Specialty finance firm supports the growth of the SaaS technology provider as it reaches over 1,000 customers
FOSTER CITY, Calif. & TORONTO–(BUSINESS WIRE)–December 14, 2016–
Wellington Financial LP, a privately-held specialty finance firm, announced today that it has closed a US$8.5 million growth financing for Conversica, the leader in artificial intelligence-powered business conversations. This financing is part of Conversica’s oversubscribed Series B funding round totalling US$34 million.
“Conversica enables sales teams to optimize their time, focus on high value activity, and keep prospects engaged and happy through the funnel. Thanks to the power of conversational AI, Conversica is proving that not only is this software solution a need, it’s quickly becoming a must for many organizations,” said Mark McQueen, CEO at Wellington Financial. “Growth capital is a powerful fuel for businesses with strong fundamentals, and in Conversica we’ve found a leadership team, product, and market opportunity that’s very attractive and poised for future growth. We’re excited to partner with them in their next stage of development of AI’s application in automating and improving business conversations.”
Conversica’s AI-powered sales-assistant engages leads in natural, two-way human conversations via email. This SaaS solution not only keeps sales representatives focused on selling instead of chasing down prospective clients, but it also helps businesses identify the best leads and the most effective lead sources in industries such as financial services, enterprise technology, education, automotive, and more. The technology integrates with the world’s leading customer relationship management and marketing automation systems, including those from Salesforce, Marketo, Oracle and HubSpot.
“The appetite for AI in business use cases is surging. At Conversica, we’ve built the leading solution for sales and marketing teams that drives real results. Adoption is only accelerating, which means that we have an opportunity to extend our early leadership position. We have built a true platform that leverages AI to automate business conversations, which is something all companies can get behind,” said Alex Terry, CEO of Conversica. “To do so requires capital that is smart and patient – and even better that we’re able to raise it while preserving ownership for our team. This is an exciting, fast-paced industry to be in and with today’s growth capital from Wellington Financial, we’re further positioned to win.”
With over 1,000 customers, Conversica has sent and received over 180 million emails and SMS messages through its Conversational AI platform to build one of the largest AI training data sets in sales and marketing communications. This year, Conversica was recognized as a Gartner Cool Vendor, joined the Inc. 5000 List of America’s Fastest Growing Private Companies and was awarded the 2016 CRM Excellence Award from CUSTOMER Magazine.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Menlo Park, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com.
Conversica is the leader in AI-powered business conversations and the only provider of AI-driven lead engagement software for marketing and sales organizations. The flagship Conversica® AI Sales Assistant helps companies find and secure customers more quickly and efficiently by automatically contacting, engaging, qualifying and following up with leads via natural, two-way email conversations. Conversica is used by more than 16,000 salespeople worldwide to optimize sales team productivity. Recognized by Gartner as a Cool Vendor in 2016, Conversica is a portfolio company of Providence Strategic Growth, Kennet Partners and Toba Capital and is headquartered in Foster City, Calif.