Internet and telecommunication group SoftBank’s Vision Fund 2 has led a $100m series C round for US-based marketing services provider Sendoso.
The round also included venture capital firms Oak HC/FT, Struck Capital, Stage 2 Capital, Craft Ventures, Signia Venture Partners and Felicis Ventures.
Founded in 2016, Sendoso operates a platform that enables businesses to send marketing and personalised gifts to customers with the aim of increasing conversion and retention rates.
The company’s platform has 20,000 users from companies such as mass media group Comcast and media and data group Thomson Reuters.
Sendoso will use the funding to speed up its global expansion including the opening of a new European headquarters in Ireland. It also plans to invest in the development of its product offering and recruitment activities.
Priya Saiprasad, partner at SoftBank Investment Advisers, said: “We believe Sendoso offers the most comprehensive end-to-end gifting platform in the market. Their platform includes a global marketplace of curated vendors, seamless integration with existing tools, global logistics and deep analytics.”
The series C round has increased Sendoso’s overall funding to over $152m. Oak HC/FT led a $40m series B round for the business in February 2020 that featured warehouse operator Prologis, Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, Stage 2 Capital and Felicis Ventures.
The company picked up an undisclosed amount of funding from Stage 2 Capital in June 2019. In February of that year, Sendoso closed a $10.7m series A round led by Craft Ventures and backed by Signia Venture Partners, Storm Ventures, Struck Capital and Hack VC.
TechCrunch reported Sendoso raised $2.5m for its seed round, however, those details could not be confirmed.