Narvar Raises $30M Series C Funding Round as Global Brands Increase Investment in Customer Loyalty and Engagement
More than 500 global retailers rely on Narvar to deliver world-class customer engagement to 300 million consumers worldwide
SAN FRANCISCO, Aug. 28, 2018 /PRNewswire/ -- Narvar, the premium post-purchase customer engagement platform, today announced a $30 million Series C financing round led by Accel, who also led Narvar's Series A round. Existing investors including Battery Ventures participated in the round, as well as new investors Salesforce Ventures and Scale Venture Partners. In conjunction with the financing, Ryan Sweeney, partner at Accel, will join Narvar's board. Since its founding in 2012, Narvar has raised $64 million in total funding.
"Accel has proudly been a Narvar partner from the start, and has watched the company's customer adoption, product innovation, employee culture and global market traction continue to flourish," said Sweeney. "Over the last few years, Narvar has redefined e-commerce service standards by changing the way brands interact with their customers throughout the entire online purchase lifecycle. We're confident the company will continue to play a key role in shaping the future of online retail experiences and we're looking forward to continuing to support Amit and the rest of the team on this mission."
Experts predict that by 2020, customer experience will overtake price and product as the key brand differentiator. Traditionally, retailers have been obsessed with acquisition and conversion, often neglecting the post-purchase phase of the journey. Narvar helps brands to engage customers at a time of high anticipation and build long-term loyalty with their customers.
By working with more than 500 of the world's most admired retailers, including Patagonia, Gap, Levi's, TUMI and Sephora, Narvar has created the industry standard for addressing the post-purchase opportunity. Narvar's robust, intelligent and customized SaaS platform provides powerful delivery tracking analytics, delivery notifications, returns management, seamless feedback collection and timely customer communications. The company has served nearly 5 billion customer interactions across 38 countries and 50 languages.
"When we started Narvar just a few years ago, we set out to simplify the everyday lives of customers," said Amit Sharma, founder and CEO, Narvar. "We recognized a huge opportunity for brands to deliver exceptional post-purchase customer engagement, and have helped retailers realize this vision for more than 300 million people. At the same time, e-commerce adoption has skyrocketed — in fact, more than 70 percent of adults online have interacted with Narvar through the retailers we support, and we anticipate this will continue trending up. We'll use this new investment to continue developing leading products for our customers while investing heavily in international growth to support global brands."
"Growing our direct-to-consumer business is a priority for us not only financially, but also strategically as it allows us to engage with a customer long-term and ensure the interactions are on-brand," said Charlie Cole, chief digital officer at TUMI. "Differentiating the post-purchase experience represents one of the primary areas where brands can win against the major marketplace players, as it provides an opportunity to delight a customer and build long-term loyalty. Narvar has been an excellent partner for us in accomplishing both goals – driving thoughtful brand interactions and exemplary post-purchase services via their platform."
With this new round of funding, Narvar will ramp up product innovation and R&D efforts while aggressively hiring to support its growing offices around the world. In the last 12 months, Narvar has doubled revenue and employee headcount, deepened its executive bench, and added more than 100 brands, including Costco and Lululemon, to its roster of customers. The company has also expanded its global footprint into APAC and EMEA — opening a London office and making its first leadership hires in Germany.
Narvar is trusted by over 600 carriers and 500 leading brands across industries including apparel, health and beauty, housewares, mass merchants, home improvement, and electronics. With Narvar, retailers realize additional revenue and lower shipping and returns-related contact volume by an average of 30 percent within days. Consumers who interact with Narvar-powered brands report being highly satisfied with their post-purchase experience.
About Narvar
Narvar helps retailers inspire loyalty beyond reason. As an enterprise-grade customer engagement platform serving 500+ retailers like Sephora, Patagonia, Home Depot, Gap, and Bose, Narvar enables seamless post-purchase engagement that retain, engage, and delight customers — from cart to doorstep, and beyond. With effortless order tracking, proactive communications, and seamless returns, Narvar applies machine learning across billions of interactions to simplify the everyday lives of consumers.
For more information, visit narvar.com.
About Accel
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify, Supercell, and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company's corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 275 enterprise cloud startups in 17 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
Scale Venture Partners
Scale Venture Partners (@scalevp) invests in software companies that are transforming the future of work. Investments include: Box (BOX), Chef, Cloudhealth, DataStax, Demandbase, DocuSign (DOCU), ExactTarget (ET), HubSpot (HUBS), JFrog, Lever, and WalkMe. ScaleVP partners with entrepreneurs to support accelerated growth from the first customer to market leadership. Founded in 2000, ScaleVP has over $1.8 billion under management and is located in Silicon Valley. For more information visit www.scalevp.com.
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