Kustomer, a US-based customer relationship management (CRM) software publisher backed by networking technology provider Cisco, has collected $60m in a series E round led by hedge fund manager Coatue Management.
The round also featured hedge fund manager Tiger Global Management and technology investment firm Battery Ventures. It valued the company at more than $500m, Kustomer co-founder and CEO Brad Birnbaum told TechCrunch.
Kustomer has created a CRM software platform that helps enterprises and brands build effective customer relationships across multiple communication channels based on data extracted from a range of sources.
Customer details such as webchats and order records are accessible from a single workflow, and the platform’s artificial intelligence engine can be set to handle routine procedures specific to the client’s CRM activities.
The company will put the series E proceeds toward its international growth strategy while also investing further in its core product. It launched its first European Union-facing data centre in September this year and is set to upgrade its CRM functionality before the new year.
Kustomer has now raised about $174m in funding since it was founded in 2015, including $161m from in the past 18 months, it said.
Cisco’s corporate venturing unit, Cisco Investments, first invested in the company as part of a $26m series B round in June 2018 that was led by Redpoint Ventures and also backed by existing investors Canaan Partners, Boldstart Ventures and Social Leverage.
Battery Ventures led Kustomer’s $35m series C round in January this year, investing alongside Cisco Investments, Canaan Partners, Boldstart Ventures and Social Leverage. Kustomer subsequently raised $40m in a May 2019 series D round led by Tiger Global that also featured Battery Ventures.