Venture Capital

Chameleon Discovers $13 Million Round

SAN FRANCISCO — Chameleon, a product adoption platform for software companies, has announced $13 million in Series A funding to help SaaS companies personalize and customize their UX, and thereby improve feature discovery and user engagement. The round was led by Matrix Partners, with General Partner Ilya Sukhar joining the board of directors. Previous investor True Ventures and operators including Kevin Wang (SVP Product at Braze) and Kevin Mahaffey (Co-founder at Lookout) also participated in the round. Funds will be used to scale the team to meet demand and develop new products and features.

Chameleon’s funding comes as consumerization of SaaS business models continues; more than 50% of SaaS companies now leverage usage-based pricing , which makes product adoption vital to success. Another tailwind driving Chameleon’s growth is the shift towards ‘Product-led Growth,’ where winning companies focus on self-serve UX to drive revenue growth. This has become especially important in the current economic climate as companies seek to improve revenue efficiency.

“The explosion of SaaS products in recent years has dramatically raised expectations from customers,” said Ilya Sukhar, GP at Matrix Partners. “Everyone wants elegant, easy-to-use software that delivers value fast and doesn’t require a lot of hand holding. 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. They’ve reached significant revenue on very little funding, and I’m excited to help them accelerate as the SaaS ecosystem gets focused on efficiency.”

Co-founded by CEO Pulkit Agrawal and CTO Brian Norton in San Francisco, Chameleon’s no-code product adoption platform enables teams to quickly and easily create, deploy, test, and iterate in-product experiences such as banners, tooltips, modals, walkthroughs, checklists, and more. After raising a seed round, Chameleon bootstrapped to profitability and now its team is comprised of over 35 people, spanning 11 countries in a remote-first operating model.

“We see a future where SaaS applications look and behave differently for each individual user, leveraging data about background, intent, and activity to provide dynamically adjusted and personalized UX that helps more people succeed,” said Chameleon Co-founder and CEO Pulkit Agrawal. “We are in Act I for this at Chameleon– enabling customers to create targeted in-product announcements, flows, banners, etc. but there is a lot more to come.”