CustomerSuccessBox raises $1mn to drive growth, product innovation
Customer success startup CustomerSuccessBox raised USD 1 million 1mn in pre Series A funding led by pi Ventures to drive growth and product innovation.
New Delhi : Customer success startup CustomerSuccessBox raised USD 1 million 1mn in pre Series A funding led by pi Ventures to drive growth and product innovation.
CustomerSuccessBox helps B2B Software as-a-Service (SaaS)-based companies reduce, churn and grow their recurring revenue. It applies Artificial Intelligence (AI) and Machine Learning (ML) to automate customer on boarding, product usage analysis and user communication, thus enabling success managers to deliver a superior customer onboarding experience, retain customers, drive, up sell and improve Monthly Recurring Revenue (MRR) and Life-time Value (LTV) for SaaS businesses.
Founded in 2016, the company is being used by success managers at global B2B software companies including XebiaLabs, WizIQ, Synup and WoowUp. Its patent pending technology has processed over 30 million data points from over 100,000 end users to calculate Account Health Scores.
"B2B SaaS businesses bleed, churn and struggle with customer retention. Customer churn is the biggest blocker of growth, it's like trying fill up a leaky bucket. B2B SaaS and subscription businesses cannot continue to operate with the old 'reactive' support model. CustomerSuccessBox was built from a clear need for a solution which could deliver 'proactive' customer success," said the company's founder and CEO, Puneet Kataria.
Earlier, Gartner, an American research and advisory firm providing IT-related insight had predicted that by 2020, more than 80 percent of software providers will have shifted to subscription-based business models. As per the latest Subscription Economy Index (SEI) study, SaaS businesses suffer from 27 percent annual customer churn on an average, while companies pioneering in customer success are able to achieve up to 129 percent MRR retention rates.
Thorugh its operation, CustomerSuccessBox aims to bridge this gap by helping B2B SaaS-based companies reduce, churn and grow their recurring revenue.