#Gastbeitrag – 5 CRM-Fails, die du unbedingt vermeiden solltest


Systeme für das Customer-Relationship-Management (CRM) gibt es viele. Wer sich selbst in den CRM-Software-Dschungel stürzt, wird schnell auf zahlreiche Fragen treffen: Welches System passt zu uns? Wie gelingt eine Implementierung und wie kann ich Fehlern vorbeugen? Von welchen Features kann mein Unternehmen wirklich profitieren und welche sind überflüssig? Welche Investition lohnt sich wirklich?

In diesem Beitrag erfahrt ihr, welche typischen Fehler bei der Auswahl und Einführung von CRM-Systemen gemacht werden und wie ihr sie vermeidet. 

Fail Nr. 1: Das falsche CRM-System

Wofür brauche ich eigentlich ein CRM-System? Das ist die erste und wichtigste Frage, die du ehrlich beantworten musst. Denn häufig wird nach dem Prinzip, die meisten Funktionen für das wenigste Geld“ ausgesucht. Aber: Wer vor allem am Preis sparen möchte, wählt automatisch das falsche CRM-System. Das bedeutet natürlich nicht zwangsläufig, dass das teuerste System immer auch das Beste ist.

Entscheidend sind vielmehr die tatsächlichen Anforderungen des Unternehmens an das System. Diese müssen im Vorfeld klar definiert und unbedingt mit den Mitarbeitenden, die damit arbeiten sollen, abgestimmt werden. Wichtig ist dabei, dass die Customer Journey „end-to-end“, also vollumfänglich, abgebildet wird. Denn auch wenn sie sich ständig verändern wird, können viele wichtige Abläufe bereits im Vorfeld integriert werden. 

Das CRM-System hat einen großen Einfluss auf sämtliche Prozesse im Front- und Backend. Häufig wird dabei jedoch zu kurzfristig gedacht und mögliche zukünftige Anforderungen außer Acht gelassen. Daher sollte die Wahl mindestens auf Management-Ebene und mit Blick auf die Unternehmensstrategie getroffen werden. 

Fail Nr. 2: Beim Aufsetzen des CRM-Systems wird der User vergessen
Mit der Hilfe von CRM-Systemen sollen Unternehmen ihre Kund*innen noch besser betreuen können. Dabei wird aber häufig ausgerechnet der User des Tools nicht mit einbezogen. Denn: Sämtliche Prozesse und Strukturen im System werden rein auf den*die Kund*in fokussiert, nicht auf die Person, die täglich damit arbeiten soll. 

Was bei der Implementierung eines CRM-Systems also unbedingt beachtet werden muss, ist Folgendes: Welche Prozesse brauchen die Mitarbeitenden in dem System? Wie können Abläufe optimiert werden? Mit welchen Automatisierungen kann die Arbeit schneller erledigt werden und zusätzlich auch noch mehr Spaß machen? Und wie können diese unkompliziert implementiert werden? 

Fail Nr. 3: Keine systematische Datenpflege

Häufig werden Potenziale von CRM-Systemen verschenkt, weil es keinen Fokus und Regelwerke für das Hochhalten der Datenqualität gibt. Es mangelt an „Rules of Regulations“ und regelmäßigen Qualitätschecks. 

Insbesondere bei der Übergabe von Leads zwischen Abteilungen (bspw. vom Marketing zum Vertrieb) sollte klar festgelegt werden, welche Informationen bereitgestellt werden müssen. Das kann zum Beispiel folgendermaßen aussehen: „Ein Lead darf nur an das Sales-Team übergeben werden, wenn die Datenfelder X,Y und Z gepflegt sind.” Ist dies nicht der Fall, muss die vorgeschaltete Abteilung den Datensatz nachbessern.

Geschieht dies nicht, besteht die Gefahr von „schlechten Daten“. Aus ihnen lassen sich nur fehlerhafte Reports und Dashboards generieren, aus denen dann wiederum falsche Rückschlüsse gezogen werden.

