Brightback, a San Francisco-based subscription retention and churn management software startup, has announced the close of a $11m Series A funding round.
The funding round was led by Index Ventures, with return backers Point Nine Capital, Matrix Partners and Rembrandt Venture Partners also participating.
The one-year old company has revealed that it plans to use the new capital to expand its current team of 18 by hiring engineers and marketing and sales employees, as it aims to boost development of its data and integrations platform. Brightback has claimed that its platform helps reduce the churn many subscription software-as-a-service (SaaS) businesses experience by classifying and segmenting high-volume customer bases.
"A lot of these methods can be used to help companies identify which of their customers are at risk and then proactively drive experiences to engage that percentage of customers who cancel [by presenting] an alternative solution," Brightback CEO Guy Marion told VentureBeat.
"People are moving toward subscription services, and if they don't like [a service] they'll click cancel in a second," he added. "What we want to do is say we recognize that people are going to move and go somewhere else, and we want to use the tools companies have already invested in – things like Salesforce, Zendesk and Slack – to make it easy to create a more cohesive customer experience."