PunchTab said Thursday that it has raised $6.25 million in funding. Mohr Davidow Ventures led the round. Based in Palo Alto, Calif., PunchTab is an omni-channel engagement and insights platform.
PALO ALTO, CA–(Marketwired – May 01, 2014) – PunchTab, the leading omni-channel engagement and insights platform, today announced record year over year Q1 sales growth of 400% for its offerings among leading CPG, retail, and entertainment brands from 2013. Product innovation, partner integrations, and an increased emphasis on advanced consumer analytics for marketers has driven this sales growth and led the company to rapid expansion across the U.S.
As part of today’s news, PunchTab is also announcing $6.25 million in new funding led by current investor Mohr Davidow Ventures, which will be used to accelerate the arrival of a new Big Data analytics product for brands and agencies, expand its sales force, and continue to attract top technology talent. The company has raised a total of $11.5 million to date.
In April, the company introduced a new Second Screen solution that gives brands and agencies the ability to launch sophisticated mobile experiences. This tool allows PunchTab’s customers to synchronize immersive experiences across mobile, web and companion apps with live television viewing, boosting organic, in-episode engagement.
Key to the value delivered from the Second Screen solution is its ability to provide data and actionable insights about viewer engagement in real time-from conversion triggers to emotional sentiment analysis-which can be used to inform real time decision-making on new content deployment.
PunchTab also announces the launch of Challenge Builder, a new solution enabling brands to publish relevant, real-time content, challenges, campaigns, and calls to action. Administrations will have access to the Challenge Builder dashboard to launch and track new mini-campaigns that reach audiences with highly tailored, timely challenges and engagement opportunities.
“Challenge Builder is solving a real problem for brands by adding back a layer of humanity to the market, helping leading brands to improve their content in real time,” said Angela Sanfilippo, CMO of PunchTab. “With Challenge Builder major brands can capitalize on their ‘Oreo moment,’ responding to events and engaging a captive audience in real time.”
After beta-testing with several clients including a major television network, the need for real-time engagement was confirmed, and in fact generated positive outcomes for PunchTab customers. As a result of having Challenge Builder and the ability to activate an audience in real time, customers have seen a 20%-30% lift in engagement.
PunchTab has acquired major enterprise customers in the CPG, retail and entertainment verticals including Energizer, Kroger, Duck Club, Arby’s Restaurant Group, Nestle, Harlequin, BCD Travel, and The Yankee Candle Company in addition to other leading CPG customers in frozen foods and personal health. With a rapidly growing roster of top national brands, PunchTab continues to grow its market footprint across North America.
One major retailer launched a PunchTab-powered loyalty program in select locations and in two months time has seen 41% of transactions come from loyalty members who are also spending 46% more on average than non-program members.
To meet strong customer demand in the first quarter, PunchTab expanded its presence in key markets including New York and San Francisco. The company added several senior sales hires to its team in advance of opening a new East Coast office. Year to date, PunchTab has increased headcount by 40%.
PunchTab continues to add to its long list of partner integrations, which now includes ExactTarget, ConstantContact, Marketo, Janrain, and Bazaarvoice.
“Driving consumer engagement for marketers has always been a priority for us,” said Ranjith Kumaran, founder and CEO of PunchTab. “What we’ve learned however is that our solutions are uniquely positioned to provide a wealth of data about how consumers are engaging. More importantly, the data allows marketers to move their consumers through the purchase funnel and understand what drives conversion for their verticals. The value in our data has been one of the biggest factors in attracting a growing roster of brands and agencies. That’s why the market is taking note and our investors see a huge opportunity ahead.”
“PunchTab has built a best in class, omni-channel SaaS platform that drives critical customer engagement, insights, and ROI for marketers across the web, mobile, social, email, and in store,” said Katherine Barr, General Partner at Mohr Davidow Ventures and PunchTab board member. “PunchTab’s customers see them as thought leaders in the evolving customer engagement technology landscape, and we are excited to back the company as it scales into a very large market opportunity.”
About PunchTab, Inc.
Founded in January 2011, PunchTab is an omni-channel engagement and insights platform enabling agencies and brands to create dynamic experiences that engage consumers across any touch point, track and understand user behavior, and optimize for more effective marketing initiatives and communications. PunchTab’s customers use the company’s flexible solutions to deepen audience engagement and build awareness by leveraging everything from social sharing, UGC and awareness campaigns, to sophisticated loyalty and engagement programs. PunchTab offers both an out-of-the-box product and a fully customizable, white-labeled solution that can reward any action with virtual, social and real-world rewards.
Based in Silicon Valley and led by YouSendIt founder Ranjith Kumaran and early YouSendIt engineer Mehdi Ait Ofkur, PunchTab is funded by Mohr Davidow Ventures, The Social+Capital Partnership, Crunch Fund, Venky Harinarayan and Anand Rajaraman. For more information visit www.punchtab.com.