Fail Nr. 4: Die Mitarbeitenden nutzen das CRM-System nicht

Woran erkennt man ein schlecht aufgesetztes System? Mitarbeitende nutzen das System nicht oder fangen an, sich Workarounds zu bauen. Eine Red Flag ist auch, wenn bestimmte Themen nicht im CRM abgebildet werden können.

Das ist aus zwei Gründen schlecht für das Unternehmen – und nebenbei auch für die Mitarbeitendenzufriedenheit. Einerseits beanspruchen Workarounds viele Ressourcen, weil durch das CRM-System keine Zeit gespart, sondern zusätzlich investiert wird. Andererseits wird die Weiterentwicklung des Systems behindert, indem Mitarbeitende ihre Zeit darin investieren, in ihrem eigenen System weiterzuarbeiten statt das Tool zu verbessern.

Fail Nr. 5: Keine Account-Management-Prozesse im CRM-System 

CRM-Systeme sollten niemals nur auf das Neukundengeschäft ausgelegt sein, sondern auch Account-Management-Prozesse beinhalten, da sich dort große Umsatzchancen verbergen. Schließlich kennen (ehemalige) Bestandskund*innen die Marke bereits und sind daher wesentlich einfacher in weiteres Business zu konvertieren als Neukund*innen. Fehlendes Account-Management kann also das Wachstum eines Unternehmens ausbremsen.

Account-Management-Prozesse unterstützen dabei, langfristige Beziehungen zu Bestandskund*innen auf- und auszubauen. Hierbei sollte unbedingt darauf geachtet werden, dass der Kontakt regelmäßig – beispielsweise über automatische Reminder durch das CRM-System – stattfindet und vor allem einen echten Mehrwert für die Kund*innen bietet, der über den reinen Dealflow oder Verkauf hinausgeht.

Über den Autor
Michael Jäger ist Gründer und Managing Director bei Cremanski & Company. Mit seiner Digital-Sales-Unternehmensberatung hilft er Kunden wie Gorillas, sennder, EIGENSONNE oder TIER, ihre Vertriebsprozesse optimal und nachhaltig zu digitalisieren. Immer mit dem Ziel: Start-ups, Scale-ups und KMUs zu strukturiertem und datengetriebenem Wachstum zu verhelfen.

Startup-Jobs: Auf der Suche nach einer neuen Herausforderung? In der unserer Jobbörse findet Ihr Stellenanzeigen von Startups und Unternehmen.

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#aktuell, #crm, #customer-relationship-management, #gastbeitrag

Front introduces customer-centric features with deeper CRM integration

Customer communication platform Front is holding an event today to introduce three new features. These new features focus on showing you more information about your customers right from Front’s user interface.

If you’re not familiar with Front, the company started as a shared email inbox product so that you can interact with incoming emails as a team. For instance, if your company uses email lists, such as support@companyname.com, sales@companyname.com or jobs@companyname.com, multiple team members can see incoming emails in Front.

Before replying, you can triage conversations by assigning them to specific team members, discuss the current conversation in the comment section or show your email draft before sending it.

Over time, Front has evolved to integrate more communication channels. You can now use Front for SMS conversations, live chat on your website with your customers, Facebook messages, etc. The company has also refined its product with more powerful features.

For instance, you can set up rules to automate your workflow with simple ‘if this then that’ rules. It’s a good way to spread out work across multiple team members and make sure the right person sees the incoming message as quickly as possible.

Today, the company is showcasing features that will be particularly useful for teams that interact with bigger customers, such as sales, support and customer success teams. First, Front users will be able to learn more about the customer they’re interacting with directly from their inbox.

The refreshed context panel works better if the team is interacting with multiple people working for your client. Instead of viewing past conversations with someone in particular, you can view past conversations with everyone working for this client.

