LEHI, Utah--(BUSINESS WIRE)--Claravine, a leading technology platform that helps standardize, govern, and connect marketing data across every team, system, and channel, today announced $5 million in Series A funding. The round, led by Grayhawk Capital with participation from Next Frontier Capital and Peninsula Ventures, brings the company’s total funding to $12.4 million. The new funding will help Claravine further build out product development and go-to-market strategies.
“Many companies think you don’t need to focus on data standards upfront. Instead, they believe you can let someone else deal with the problem through aggregation or ETL,” said Verl Allen, CEO, Claravine. “However, to accelerate business decisions across an organization, fixing the data before it becomes a problem requires collaboration and coordination. With this funding, we want to ensure organizations across industries have the best solution at hand to address data governance from the start so they can focus their efforts and attention on how to better utilize the insights they gain from high quality data to enhance the customer experience.”
Consumers expect personalized messaging and experiences. For this reason, marketing efforts must be consistent throughout all forms of engagement: from campaigns to communication efforts and beyond. With marketing communications constantly changing, marketers must be able to make quick and effective business decisions. Unfortunately, with the current approach, relying on manual, spreadsheet-driven processes, the ability to enforce data standards and naming conventions across content, campaigns, ads and experiences has become a major issue, leaving marketers with subpar data. According to Michele Goetz, Principal Analyst at Forrester, only 8% of companies are fully utilizing their existing data. As a result, experiences are suboptimal, productivity is wasted, and investments in marketing and advertising are held hostage to bad data, costing organizations time and money.
“Tracking, maintaining and scaling metadata across enterprises continues to place a significant burden on marketing teams,” said Brian Smith, Managing Director, GrayHawk Capital. “This problem is only going to grow as brands gain access to more and more data. That’s why we’re investing in Claravine’s solution to provide marketers with a single source of truth for their growing number of data streams.”
Companies like USAA leverage Claravine’s ability to standardize data structure and govern the process to generate, validate, and connect data. Through the solution, companies experience an increase in ROI, richer insights and ultimately, a better experience for customers.
In addition to raising its Series A, Claravine was also recognized as #540 on the 2020 Inc. 5000 list, with a 857% 3-year growth rate. For more information, visit www.claravine.com.
Claravine helps connect your teams and technologies to accelerate business decisions. Thousands of brands globally use our software to enable effective campaign and content performance. Claravine allows organizations to centralize their data structure and governs the process to generate, validate, and connect data, ensuring consistent standards and optimal experience delivery across the enterprise. As a result, companies have richer insights, better experiences, and increased ROI from their marketing and advertising investments. For more information, visit www.claravine.com.
About Grayhawk Capital
Based in Scottsdale, Arizona, the partners of Grayhawk Capital are a seasoned and cohesive management team with 80+ years of collective experience over 10 venture funds. Their superior track record and strong returns are based on a proven investment model providing Series A funding to the dynamic and rapidly growing Software-as-a-Service (SaaS) market in emerging tech hubs. With a current target size fund of $75M, Grayhawk invests in the information technology industry in sectors such as mobile computing, cloud, security, enterprise & application software, business intelligence, healthcare IT, and financial. To learn more, visit http://grayhawkcapital.us.