Narvar, the premium post-purchase customer engagement platform has announced receiving funds worth USD 30 million in Series C financing round led by Accel, who also led Narvar's Series A round.
Existing investors including Battery Ventures participated in the round, as well as new investors Salesforce Ventures and Scale Venture Partners. In conjunction with the financing, Ryan Sweeney, partner at Accel, will join Narvar's board. Since its founding in 2012, Narvar has raised USD 64 million in total funding.
"Accel has proudly been a Narvar partner from the start, and has watched the company's customer adoption, product innovation, employee culture and global market traction continue to flourish," said Sweeney.
Experts predict that by 2020, customer experience will overtake price and product as the key brand differentiator. Traditionally, retailers have been obsessed with acquisition and conversion, often neglecting the post-purchase phase of the journey. Narvar helps brands to engage customers at a time of high anticipation and build long-term loyalty with their customers.
By working with more than 500 of the world's most admired retailers, including Patagonia, Gap, Levi's, TUMI and Sephora, Narvar has created the industry standard for addressing the post-purchase opportunity. Narvar's robust, intelligent and customized SaaS platform provides powerful delivery tracking analytics, delivery notifications, returns management, seamless feedback collection and timely customer communications. The company has served nearly five billion customer interactions across 38 countries and 50 languages.
"We'll use this new investment to continue developing leading products for our customers while investing heavily in international growth to support global brands," said founder and CEO Narvar, Amit Sharma.
"Growing our direct-to-consumer business is a priority for us not only financially, but also strategically as it allows us to engage with a customer long-term and ensure the interactions are on-brand," said Charlie Cole, chief digital officer at TUMI.
"Differentiating the post-purchase experience represents one of the primary areas where brands can win against the major marketplace players, as it provides an opportunity to delight a customer and build long-term loyalty," added Cole.
With this new round of funding, Narvar will ramp up product innovation and R&D efforts while aggressively hiring to support its growing offices around the world. In the last 12 months, Narvar has doubled revenue and employee headcount, deepened its executive bench, and added more than 100 brands, including Costco and Lululemon, to its roster of customers. The company has also expanded its global footprint into APAC and EMEA - opening a London office and making its first leadership hires in Germany.
With Narvar, retailers realize additional revenue and lower shipping and returns-related contact volume by an average of 30 percent within days. Consumers who interact with Narvar-powered brands report being highly satisfied with their post-purchase experience.
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