Front already integrates with your CRM, such as Salesforce or HubSpot. You can now more easily pull data into the context panel. You can see the name of the account owner, the customer segment and the SLA (service-level agreement) commitment with this customer.

Image Credits: Front

Second, Front is adding new capabilities for its automated routing feature with deeper integrations with your CRM. For instance, you can find the name of the account owner in your CRM and assign incoming emails to the account owner directly.

If the account owner changes in Salesforce, rules will be automatically updated in Front. You can also fetch annual revenue data from your CRM and set a VIP tag if you’re receiving a message from an important customer.

Image Credits: Front

Finally, Front will soon upgrade the analytics pages. For instance, you can track the team’s performance for a specific account and compare that to the SLA.

These updates position Front as a tool that works better for bigger enterprise clients with expensive B2B contracts. Current Front customers include Shopify, Dropbox, Flexport, Checkout.com, Lydia and Airbnb.

Image Credits: Front

#communication-platform, #crm, #enterprise, #front, #saas, #startups

EverAfter closes $13M to help companies ride off into the sunset with their customers

EverAfter secured $13 million in seed funding to continue developing its no-code customer-facing tool that streamlines onboarding and retention and enables business-to-business clients to embed personalized customer portals within any product.

The Tel Aviv-based company was founded in 2020 by Noa Danon and Tal Shemesh. CEO Danon, who comes from a project management background, said they saw a disconnect between the user and product experience.

The company’s name, EverAfter, comes from the concept that in SaaS companies, someone has to be in charge of the “EverAfter,” with customers, even as the relationship changes, Danon told TechCrunch.

Via its no-code platform, customer success teams are able to build a website in weeks using drop-and-drag widgets like training materials, timelines, task management and meeting summaries, and then configure what each user sees. Then there is a snippet of code that is embedded into the product.

EverAfter also integrates with existing customer relationship management, project management and service ticket tools, while also updating Salesforce and HubSpot directly through an interface.

“It’s like the customer owns a piece of real estate inside the product,” Danon said.

TLV Partners and Vertex Ventures co-led the round and were joined by angel investors Benny Shneider, Zohar Gilon and Amit Gilon.

Yanai Oron, general partner at Vertex Ventures, said he is seeing best-in-breed companies try to solve customer churn or improve the relationship process on their own and failing, which speaks to the complexity of the problem.

Startups in this space are coming online and raising money, but with EverAfter, they are differentiating themselves by not only putting a dashboard on their product, but launching with the capabilities to manage thousands of customers using the product, he added.

“I’ve been tracking the customer success space over the past few years, and it is a growing field with the least sophisticated tools,” Oron said. “During COVID, companies realized it was easier to retain customers rather than get new ones. We are all used to more self-service and wanting to get the answer ourselves, and customers are the same. Companies also started to be more at ease in letting customers develop things on their own and leave R&D departments to do other things.”

Clients include Taboola, AppsFlyer and Verbit, with Verbit reporting its company’s customer success managers save 10 hours a week managing ongoing customer communication by using EverAfter, Danon added. This comes as CallMiner reports that unplanned customer churn costs companies $35.3 billion in the U.S. alone.

EverAfter offers both customer success and partner management software and clients can choose a high-touch service or kits and templates for self-service.

The new funding will enable the company to focus on integration and expansion into additional use cases. Since being founded, EverAfter has grown to 20 employees and 30 customers. The founders also want to utilize the data they are collecting on what works and doesn’t work for each customer.

“There are so many interesting things that happen between companies and customers, from onboarding to business reviews, and we are going to expand on those,” Danon said. “We want to be the first thing companies put inside their product to figure out the relationship between customers and customer success teams and managers.”

