One of the leading Customer Success Management solution companies, Gainsight, announced the closure of its Series B funding round amounting to USD20 million. The funding round was led by Bain Capital Ventures with the participation from existing investors Battery Ventures as well as new venture Summit Partners. The addition of the two firms makes the total financing worth USD30 million.
The funds would be utilized by Gainsight to grow its engineering, customer success, marketing and sales efforts to result in an increase of customer lifetime value in the USD500 billion subscription economy. Amongst the unveiled products is the new big data platform connecting employees using the CRM systems,
According to Gainsight CEO NIck Mehta, "A recent research study of public subscription businesses revealed that a two point improvement in retention rate can lead to a 20% or greater improvement in company valuation. Echoing these findings, a recent Gainsight survey of more than 100 leading subscription businesses showed that companies with a Customer Success team report a 24% lower churn rate than companies without one. From Sand Hill to Wall Street, Customer Success Management has become a must have to ensure the long term viability of any recurring revenue company."
Join the Conversation