Contentsquare, an analytics platform that gives brands insights into how users are interacting with their websites and apps, has raised $60 million in a series C round of funding led by Eurazeo, with participation from all previous investors, including Highland Europe, Canaan, and H14.
Founded out of Paris in 2012, Contentsquare is setting out to fill a void left by many other analytics platforms. Rather than showing you where a company is losing customers on a website or app, it aims to discover why they are losing customers. It does so by tracking and crunching billions of touch and mouse movements and using artificial intelligence (AI) and predictive analytics to determine why a potential customer may be hesitating to complete a transaction, bouncing off somewhere else, or exiting completely.
It’s all about automatically extracting actionable insights from a vast swathe of behavioral data, which includes an “AI-powered system of smart alerts” that notify businesses whenever people interacting with an online property deviate from the norm.
Moreover, Contentsquare automatically recognizes and attributes tags to each individual element on a website or app, such as the menu or a button. This “autozone” technology, as the company calls it, can identify specific problematic elements and guide companies to make changes. The platform uses metrics such as “attractiveness,” “hesitation,” “engagement rate,” and “revenue attribution” to understand how users interact with each element — including which parts cause frustration and attrition.
This allows for a more “granular, contextual understanding of digital customer behaviour,” Contentsquare CEO and founder Jonathan Cherki told VentureBeat.
“Our advanced, behavior-based segmentation enables a deeper reading of customer behavior,” Cherki said. “For example, ‘What is the difference in behavior between visitors who hovered on the promo banner and those who didn’t?’ Another example: You can target visitors who dropped off and see exactly where they hesitated, whether they clicked several times on the call-to-actions. This allows you to pinpoint exactly where in the journey frustration occurred and gives teams the knowledge they need to fix broken paths.”
The company counts some big-name clients among its roster, including Walmart, AccorHotels, Avis, and GoPro.
Contentsquare had previously raised around $62 million, including a $42 million series B round last January, and with another $60 million in the bank it plans to double down on its R&D and refine its AI and predictive analytics technology. The company said it will also use the funds to expand across Europe, the Americas, Asia, and the Middle East.
“With this new funding, we are accelerating the development of our solution, leveraging deeper analytics to expand our insights and make them smarter,” Cherki continued. “Online and offline, this will provide retailers and brands with a larger return on investment and enable them to identify business opportunities, in addition to helping our customers take the lead in the new, decision-based era of digital experience — a critical factor in today’s ultra-competitive digital landscape.”
In addition to its main Paris HQ, Contentsquare now counts 320 employees across multiple offices, including in New York — home to the company’s second biggest office — London, and Munich.