Insider, a Singapore-based company building software that helps marketers drive business growth, announced last week that it has raised $32 million in Series C funding. The round is led by Riverwood Capital, a PE firm based in San Francisco, with participation from Sequoia India, Wamda, and Endeavor Catalyst.
Founded in 2012, Insider says its solution has been used by more than 800 companies across the world, including UNIQLO, Singapore Airlines, Marks & Spencer, Estée Lauder, and Virgin.
The Series C takes Insider’s total funding to $47 million. With the new capital, the company plans to bolster sales and marketing efforts, hire more engineers to its R&D team, and add new features to the platform.
As Insider continues to grow presence in Europe and Asia, CEO and co-founder Hande Cilingir says in a press statement that the company plans to launch in the US, believing its ability to address the pain points that face digital marketers will allow them to stand out in the local market.
Unlike many other customer engagement tools that offer point-solutions, Insider develops a one-stop platform that connects customer data across online and offline channels, predicts how customers will behave with AI, and delivers individualized experience.
Marketers can thus use the software to optimize campaign performance across the Web, mobile apps, email, and other channels, and improve marketing ROI.
"We liked the Insider team from the first days, but have been positively surprised by their highly efficient go-to-market engine,” said Pieter Kemps, principal at Sequoia Capital India. “The quality of customer interactions, combined with exceptional product and technology, has enabled Insider to stand out among the many point-solutions out there -- and build up a very impressive list of customer logos.”
Insider’s main target audience is small- and medium-sized businesses who, unlike large enterprises like Amazon, cannot afford to build their own solution to offer individualized customer experience, according to Meet.
During the pandemic, Insider says it has been helping e-commerce sites build new marketing strategies to convert increased traffic into sales. As more and more consumers turn to online shopping, the company expects the growth in the demand for its services to continue beyond the crisis.
"Great companies become amazing companies during times of crisis, and Insider is definitely one of them,” says Francisco Alvarez-Demalde, Co-founder & Managing Partner at Riverwood Capital. “Leveraging its unique culture and its focus on customer intimacy, [the company] brings a fresh approach in building a truly multichannel next-generation platform.”
Last year, Sequoia India has led Insider’s $11 million Series B round to support its growth in Asia, where the company has worked with several fast-growing startups like Tokopedia, Gojek, and Carousell.
So far, it has offices in London, Paris, Singapore, Tokyo, Hong Kong, Seoul, Sydney, Helsinki, Barcelona, Dubai, Moscow, Warsaw, Taipei, Jakarta, Manila, Wellington, Istanbul, Kiev, Ho Chi Minh City, Bangkok, Brussels, Amsterdam, Luxemburg, Ankara, and Kuala Lumpur.