CAPILLARY Technologies, a Singapore-based customer relationship management (CRM) start-up, is going places - and literally too. It recently bagged US$14 million in Series B funding - one of the highest amounts by a Singapore start-up - in a round led by US-based Sequoia Capital and Norwest Venture Partners.
Existing investors Qualcomm Ventures and American Express Ventures also participated, taking Capillary's total funding to over US$30 million to date. The start-up now manages enterprise customers in some 16 countries worldwide, having entered new markets such as the US, Australia and South Africa shortly after it raised US$14 million Series A funding in 2012.
Since then, it has consolidated its market leadership in core markets of Singapore and India, chief executive officer and co-founder Aneesh Reddy said. "Retailers can realise a 15 per cent increase in average basket value (sales) and 30 per cent rise in customer retention rate by harnessing our Intelligent Customer Engagement (ICE) suite - which is why we continue to grow so rapidly around the world," he said.
Capillary's ICE suite provides retailers with a wide range of solutions to quickly and easily manage customer data, gain insights and personalise engagement with their customers across multiple platforms, driving sales and loyalty.
The start-up's latest clients include Marks & Spencer, KFC Singapore, Lacoste, Keedo and Courts. This brings its total client count to more than 150 major brands across 10,000 retail locations, and total reach to over 100 million consumers globally. With the Series B money, Capillary will enhance its product offerings, enter new markets and expand headcount.
Notably, it wants to grow its partnership ecosystem, which comprises players in related industries such as payment, point of sale, integrated marketing and data management. Among them are the American Express US Global Merchants Services group, Blue Label Engage and Agilysys.
"All these verticals are increasingly disrupted with the growing adoption of cloud and mobile solutions, and they bring plenty of regional and industry presence to Capillary . . . which helps us scale faster and bring newer joint product solutions to the market," said Mr Reddy. The global CRM software market will hit US$36.5 billion by 2017, according to global information technology research firm Gartner.