What’s Cooking at Salesforce? SessionM’s 23.8 Million Series E Funding Led by Salesforce Ventures
This is the Second Investment in SessionM by Salesforce Ventures
Salesforce Ventures, the global corporate investment group of Salesforce, led the $23.8 million funding round for SessionM, a customer data and engagement platform. Other existing premier investors that participated in the round included Causeway Media Partners, CRV, General Atlantic, Highland Capital and Kleiner Perkins Caufield & Byers.
This is the second investment in the company by Salesforce Ventures. It had earlier participated in a $35 million Series D round in 2016. SessionM is already fully integrated across Salesforce’s Commerce, Marketing, Community and Service clouds. SessionM plans to use the investment to accelerate sales and marketing, product innovation, talent acquisition and global expansion.
Is Salesforce looking for data integration?
“At Salesforce, we invest in companies bringing cutting-edge solutions to our customer base,” said Matt Garratt, managing partner at Salesforce Ventures, adding, “SessionM and Salesforce’s joint customers have also achieved great success, and I am excited for this traction to continue in the quarters ahead.”
This is Salesforce’s third strategic investment aimed at data integration. In March, Salesforce acquired Mulesoft for $6.5 billion. Mulesoft’s technology offers to unify multiple integrations of data, business apps and IT infrastructure to a single system. Their customers leverage this platform for disparate devices and software. Last week Salesforce announced the acquisition of Datorama for a reported $800 million. Datorama provides the leading cloud-based, AI-powered marketing intelligence and analytics platform for enterprises, agencies and publishers.
For Salesforce, this investment in SessionM might be a step forward in data integration.
SessionM eyeing rapid growth post-funding
SessionM enables companies to engage each individual customer with the most compelling offers, product recommendations and incentives. By analyzing behavioral and transactional data in real time and applying advanced machine learning, SessionM delivers personalized experiences based off of individuals’ unique characteristics.
“Our platform is purpose-built to inspire loyalty in consumers as measured by increased frequency, spend and satisfaction. That’s made possible through delivering high-impact personalized experiences that are rooted in every customer’s unique data,” said Lars Albright, chief executive officer and co-founder at SessionM.
This funding round will add to SessionM’s growth plans. In 2017, SessionM acquired LoyaltyTree, a point-of-sale marketing software provider, and in May this year, it unveiled a new feature designed to help clients achieve compliance with the General Data Protection Regulation (GDPR).
Stating his thanks to all the investors, Albright added, “It’s extremely gratifying when some of the best and most innovative companies in the world look to SessionM to help them solve their most pressing initiatives around personalization and customer engagement. With this investment, we will be able to deliver even more product innovation, consultative support and global scale.”
The company’s success in driving more profitable consumers has fueled its growth with some of the strongest businesses in the world, including Barneys New York, Kimberly-Clark, TGI Fridays, L’Oréal and many more.
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