NEW YORK--(BUSINESS WIRE)--Catalyst, an intuitive Customer Success Platform (CSP), today announces a $15 Million Series A funding round led by Accel. Catalyst had previously raised a $2.4M seed round led by True Ventures followed by a $3M round led by Work-Bench, bringing the total raised to $20.4 Million. Catalyst will use the new funding to heavily invest in engineers and designers, as well as accelerate customer success hiring and sales to meet record market demand.
“We’re seeing a major shift in how businesses think about managing their customers,” said Edward Chiu, CEO and Co-Founder of Catalyst. “Improving customer experience is now a top priority for any high-performing organization, and customer-facing teams need a single source of truth to easily gauge customer health. They also want the ability to automate recurring tasks, in order to save time that can be reinvested back into the customer -- all of this is made simple with Catalyst.”
One of the most unique features of Catalyst is the ability to align an entire company with the customer success mission. Not only does the platform act as a foundational tool for CS teams, it brings together Product Managers, Sales, Marketers, Engineers and the C-Suite. According to Deloitte's 2019 Enterprise Customer Success (CS) Study, businesses that adopt customer success broadly across their organization “drive deeper customer relationships and uncover more revenue growth opportunities they might have otherwise missed.” However, the study goes on to report that “very few companies have been able to elevate the strategic importance of CS within their organizations.”
“I’ve never seen a tool get adopted as quickly as Catalyst,” said Joshua Sanders, Head of Customer Success at Tray.io. “Not only does my team use it every day, but our engineers, product, and executives all want access due to the context it surfaces regarding customer engagement and their corresponding projects.”
Product features include:
Simplified Dashboards: Locate and visualize critical information related to customers quickly and easily, including meeting notes, detailed communication timelines, and customer data such as product adoption stats, support tickets, contract data, and more.
Customer Segment Builder: Segment customer lists with functionalities to instantly drill down across multiple data sources. No more complex SQL queries or requirements from engineering.
Automated Task and Lifecycle Management: Automate recurring tasks for each stage of the customer lifecycle based on unique criteria such as product adoption changes or upcoming renewals.
- Organized Note Taking: Sync customer notes bi-directionally with Salesforce and the Slack integration to ensure information is shared across the entire organization.
Since launching in April of last year, Catalyst has more than doubled employee count and has experienced record revenue growth month-over-month. The new $15 Million in funding will go towards hiring engineers and designers to maintain the beautiful user experience while adding robust and powerful new features. The founders also plan to build a strong community around customer success by hosting various events across the country, including the first-ever customer success conference by Catalyst with more details coming soon.
“Edward and Kevin built Catalyst from the ground up with customer success teams in mind,” said Vas Natarajan, Partner at Accel. “From the first demo of the product, we knew this was a transformational platform for businesses looking to better manage their customer base.”
Catalyst is the intuitive Customer Success Platform (CSP) helping companies reduce churn and improve customer experience at scale. Founded by CEO Edward Chiu and COO Kevin Chiu, the company has raised $20.4 million in venture funding from True Ventures, Work-Bench, and Accel. Existing customers include Gremlin, Helpshift, Sysdig and Tray.io. For more information visit www.getcatalyst.io.
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