Iterable Closes $200 Million in Growth Funding at $2 Billion Valuation to Galvanize a New Era of Empathy-Driven Customer Experiences
Iterable, the cross-channel platform that powers unified and memorable customer experiences, announced today that it has raised a Series E funding round of $200 million. This investment accelerates Iterable’s mission of empowering brands with solutions to create personalized, empathy-driven customer experiences at scale in today’s human-driven era of marketing.
The new funding round values Iterable at $2 billion and includes participation from new investors Silver Lake, Adams Street Partners, Glynn Capital, and DTCP. Iterable’s existing investors CRV, Viking Global Investors, Blue Cloud Ventures, and Capital One Ventures also participated in the round, which positions Iterable to accelerate its disruption of the marketing automation market that Forrester Research forecasts as surpassing $25 billion in global spending by 2023.
Iterable’s cross-channel customer engagement platform, supported by industry-leading AI and machine learning capabilities, connects brands to their customers in real time via hyper-personalized communications across email, web, mobile, social and more. Iterable harnesses the power of zero-party and first-party data to create a highly individualized customer journey and unified experience for over 3 billion consumers around the world.
“Today’s customers expect more from the brands they choose. They expect hyper-personalized experiences that create connections and make memories,” said Andrew Boni, co-founder, President and CEO. “Iterable empowers marketers with the right data and technology to deliver memorable customer experiences at every touchpoint. With the support of our strategic investors, we are accelerating our reach and expanding our impact, helping more brands deliver more meaningful – and human – experiences at scale.”
Iterable’s participating investors recognize that marketers need innovative, agile tools like Iterable’s unified platform to continue to drive and build personalized customer engagement in a rapidly evolving market.
“Iterable is disrupting the $25 billion global marketing automation market by fundamentally changing the way businesses engage and manage interactions with their customers. Andrew and his team have built an incredible platform with a differentiated data driven-approach and an extraordinary track record of delivering positive outcomes for their customers. We’re excited to partner with them on their journey as they continue to demonstrate visionary leadership in defining the next generation of customer engagement solutions,” said Lee Wittlinger, a Silver Lake Managing Director.
“Iterable’s unique AI models make users’ marketing data actionable, and multi-channel marketing campaigns more nuanced and targeted,” said Aurin Bhattacharjee, Managing Director at DTCP. “Paired with their best-in-class user experience, we were immediately convinced that Iterable is the true winner from the rapid digital transformation of customer experience. We are excited to work with the team and invest into their continued growth.”
“We’ve been with Iterable since 2015 because the company gives power to the customer experience professionals who want to create more personalized ways in which to communicate and connect with their audiences,” said Murat Bicer, General Partner at CRV. “We continue to invest in Iterable because we believe in the company’s mission and are continuously impressed by its journey to become the most dynamic customer engagement platform in the market. Iterable has proven its track record by consistently providing innovative technology and celebrating a growing list of mainstream customers who continue to have incredible success through the Iterable platform.”
Calm, the #1 app for sleep, meditation and relaxation with over 100 million downloads, leverages Iterable to manage and engage all customer interactions and relationships. With Iterable, Calm is able to create individualized cross-channel journeys to gain a deeper, more holistic understanding of user behavior, ultimately driving growth.
“Iterable is—without a doubt—the most powerful customer engagement platform in the market today,” said Sue Cho, Head of Lifecycle Marketing at Calm. “The Iterable solution allows Calm to systematically engage our millions of customers on an individualized level by leveraging our data at scale. Its unmatched testing capabilities have empowered our team to adapt quickly to the societal rise in stress and anxiety over the past year. It’s extremely fulfilling when we hear how many customers look forward to hearing from us every day. We’re bringing a little more calm into people’s lives, and that’s in no small part because of our partnership with Iterable.”
By leveraging Iterable, top brands like DoorDash, Box, Zoopla, and Fender Musical Instruments Corporation can seamlessly unlock data in new ways to build deeper, more empathetic relationships with their customers.
“Not only does Iterable have a vision for the products it offers, but the company also aims to have a truly transformative impact on the organizations and people it works with. In the past year, we’ve seen digital transformation accelerating as organizations adapt to consumer needs. These new market challenges spotlight Iterable’s unique strengths and its sustained growth is a testament to the company’s ability to appeal to enterprise brands through its values-first mission, as well as its powerful, easy-to-use customer experience platform,” said Fred Wang, Partner at Adams Street Partners.
About Iterable
Iterable is a cross-channel platform that powers unified customer experiences and empowers marketers to create, optimize, and measure relevant interactions and experiences customers love. Leading brands, like Zillow, DoorDash, Calm, and Box, choose Iterable to power world-class customer experiences throughout the entire lifecycle. Visit iterable.com for more information.