Chameleon Discovers $13 Million Round

<p><strong>SAN FRANCISCO<&sol;strong> &&num;8212&semi; Chameleon&comma; a <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;chameleon&period;io&percnt;2Fblog&percnt;2Fproduct-adoption-platforms&amp&semi;esheet&equals;52893237&amp&semi;newsitemid&equals;20220913006158&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;product&plus;adoption&plus;platform&amp&semi;index&equals;2&amp&semi;md5&equals;31ff7d045ce8a93e2d6864bbaacebe0a" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">product adoption platfor<&sol;a>m for software companies&comma; has announced &dollar;13 million in Series A funding to help SaaS companies personalize and customize their UX&comma; and thereby improve feature discovery and user engagement&period; The round was led by Matrix Partners&comma; with General Partner Ilya Sukhar joining the board of directors&period; Previous investor True Ventures and operators including Kevin Wang &lpar;SVP Product at Braze&rpar; and Kevin Mahaffey &lpar;Co-founder at Lookout&rpar; also participated in the round&period; Funds will be used to scale the team to meet demand and develop new products and features&period;<&sol;p>&NewLine;<p>Chameleon’s funding comes as consumerization of SaaS business models continues&semi; more than 50&percnt; of SaaS companies now leverage usage-based pricing &comma; which makes product adoption vital to success&period; Another tailwind driving Chameleon’s growth is the shift towards &OpenCurlyQuote;<a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;chameleon&period;io&percnt;2Fblog&percnt;2Fproduct-led-growth&amp&semi;esheet&equals;52893237&amp&semi;newsitemid&equals;20220913006158&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;Product-led&plus;Growth&amp&semi;index&equals;3&amp&semi;md5&equals;0f653463934a076808b8f3685bfabad1" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">Product-led Growth<&sol;a>&comma;’ where winning companies focus on self-serve UX to drive revenue growth&period; This has become especially important in the current economic climate as companies seek to improve revenue efficiency&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The explosion of SaaS products in recent years has dramatically raised expectations from customers&comma;” said Ilya Sukhar&comma; GP at Matrix Partners&period; &OpenCurlyDoubleQuote;Everyone wants elegant&comma; easy-to-use software that delivers value fast and doesn&&num;8217&semi;t require a lot of hand holding&period; The team at Chameleon has built the best suite of no-code tools that SaaS product teams use to create delightful experiences and understand their customers&period; They&&num;8217&semi;ve reached significant revenue on very little funding&comma; and I&&num;8217&semi;m excited to help them accelerate as the SaaS ecosystem gets focused on efficiency&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Co-founded by <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;chameleon&period;io&percnt;2Fabout&amp&semi;esheet&equals;52893237&amp&semi;newsitemid&equals;20220913006158&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;CEO&amp&semi;index&equals;4&amp&semi;md5&equals;2968d93ac9044de9e546c6386ca8598d" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">CEO <&sol;a><a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;chameleon&period;io&percnt;2Fabout&amp&semi;esheet&equals;52893237&amp&semi;newsitemid&equals;20220913006158&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;Pulkit&plus;Agrawal&plus;and&plus;CTO&plus;Brian&plus;Norton&amp&semi;index&equals;5&amp&semi;md5&equals;eefc7f3a60e4d7bcd5742158d9d22dc3" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">Pulkit Agrawal and CTO Brian Norton<&sol;a> in San Francisco&comma; Chameleon’s <a href&equals;"https&colon;&sol;&sol;cts&period;businesswire&period;com&sol;ct&sol;CT&quest;id&equals;smartlink&amp&semi;url&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;chameleon&period;io&percnt;2Fdemand&amp&semi;esheet&equals;52893237&amp&semi;newsitemid&equals;20220913006158&amp&semi;lan&equals;en-US&amp&semi;anchor&equals;no-code&plus;product&plus;adoption&plus;platform&amp&semi;index&equals;6&amp&semi;md5&equals;90a77bc7e3b3839b7b2b73daf79469bc" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener" shape&equals;"rect">no-code product adoption platform<&sol;a> enables teams to quickly and easily create&comma; deploy&comma; test&comma; and iterate in-product experiences such as banners&comma; tooltips&comma; modals&comma; walkthroughs&comma; checklists&comma; and more&period; After raising a seed round&comma; Chameleon bootstrapped to profitability and now its team is comprised of over 35 people&comma; spanning 11 countries in a remote-first operating model&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We see a future where SaaS applications look and behave differently for each individual user&comma; leveraging data about background&comma; intent&comma; and activity to provide dynamically adjusted and personalized UX that helps more people succeed&comma;” said Chameleon Co-founder and CEO Pulkit Agrawal&period; &OpenCurlyDoubleQuote;We are in Act I for this at Chameleon&&num;8211&semi; enabling customers to create targeted in-product announcements&comma; flows&comma; banners&comma; etc&period; but there is a lot more to come&period;”<&sol;p>&NewLine;