 

#business-intelligence, #crm, #customer-experience, #customer-relationship-management, #customer-success, #developer, #enterprise, #everafter, #funding, #no-code, #noa-danon, #project-management, #recent-funding, #saas, #startups, #taboola, #tal-shemesh, #tc, #tlv-partners, #vertex-ventures, #yanai-oron

PassFort, a RegTech SaaS for KYC and AML, nets $16.2M

London-based PassFort, a SaaS provider that helps business meet compliance requirements such as KYC (Know Your Customer) and AML (Anti-Money Laundering) reporting, has closed a $16.2 million Series A led by US growth equity fund, Level Equity.

The 2015-founded startup‘s existing investors OpenOcean, Episode 1 and Entrepreneur First also participated in the round. The Series A is a mix of equity and debt, with $4.89M worth of venture debt being provided by Shard Credit Partners.

PassFort tells TechCrunch it now has 54 customers in total, saying the majority are in the digital payments space. It’s also selling its SaaS to customers in foreign exchange, banking and (ofc) crypto. It also touts some “major” customer wins preceding this raise — name-checking the likes of Curve and WorldRemit.

The new funding will be put towards stepping up its growth globally — with PassFort noting it’s hired a new C-suite for its growth team to lead the planned global push.

It’s also hiring more staff in business development and marketing, and plans to significantly bump spending across marketing, sales and customer support roles as it gears up to scale up.

“On the product side we are developing the solution to meet the demands of the changing digital economy and the threats it faces,” says CEO and co-founder Donald Gillies. “This means investing heavily into our new compliance policy cloud, system-to-system integrations with market-leading CRM and transaction monitoring systems as well as building a data team capable of deriving valuable real-time insights across our customer network.”

PassFort says its revenues grew ~2.5x over the past 12 months.

Gillies credits COVID-19 with really hitting the digital “accelerator” and driving adoption for compliance tools, as fintechs and regulated businesses look to streamline their approach to customer on-boarding and risk monitoring.

Alongside this accelerated digital transformation, he also points to a rise in cyber crime and increasingly sophisticated financial crime driving demand for compliance tools, and a “huge” rise in the number of regulations announced since COVID-19, noting: “Estimates from those who track regulatory changes stated that by August 2020, more than 1,330 COVID-19 related regulatory announcements had been made globally by regulators.”

As well as serving up an “always-on picture of risk”, as PassFort’s marketing puts it, the platform offers a single place to access and manage customer profiles, while also centralizing records for audit purposes.

PassFort’s SaaS also tracks efficiency — supporting customers to see where holdups in the onboarding process might be, to help with customer experience as well as the wider support it offers to compliance teams.

The startup says its integration model is such that it can “ingest datasets from any provider and interoperate with any system”, so — for example — it has pre-built connectors to more than 25 data providers at this stage.

It also offers a single API to integrate with a customer’s existing back-office system.

Another feature of the SaaS it flags is a focus on “low to no-code” — to increase accessibility and help customers with high complexity in their compliance needs (such as multiple customer types, multiple product lines and multi-jurisdictions. This includes a smart policy builder with a ‘drag and drop’ interface to help customers configure complex workflows.

On the competitive side, PassFort names Dublin-based Fenergo as its closest competitor but says it’s targeting a broader market — likening its own product to ‘Salesforce for compliance teams’ and saying its goal is to get the SaaS into the hands of “every financial crime and compliance team in the world”.

Commenting in a statement, Charles Chen, partner at Level Equity — who’s now joining PassFort’s board of directors — added: “Over the last few years, financial institutions and organisations have experienced exponential growth in business volumes and data, which has only increased the complexity in staying compliant with ever-evolving regulatory laws. In parallel, we’ve experienced an unprecedented rise in sophisticated financial crime activity as channels into financial systems have been digitized.

“This has underscored the importance of compliance matters such as AML/KYC, yet companies often have to weigh the trade-offs between speed, compliance and automation. PassFort has solved this challenge by providing a next-generation RegTech software solution that enables customers to offer a seamless customer onboarding experience, maintain best-in-class monitoring capabilities, and balance automation vs. human touch via its intelligent orchestration engine. We are thrilled to partner with the industry thought leader in this space and look forward to supporting the company’s future growth initiatives.”

