Market Leader Announces First Major Equity Transaction and Plans to Build a Technology Powerhouse in Boston
Klaviyo, the SaaS company that obsesses about helping its customers grow, announced a $150 million investment from global growth equity firm Summit Partners. The funding will be used to hire hundreds of engineers, build the corporate development team and expand in other areas, predominantly in the company’s Boston headquarters.
Klaviyo announced closing a $150 Million investment from Summit Partners focused on helping businesses grow faster through their owned marketing channels as they look to build a Boston tech powerhouse. @SummitPartners
Klaviyo believes that growth-focused companies must leverage email, website and mobile channels – the channels they “own” – to help accelerate sales and build stronger relationships with customers. By facilitating thoughtful, data-driven customer communication, Klaviyo enables its customers build relationships at scale, unencumbered by ad networks and other intermediaries. The Klaviyo platform stores a complete view of each end customer’s activities paired with flexible and real-time segmentation to deliver on brand experiences with automatic revenue attribution – all at a fraction of the time and cost of traditional enterprise approaches.
“We’re focused on delivering a platform that quickly drives growth for our customers using channels they need to own,” said Andrew Bialecki, CEO and co-founder of Klaviyo. “Klaviyo’s data and marketing automation platform is powerful, intuitive and cost-effective – allowing marketers to measure and immediately understand what matters most, revenue.”
Klayvio’s extremely fast time-to-revenue allows companies of all sizes to take advantage of the customer relationships and data they already have. On average, Klaviyo’s customers grow revenues 29% more in the first six months after making the switch to the Klaviyo platform. Today, more than 12,000 brands – including ecommerce leaders such as Bonobos, CustomInk, Colourpop, Steve Madden and Untuckit – rely on Klaviyo to drive sales with super-targeted, highly relevant marketing campaigns and other customer experiences.
“Klaviyo continues to change the playing field in commerce, allowing companies of all sizes to harness the power of data-driven customer engagement activity to grow sales – and the results are impressive,” said Michael Medici, a Managing Director at Summit Partners who has joined the Klaviyo Board of Directors. “With a truly unique combination of product vision and technical expertise, Andrew and the Klaviyo team have built a durable business. We look forward to partnering with them during this next phase of growth.”
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Klaviyo continues to aggressively work to build the best place to learn and grow for engineers. Benefiting from a belief that companies do not need to burn cash to achieve greatness, Klaviyo continues to challenge its team and unlock customer’s growth, all while remaining fast-growing and profitable.
“We have built a product- and engineering-led company that we believe gives the world’s best technical talent an opportunity to work on exciting, customer-centric product development,” said Bialecki. “We are incredibly proud to do this here in Boston – a city with access to an enormous and extraordinary pool of talent. Building an enduring, high-growth business in this city is a core part of the Klaviyo mission.”
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