Customer.io surpasses $30m ARR and raises financing from Spectrum Equity

  • Customer.io raises financing from Spectrum Equity with participation from Oregon Venture fund.
  • Customer.io ended 2021 profitable for the year with annual recurring revenue (ARR) of $29.9m, up 78% from a year ago, and has now surpassed $30m ARR.
  • 3800+ companies from early-stage startups to publicly traded companies use Customer.io.
  • The company has a team of 165 people worldwide and is planning to end 2022 with over 250 people.

Customer.io built a pioneering Customer Engagement Platform allowing product-led growth (PLG) businesses to aggregate their first-party data in order to send relevant communication across email, push notification, SMS, WhatsApp, and other messaging channels.

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Colin Nederkoorn, Founder & CEO of Customer.io, said that while the company is profitable and focused on fundstrapping to grow, raising from Spectrum Equity will help Customer.io increase the pace of innovation for customers.

Colin adds, “I chose Spectrum Equity because they understood the nuance of our business and are proven partners of founder-led businesses. They helped us create a deal that was right-sized for Customer.io and supported my focus on creating long-term value for all stakeholders. I’m thrilled we found a great match to join us on the next part of our journey.”

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Pete Jensen, Managing Director at Spectrum Equity, joins Customer.io’s board. Pete shares, “Colin and team have consistently taken the long-term approach to company building by being focused on product and customer experience over the last ten years. During that time they also have built a very successful hybrid self serve and sales-assisted model which allows frictionless onboarding and an ability to seamlessly grow along with their customers. We have seen first hand how Customer.io has enabled their users to be more product-centric in their growth and to unlock the value of their first-party data to drive meaningful customer interactions.”

This announcement follows the launch of the company’s mobile software development kit (SDK) for iOS and Android in January as well as integrations with leading data warehouse providers Snowflake, Amazon Redshift, Microsoft SQL Server, and Google Bigquery.

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