Capital One Ventures, the corporate venturing arm of financial services firm Capital One, has backed participated in a $12m series A round for US-based sales-tracking software developer Groove, Forbes has reported.
The round included growth equity firm Level Equity and venture capital firms Quest Venture Partners and Uncork Capital. It comes after $3.8m in seed capital from undisclosed investors, according to Forbes.
Groove has built a software platform that helps sales teams monitor the effectiveness of customer communications. It applies artificial intelligence to customer emails and webchats to generate insights that can inform sales performance, and Capital One is one of its clients.
The company was formerly profitable but has accepted losses in order to pursue a growth strategy focused on enterprises that are operating with leaner sales teams amid the expected coronavirus-driven economic slowdown.