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B2B gift sending platform provider Sendoso raises $40M
Business-to-business gift sending platform provider Sendoso today said it has raised $40 million in new funding for continued product innovation, market expansion and new hiring.
The Series B round was led by Oak HC/FT and included Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, Stage 2 Capital, Felicis Ventures and Prologis. As part of the deal, Oak HC/FT’s Allen Miller is joining the company’s board.
Founded in 2015, Sendoso helps companies accelerate sales and retaining customers by providing gifts and rewards. The company offers a cloud-based gifting platform that centralizes all gifting outreach and gives companies the ability to send a wide variety of e-gifts. Gifts include coffee, lunch, tickets, wine, rides, swag, Visa cards, handwritten notes and experiences.
Sendoso’s platform automates delivery and fulfillment while also simplifying return on investment reporting. The service goes further in performing data mining on existing customer databases to suggest recipients of gifts. The Sendoso platform integrates into services from Salesforce Inc., SurveyMonkey, Marketo Inc., Oracle Eloqua, HubSpot Inc. and others.
The company says that it saw a 330% growth rate in 2019, though it didn’t provide absolute revenue numbers. Customers include Pendo.io Inc., Uberflip, LiveRamp Holdings Inc., Radius Today Inc., AlterG Inc., Directly Software Inc., Lingo Live, Talkdesk Inc., Alleyoop, Terminus Software Inc., Logi Analytic Inc. and Singapore Post Ltd.
“When we founded Sendoso in 2016, the mission was very clear: create a sending platform to help businesses rise above digital noise and build meaningful connections,” Kris Rudeegraap, co-founder and chief executive of Sendoso, said in a statement. “Many companies are still struggling to stay top-of-mind with buyers and build long-lasting relationships with their customers. The fact that our customers are seeing up to a 60% response rate and a 5x increase in close rate on opportunities using Sendoso validates the effectiveness of our platform.”
Including the new funding, Sendoso has raised $54 million to date.
Image: Sendoso
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