London-based Chattermill has raised $26 million in a Series B funding round that will see the company press forward with its expansion plans in both European and U.S. markets. While the economic downturn is hitting bottom lines across the board, and customer experience is paramount, Chattermill offers businesses an AI-based solution that analyses customer experience data from multiple sources and provides actionable insights.
Chattermill’s $26 million Series B round was led by Beringea, and saw the participation of previous investors DN Capital, Ventech, Runa Capital, btov Partners, SVB, as well as new investors Blossom Street Ventures.
With 8 million adults across the UK reporting that they’ve canceled monthly outings due to rising bills, and 76 percent of customers who claim to be brand loyal, yet would still buy from a competitor if it were cheaper or more convenient, the time for customer experience teams to shine has never been more crucial.
But given the mountains of outlets including surveys, reviews, support conversations, product feedback, and social media, consumers have to express their thoughts on any particular brand’s shopping experience, the traditional analytics tools that CX teams have relied on in the past just aren’t keeping pace.
And this is where Chattermill and its AI-driven customer intelligence platform steps in to not only throw these CX teams a lifebuoy, but help them charge full steam ahead.
“Building a customer experience strategy for large businesses is incredibly difficult, and it must be data-driven. Today, CX plays a huge part in any business's success – especially in these challenging economic times,” said Chattermill CEO and co-founder Mikhail Dubov. “Our goal is that our AI is able to analyse over a billion pieces of customer feedback for our clients.”
If the proof is truly in the pudding, one need not look any further than Chattermill’s client roster, which includes household names such as Amazon, Uber, H&M, and Wise.
An Entrepreneur First alumnus, since raising its $8 million Series A in 2020, Chattermill has more than doubled its team size, and according to the company, achieved 200 percent of its new business revenue and pipeline targets in Q1 ‘22.
“Raising a Series B in the current economic environment can be challenging, and the fact we were able to raise this round is a huge testament to our product,” said Dubov. “This further validates the market demand for our vision and technology.”