chiu told TechCrunch the plan is to grow from 35 to 60 or 70 employees by the end of the year) and potentially expand into more sectors outside of the software development companies it currently works with.
“Our vision has always been to be the world’s largest customer experience company,” Chiu told Crunchbase News. “We see tremendous opportunity in expanding to sectors such as legal or health. We want to be able to serve any type of organization that has customers they want to manage, retain and improve their experience.”
