Electronic mail is sort of worthwhile, because it seems. Or reasonably, electronic mail communications software program is.
Immediately, Toronto-based ContactMonkey, a platform that lets corporations create, ship and monitor inside comms from Outlook and extra, introduced that it raised $55 million in a Collection A spherical led by Updata Companions.
It’s a large spherical from a single VC, so what warranted the hearty vote of confidence? Maybe ContactMonkey’s profitability — or the truth that the corporate was bootstrapped up till not too long ago.
Mentioned Updata accomplice Braden Snyder in an announcement: “As employers continue to seek ways to better engage and retain talent, ContactMonkey is filling a key void in the market with their robust and user-friendly solution. In the remote work era, we believe that companies must continue to find avenues to best engage with their employees and communicate with them in ways that truly resonate. ContactMonkey powers this type of communication.”
ContactMonkey founder and CEO Scott Pielsticker mentioned that the brand new money can be put towards increasing in worldwide markets and doubling the scale of ContactMonkey’s 80-person workforce, with a specific emphasis on constructing out ContactMonkey’s gross sales and advertising organizations.
“Our reason for raising money now is simple,” Pielsticker advised TechCrunch in an electronic mail interview. “We see tremendous demand in the market and around the world for internal email platforms, as companies look to improve how they communicate with employees. We believe we’re well suited to meet this demand.”
Picture Credit: ContactMonkey
Previous to ContactMonkey, Pielsticker began Blueback, a London-based taxi automotive firm. ContactMonkey happened after Pielsticker says he noticed clear demand out there for a platform to assist companies have interaction staff via electronic mail.
“Our mission became to create a beautiful product for teams to leverage that’s user friendly and that has key data and insights to improve internal communications,” Pielsticker mentioned.
“Beautiful” and “user friendly” is relative, in fact. However ContactMonkey certainly delivers on the promise of connecting staffers — and managers — by way of electronic mail. The platform integrates with Outlook, Gmail or Groups, in addition to SMS and human assets info methods like Workday and ADP, aiding in orchestrating issues like firm bulletins, alerts and updates.
Via engagement analytics, ContactMonkey permits customers to construct segmented worker lists, acquire suggestions and consider metrics reminiscent of click-through charges, open charges and browse charges.
“Today, there are different ways that companies communicate with their employees,” Pielsticker mentioned. “They may send emails that have no insights into engagement, so companies don’t know whether employees opened the email — much less whether it resonated with them. Or they may use a marketing or sales platform to send emails. These solutions may have some data insights, but they run into problems as well, from delivery issues to unsubscribe buttons to a lack of enterprise-level security. We provide a third avenue.”
ContactMonkey has round a thousand clients, and Pielsticker says that the bottom is on a gentle uptick. Whereas he admits that ContactMonkey isn’t alone out there for managing inside emails (see: Staffbase, Mailchimp), he argues that the funding from Updata places it in a stable place to fight the challengers.
“COVID-19 had a optimistic affect as employers regarded to raised talk with their distant employees and preserve firm tradition. We predict this funding will present us with the runway wanted to cope with any market headwinds — although we don’t see the slowdown in our trade as a lot as the broader tech trade is feeling it.
