Latest Funding Round Caps Off Record Year With 330% Revenue Growth, More Than 15,000 Active Senders, Recognition from Gartner, and Leadership on G2
Sendoso, the leading Sending Platform, today announced it has secured $40 million in Series B funding, led by Oak HC/FT, bringing the company’s amount raised to $54.1 million. After achieving 330% revenue growth in 2019, Sendoso will use these funds for continued product innovation, market expansion, and team growth.
Companies today are faced with increasing challenges to connect with buyers through traditional channels. A recent report from Forrester noted that B2B marketing and sales emails have an average 2% click-through rate; additionally, a 2017 Forrester survey showed that 28% of sales reps reported that one of their biggest challenges is getting customers to answer the phone . The race to capture buyer attention has propelled teams to look for innovative ways to approach traditional sales and marketing strategies with more direct and personalized outreach.
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“When we founded Sendoso in 2016, the mission was very clear: create a sending platform to help businesses rise above digital noise and build meaningful connections,” said Kris Rudeegraap, Co-Founder and CEO of Sendoso. “Many companies are still struggling to stay top-of-mind with buyers and build long-lasting relationships with their customers. The fact that our customers are seeing up to a 60% response rate and a 5x increase in close rate on opportunities using Sendoso validates the effectiveness of our platform.”
Sendoso helps companies incorporate digital and physical sending strategies into their go-to-market programs. These additional touchpoints (both online and offline) help companies connect with customers in more meaningful ways throughout the buyer’s journey. By integrating with leading sales and marketing tools, like Salesforce, Marketo, Hubspot, Outreach and many others, Sendoso’s customers leverage their existing programs and get visibility into the effectiveness of their integrated campaigns that include sending strategies.
“At Nutanix, our global sales organization of 1,200 inside and field sales reps is constantly looking for new ways to connect with buyers,” said Alex Cox, Global Marketing Programs at Nutanix, a global leader in cloud software and hyper-converged infrastructure solutions. “Since adopting Sendoso, we’ve seen a 20x annual return on our sending campaigns and have been able to optimize our meeting-maker programs.”
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Oak HC/FT was joined in this round by returning investors Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, and Stage 2 Capital with new investors Felicis Ventures and Prologis. As part of the financing, Oak HC/FT’s Allen Miller and Sendoso COO Michelle Palleschi will join Sendoso’s Board of Directors.
“Direct mail and corporate gifts have long been effective ways for businesses to build meaningful relationships with buyers and customers, but the industry has largely existed in an offline and inefficient manner. Sendoso is the first to change that with its Sending Platform and has positioned itself as a category creator within account-based marketing and sales,” said Allen Miller of Oak HC/FT. “We’re impressed by Sendoso’s tremendous growth and vision for the send category, and we’re excited to back Kris, Braydan and the entire Sendoso team as they continue to provide innovative solutions that help businesses grow.”
In addition to record growth over the past year, Sendoso was named a “Cool Technology Vendor” by Gartner; earned leadership positions in the “account-based execution,” “promotional product management,” and “direct mail automation” categories on software review site G2; and received awards for “Product of the Year” and “Best Cloud Computing” software from Business Intelligence.
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