- The New York-based startup raised $15MM in Series A funding from Accel less than a year ago in July 2019
- Catalyst has grown ARR by 380% since the Series A funding
NEW YORK--(BUSINESS WIRE)--#customersuccess--Catalyst, one of the fastest growing SaaS startups helping businesses make Customer Success a top priority, today announces a $25 Million Series B funding round led by Spark Capital. The additional infusion of capital brings their total funding to $45.4 Million since launching just two years ago. Investors see Catalyst leading the charge for businesses looking to make Customer Success a company-wide mission.
“We are thrilled to partner with what we believe will ultimately become a category-defining company,” said Will Reed, General Partner at Spark Capital. “Catalyst offers the most intuitive workflow software for Customer Success teams, along with the most powerful way for product managers, marketers, data scientists, and executives to engage strategically around their existing customer relationships.”
Investor interest in Catalyst highlights a seismic shift for many businesses. As sales revenue is expected to decline over the next few quarters for technology startups and incumbents alike, it is more vital than ever to maintain relationships with existing customers and hold onto earned revenue streams. Catalyst helps teams harness a deeper understanding of customer health, at a time when driving added revenue from existing customers is a key source of growth.
“It’s never been more important to double down and serve your existing customers,” said Vas Natarajan at Accel, an existing investor who followed on the round. “Businesses thriving in this environment put Customer Success at the heart of their organization. Before you win new customers, become indispensable to the ones you already have.”
Since raising their Series A less than a year ago from Accel, Catalyst has grown ARR by 380%, opened their NYC headquarters, and hosted their first community event where leading companies gathered to discuss the future of Customer Success, with participation from companies like Asana, Braze, Carta, Invision and Segment. This new round of funding will go toward significant market expansion, scaling new employee growth, and further community building.
"We’re in a unique position to help businesses succeed through a time when customer retention is critically important,” said Edward Chiu, CEO and Co-Founder of Catalyst. “Catalyst is the first company to bring Customer Success to the center of organizations, and it's vital to have all hands on deck to help customers succeed."
“Domino is industry-recognized for our strong Customer Success team. Catalyst has been an instrumental partner in helping us drive our key initiatives, as well as providing a single source of truth for customer health across all of our departments” -- David Cole, Chief Customer Officer at Domino Data Lab
“Now is also the time for customer experience (CX) leaders to position themselves at the forefront of the longer-term shifts in consumer behavior that result from this crisis. Keeping a real-time pulse on changing customer preferences and rapidly innovating to redesign journeys that matter to a very different context will be key.” -- McKinsey & Company
Visit the website - http://www.catalyst.io/
Catalyst is the intuitive Customer Success platform helping companies reduce churn and improve customer experience at scale. Founded by CEO Edward Chiu and COO Kevin Chiu, the company has raised $45.4 Million in total funding from Accel, Compound, Ludlow Ventures, Spark Capital, True Ventures and WorkBench.