Iterable, a startup that helps companies build complex marketing campaigns across channels to reduce churn and increase usage, announced a $50 million Series C round today.
Investors include Blue Cloud Ventures, CRV, Harmony Partners, Index Ventures and Stereo Capital. Today’s investment brings the total raised to $80 million.
Company co-founder and CEO Justin Zhu says the Iterable platform captures a constant stream of data from consumers from a variety of sources to give marketers the ability to build segments or event triggers based on consumer behavior.
“Customers are streaming real-time updates of who they are, where they’re purchasing, what they’re doing in the app, what they’re up to on the website, and we’re taking all that data and making it available in real time,” Zhu explained.
This could allow marketers to contact people based on behaviors, such as a segment of people who haven’t opened the app in two weeks. Marketers can also use event triggers to automate contact. In the classic scenario of the abandoned shopping cart, a marketer could set a trigger to send an email or an SMS message two hours after the cart was abandoned to prompt the customer to come back.
As a platform, Iterable is offering a set of tools in a single solution that marketers would have had to buy separately. “In the past, what you typically would do is cobble together a variety of point solutions. You may buy a product just for mobile and buy one just for email. You may have engineers cobble together custom code to handle the lifecycle management. With Iterable, that can be all done in one place, and it can be done by a marketer, which would be the focus for their job,” Zhu said.
He said that the company is streaming customer data from the various data sources directly to the marketers, so there is no data sharing involved with third parties. “This is a first-party data from our own customers,” he said.
The company is reporting triple digit year-over-year growth, although it would not share specific revenue numbers. Iterable has 300 customers including Box, DoorDash and Zillow. It currently has 200 employees spread across three locations including the company headquarters in San Francisco and offices in Denver and New York City.
Zhu says the company’s vision is to be a global company, and with this funding it plans to expand into Europe and Asia, as it continues to build the company.
By Ron Miller