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Subscription retention and churn management software company Brightback today announced the close of an $11 million funding round. The startup will use this money to hire engineers and marketing and sales employees and to further develop its data and integrations platform, which is built to classify and segment high-volume customer bases.
“A lot of these methods can be used to help companies identify which of their customers are at risk and then proactively drive experiences to engage that percentage of customers who cancel [by presenting] an alternative solution,” Brightback CEO Guy Marion told VentureBeat in a phone interview.
Pilot customers like Crazy Egg have used the solution to reduce subscription cancellations by 20% through things like customer segmentation, workflow automation, and dashboards that visualize data and track progress.
“People are moving toward subscription services, and if they don’t like [a service] they’ll click cancel in a second. What we want to do is say we recognize that people are going to move and go somewhere else, and we want to use the tools companies have already invested in — things like Salesforce, Zendesk, and Slack — to make it easy to create a more cohesive customer experience,” Marion said.
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Brightback’s new funding round was led by Index Ventures, with participation from Point Nine Capital, Matrix Partners, and Rembrandt Venture Partners.
The company was created in 2018 and currently has 16 employees. It is based in San Francisco.
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