CloudCherry raises $6mn in Series-A funding from Vertex Ventures, Cisco Investments and IDG Ventures India
CloudCherry, the SaaS-based customer experience management platform, today raised $6 million in Series-A funding. The round was led by Vertex Ventures and Cisco Investments, and existing investor IDG Ventures India participated in this round. The team had earlier raised a small seed round from Chennai Angels, Capillary Technologies and IDG Ventures.
With this round of funding, the platform intends to focus on global markets like the Middle East, Southeast Asia and USA. Vinod Muthukrishnan, Co-founder and CEO of CloudCherry, added that the funding would help the team make CloudCherry synonymous with customer experience and management.
Today, CloudCherry is used by several customer-facing brands to measure several key metrics with the Net Promoter Score and the CloudCherry Customer Delight Score. They leverage these tools to discover actionable insights for customer experience improvement and to address issues as they happen at any touch point of interaction with the customer.
What sets them apart, according to Vinod, is the fact that they give a brand round-the-clock, real-time data, metrics and analytics about their customers via a simple and easily usable platform.
Speaking of this investment, Ben Mathias, Managing Director and India Head,Vertex Ventures, said that they believe the next generation of global SaaS companies will be built out of India. He believed that CloudCherry's efficiency in using deep technology to create a greater impact set the company apart.
The team is already working with a few pilot clients in North America, where they've claim to have created a positive impact.
“We are a click-configure-deploy product. In less than 30 minutes, a brand can go live across their entire global network of touch points,” explained Vinod, adding that customer interactions happen with the brand on a daily basis via Cloudcherry, across multiple channels, at multiple points of time.
Gartner predicts the market size for SaaS-based CRM to reach $36 billion by 2017. The report also projects India to account for close to 15 percent of the overall Asia-Pacific market.
Some of the products and companies that are similar to CloudCherry include Intercom, Clicktools and Survicate.
“As a brand, it’s extremely important to understand the customer’s experience during these interactions and to capture key data insights for improvement. This is what Cloudcherry helps to do,” added Vinod.
Post the launch of the alpha version, during which time the team established a clear product-market fit, the product went live early this year. Since then, they have worked with over 40 brands, with over 700 points of presence that aim to process over a million interactions by the end of this year.
