- Leading Sending Platform Sendoso announced recently that it raised $40 million in Series B funding led by Oak HC/FT
Leading Sending Platform Sendoso announced recently that it raised $40 million in Series B funding led by Oak HC/FT. Including this round of funding, Sendoso has raised $54.1 million.
“When we founded Sendoso in 2016, the mission was very clear: create a sending platform to help businesses rise above digital noise and build meaningful connections,” said Kris Rudeegraap, Co-Founder and CEO of Sendoso. “Many companies are still struggling to stay top-of-mind with buyers and build long-lasting relationships with their customers. The fact that our customers are seeing up to a 60% response rate and a 5x increase in close rate on opportunities using Sendoso validates the effectiveness of our platform.”
With this round of funding, Sendoso plans to invest in continued product innovation, market expansion, and team growth. And the company also announced it saw 330% revenue growth in 2019.
One of the challenges for companies today is the ability to connect with buyers through traditional channels. And a recent report from Forrester noted that B2B marketing and sales emails have an average 2% click-through rate. Plus a 2017 Forrester survey showed that 28% of sales reps reported that one of their biggest challenges is getting customers to answer the phone. So the race to capture buyer attention has propelled teams to look for innovative ways to approach traditional sales and marketing strategies with more direct and personalized outreach.
Sendoso essentially helps companies incorporate digital and physical sending strategies into their go-to-market programs. And these additional touchpoints (both online and offline) help companies connect with customers in more meaningful ways throughout the buyer’s journey.
And by integrating with leading sales and marketing tools such as Salesforce, Marketo, Hubspot, Outreach, etc., Sendoso’s customers utilize their existing programs and get visibility into the effectiveness of their integrated campaigns that include sending strategies.
Existing investors Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, and Stage 2 Capital with new investors Felicis Ventures and Prologis also joined the round. And as part of the financing, Oak HC/FT’s Allen Miller and Sendoso COO Michelle Palleschi are joining Sendoso’s Board of Directors.
“Direct mail and corporate gifts have long been effective ways for businesses to build meaningful relationships with buyers and customers, but the industry has largely existed in an offline and inefficient manner. Sendoso is the first to change that with its Sending Platform and has positioned itself as a category creator within account-based marketing and sales,” explained Miller.
Miller also pointed out that his team has been impressed with Sendoso’s tremendous growth and vision for the send category.
“Sendoso addresses the very real problem of the pendulum swinging too far in the direction of efficiency and speed, while thoughtfulness and consideration hover at an all-time low. Sendoso helps companies get back to that practice of thoughtful gifting without slowing down,” stated Brian Murray, managing director at Craft Ventures.
Grace Chou, vice president at Felicis Ventures, noted that Felicis Ventures is thrilled to partner with Sendoso in this next phase of growth.
“With Sendoso’s sending platform, businesses are able to establish meaningful, personalized connections with customers and employees at scale, in ways not possible before. We have been impressed by Kris, Braydan, Michelle and the management team’s ability to attract and recruit top talent, and are excited for Sendoso to continue expanding their customer set into new verticals and functional teams,” commented Chou — who will be joining as a board observer in this round.
Sunny Dhillon, Partner at Signia Venture Partners, mentioned that Kris and Braydan are forces of nature in driving sales teams.
“Both of them have worked careers in sales and know the world their customers operate in very well. I can’t wait to see where they take Sendoso next,” noted Dhillon.
Pascale Diaine, Principal at Storm Ventures, acknowledged that it has been a “privilege to watch Kris, Braydan, and Michelle grow Sendoso from zero to 100.” And Diaine pointed out that she is looking forward to seeing the company utilize this new round to “help more businesses close deals by spreading the joy of gifting.”
Meagen Eisenberg, the Chief Marketing Officer of leading business travel management platform TripActions, acknowledged that Sendoso helped the sales and marketing teams of her company connect with customers in personalized ways throughout the entire customer lifecycle.
“In a world full of digital pollution, physical interactions are now prioritized. We backed Kris, Braydan, and Michelle early on because we saw Sendoso as a platform that facilitated physical engagement in the context of the enterprise. It has been a privilege to watch Sendoso’s explosive growth and we are excited to support the company as it enters the next phase of its lifecycle,” remarked Adam B. Struck, Founder and Managing Partner at Struck Capital.