CrowdTwist has raised $9 million in Series B funding. StarVest Partners led the round with participation from return backers that included Fairhaven Capital and SoftBank Capital. Based in New York City, CrowdTwist is a omnichannel loyalty and analytics solutions provider.
NEW YORK, NY (June 26, 2014)— CrowdTwist, the marketing industry’s leader of omnichannel loyalty and analytics solutions, today announced the addition of $9 million in Series B funding led by NYC-based StarVest Partners. All existing investors including Fairhaven Capital and SoftBank Capital participated in the round.
CrowdTwist will use the infusion of capital to scale and grow the business as new companies and industries have flocked to the loyalty and analytics provider, including newly announced clients the Ultimate Fighting Championship®, L’Oreal USA, Sport Clips, USA Track & Field and others. In addition, CrowdTwist continues to provide loyalty and analytics solutions for Pepsi, VIZIO, Nestle Purina, and Zumiez. The signings come on the heels of partnership deals with global marketing leaders IBM, Acxiom and VivaKi.
“This investment is a tremendous validation of our approach to the market,” said Irving Fain, Co-founder and CEO of CrowdTwist. He continued, “Today, a company’s relationship with its customers extends far beyond the point of sale into the web, email, mobile, social and in store. By giving brands a comprehensive view of how their customers interact with them across all these channels, we’ve enabled our clients to understand and strengthen their relationships with their customers in a way that has never before been possible.”
As proof of its effectiveness, brands employing CrowdTwist-driven omnichannel loyalty and analytics programs enjoy a 20% average lift in sales, 230% more frequent purchases and 265% more brand engagement over their non-loyalty member customers. Across all partner brands, CrowdTwist has awarded more than 22 billion loyalty points to program members.
“CrowdTwist operates at the nexus of loyalty programs and customer relationship management (CRM) helping major brands build loyalists across all channels utilizing the rich data collected to strengthen customer relationships. We are excited to invest in the leader in this rapidly growing sector by backing CrowdTwist,” said Deborah Farrington, General Partner and Co-Founder, StarVest Partners. “We look forward to partnering with CrowdTwist by bringing StarVest Partners’ rich experience in enterprise software-as-a-service to assist in its next phase of growth.”
This new round of funding brings the total raised by CrowdTwist to $20 million.
To learn more about CrowdTwist, please visit www.crowdtwist.com.
CrowdTwist provides the most comprehensive omnichannel loyalty & analytics solutions for industry leading brands such as Pepsi, Purina, VIZIO, Zumiez, and others. Their software helps marketers build more profitable and active relationships with customers, delivers a deeper understanding of how customers engage across channels and drives a measurable increase in high value behaviors and spend. Founded in 2009, CrowdTwist is based in New York City’s Silicon Alley.
About StarVest Partners
StarVest Partners is a New York-based venture capital firm with $400 million under management, which funds technology-enabled business services companies throughout the U.S. The firm’s value-added partnership maintains a focus on emerging technology and services sectors including: Cloud-based companies, eCommerce services, Ad Tech and Data Analytics. StarVest was an early investor in the software-as-a service trend: in 2000, it invested as the only venture firm in NetSuite (NYSE: N). Other noteworthy exits include MessageOne, acquired by Dell computer; Connected, acquired by Iron Mountain; iCrossing acquired by Hearst; Insurance.com acquired by QuinStreet; and Fieldglass acquired by Madison Dearborn. Recent investments include: AppDirect, PeopleMatter, Ceros, Veracode and RetailNext. More information is available at www.starvestpartners.com.
About Fairhaven Capital Partners
Based in Cambridge’s Kendall Square, Fairhaven Capital is a venture capital firm dedicated to a thesis-based approach to investing in North American technology companies. This approach focuses investment efforts on markets where emerging companies and technologies can create significant value. The Fairhaven team is focused on themes in the enterprise, physical technologies, media infrastructure and security markets. For more information, visit www.fairhavencapital.com.
About SoftBank Capital
SoftBank Capital provides venture funding and strategic support to exceptional entrepreneurs building disruptive enduring businesses. The firm manages over $600 million and invests across a company’s lifecycle, from seed to expansion stages. Through its close ties to a number of Asia’s leading mobile, Internet and technology companies – including strategic partners SoftBank Corp, Yahoo! Japan and Alibaba Group – SoftBank Capital offers unique expertise to businesses seeking to address the Asian market. Since 1995, SoftBank Capital has worked with industry leaders such as Criteo, Fitbit, Gilt Groupe, OMGPOP (Zynga), betaworks, BuzzFeed, Buddy Media (Salesforce.com), Huffington Post (AOL), Associated Content (Yahoo!), Danger (Microsoft), Geocities (Yahoo!), E*Trade and Yahoo! To learn more about SoftBank Capital, visit www.softbank.com.