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Appboy Takes on Salesforce with $50 Million Funding Round

  • 13 August 2017
  • FoM Staff

Marketing technology company, Appboy, brought in $50 million in its Series D funding round. This brings their total funding above $96 million. Funding was led by ICONIQ Capital with participation from InVision and Sprinklr, as well as previous investors.

“We've been very impressed with Appboy's breakthrough customer engagement and relationship management offerings,” said Alice Milligan, Chief Customer and Digital Experience Officer for Citi Global Cards. “Our new partnership with Appboy will enable Citi to build stronger personalized relationships with our customers and will substantially enhance our digital capabilities.”

Past funding included a Series B that was oversubscribed at $15 million and a Series C that brought in $20 million.

Appboy Information

Appboy has some major names on its list of clients, including Dominos, Citigroup, Lyft, Airbnb, DraftKings, and Microsoft Corp. The company was founded in 2011 and jumped into the world of mobile devices, while competitors and older companies were still adapting and learning about the new technologies there was such a demand for.

Appboy allows customers to send out a single message in hundreds of languages, depending on fluency and location. The idea was to make the marketing relevant for an audience who were spending every moment on their cell phones.

Appboy can also determine the marketing regulations that apply to different areas, in order to avoid sending messages that might be considered spam in one place and completely legitimate marketing in another. One of the biggest successes of the company was reaching Chinese consumers, who are difficult to market to because of the government firewall erected there.

Appboy has support for Android push notifications through Baidu Cloud Push. Rather than using Google Cloud Messaging or Google Play, which are both blocked by the Chinese government, most app downloads in China go through Baidu.

The startup has offices in London and San Francisco, as well as Thailand and Japan.

Investors

ICONIQ Capital is a global merchant bank and multi-family office who invest in the Internet, software, and fintech sectors. The company does a large amount of investing, with recent funding going to Houzz, Netskope, Fastly, Snowflake Computing, and ServiceTitan.

“Domino's places high value in emerging technology as we grow our business and create enhanced customer experiences through digital communication,” said Dennis Maloney, Chief Digital Officer of Domino's. “Looking ahead, we're excited to have a partner in Appboy who shares that vision.”

InVision is a product design collaboration platform that is used by over two million people globally. They specialize in the sectors of mobile, apps, collaboration, SaaS, UX design, and product design.

Sprinklr offers a social media management platform for enterprise brands to connect with customers at every touch point.

Funding Usage

This investment will allow the company to boost its presence on a worldwide basis. It will also allow the company to fund more in their engineering, marketing, and sales departments. The company plans to continue along their current growth trajectory, driving leading brands into the future by empowering them to create and drive enriching customer experiences that will have long-term value.

Magnuson said, “Our goal is to control our own destiny and be an independent, robust company.”

Sources:

http://www.prnewswire.com/news-releases/appboy-raises-50-million-in-funding-round-led-by-iconiq-capital-to-accelerate-growth-300501926.html

http://fortune.com/2017/08/09/appboy-software-funding/

https://www.bizjournals.com/newyork/news/2017/08/09/salesforce-rival-appboy-clinches-50-million-in.html

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