User Engagement Platform CometChat Raises $5M in Venture Debt led by Utah based Zions Venture Fund

User engagement platform CometChat has raised $5M in a Venture Debt round led by Utah based Zions Venture Fund.

User engagement platform CometChat has raised $5M in a Venture Debt round led by Utah based Zions Venture Fund. Funds raised will be used for scaling product offerings, expanding its presence in EMEA markets and adding data centers to its infrastructure in the APAC region. These investments will further strengthen CometChat’s offering as the company continues to support customers of all sizes, startups through enterprise, with mission critical real time engagement infrastructure. CometChat has raised over $17.5M till date and is backed by marquee investors including Signal Peak Ventures, Matchstick Ventures, Range Ventures and Unbound Ventures.

“We are a revenue focused business continuously growing in large international markets. I’m proud that our business fundamentals and strong balance sheet have enabled us to raise this round as we are in a comfortable position to service the debt. The aim is to secure a runway of 5 years as we put our growth plans in the fast lane.” – Anuj Garg, Co-founder CEO, CometChat.

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CometChat works with top global enterprises by providing them a comprehensive messaging and communications platform to improve brand’s user engagement within their apps and websites. The software helps customers ranging from startups to enterprises save hundreds of developer hours and the associated costs that companies have to otherwise spend in building this tech from the scratch.

In the last 12 months, CometChat’s customer base has grown by 3X and product usage by 300% handling over 800 million connections so far. The Company has earned numerous awards including, ‘Established Product/ at the 30th Annual HYSEA Summit and “Best Estimated ROI” by G2.

“Zions is thrilled to be partnering with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Excited to be a part of the journey and support the Company through its phases of growth.” – Sam Clark, MD.

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