#crm, #europe, #financial-regulation, #financial-services, #fundings-exits, #know-your-customer, #level-equity, #london, #money-laundering, #passfort, #recent-funding, #regulatory-compliance, #regulatory-technology, #saas, #software-as-a-service, #startups, #tc, #worldremit

Affinity, a relationship intelligence company, raises $80M to help close deals

Relationships ultimately close deals, but long-term relationships come with a lot of baggage, i.e. email interactions, documents and meetings.

Affinity wants to take what Ray Zhou, co-founder and CEO, refers to as “data exhaust,” all of those daily interactions and communications, and apply machine learning analysis and provide insights on who in the organization has the best chance of getting that initial meeting and closing the deal.

Today, the company announced $80 million in Series C funding, led by Menlo Ventures, which was joined by Advance Venture Partners, Sprints Capital, Pear Ventures, Sway Ventures, MassMutual Ventures, Teamworthy and ECT Capital Partners’ Brian N. Sheth. The new funding gives the company $120 million in total funding since it was founded in 2014.

Affinity, based in San Francisco, is focused on industries like investment banking, private equity, venture capital, consulting and real estate, where Zhou told TechCrunch there aren’t customer relationship management systems or networking platforms that cater to the specific needs of the long-term relationship.

Stanford grads Zhou and co-founder Shubham Goel started the company after recognizing that while there was software for transactional relationships, there wasn’t a good option for the relationship journeys.

He cites data that show up to 90% of company profiles and contact information living in traditional CRM systems are incomplete or out of date. This comes as market researcher Gartner reported the global CRM software market grew 12.6% to $69 billion in 2020.

“It is almost bigger than sales,” Zhou said. “Our worldview is that relationships are the biggest industries in the world. Some would disagree, but relationships are an asset class, they are a currency that separates the winners from the losers.”

Instead, Affinity created “a new breed of CRM,”  Zhou said, that automates the inputting of that data constantly and adds information, like revenue, staff size and funding from proprietary data sources, to assign a score to a potential opportunity and increase the chances of closing a deal.

Affinity people profile. Image Credits: Affinity

He intends to use the new funding to expand sales, marketing and engineering to support new products and customers. The company has 125 employees currently; Zhou expects to be over 200 by next year.

To date, the company’s platform has analyzed over 18 trillion emails and 213 million calendar events and currently drives over 500,000 new introductions and tracks 450,000 deals per month. It also has more than 1,700 customers in 70 countries, boasting a list that includes Bain Capital Ventures, Kleiner Perkins, SoftBank Group, Nike, Qualcomm and Twilio.

Tyler Sosin, partner at Menlo Ventures, said he met Zhou and Goel at a time when the firm was looking into CRM companies, but it wasn’t until years later that Affinity came up again when Menlo itself wanted to work with a more modern platform.

As a user of Affinity himself, Sosin said the platform gives him the data he cares about and “removes the manual drudgery of entry and friction in the process.” Affinity also built a product that was intuitive to navigate.

“We have always had an interest in getting CRMs to the next generation, and Affinity is defining itself in a new category of relationship intelligence and just crushing it in the private capital markets,” he said. “They are scaling at an impressive growth rate and solving a hard problem that we don’t see many other companies in the space doing.”

 

#advance-venture-partners, #affinity, #artificial-intelligence, #bain-capital-ventures, #brian-n-sheth, #crm, #customer-relationship-management, #enterprise, #funding, #investment-banking, #kleiner-perkins, #machine-learning, #massmutual-ventures, #menlo-ventures, #nike, #pear-ventures, #qualcomm, #ray-zhou, #real-estate, #recent-funding, #saas, #shubham-goel, #softbank-group, #sprints-capital, #startups, #tc, #twilio, #tyler-sosin, #venture-capital

Clay debuts a new tool to help people better manage their business and personal relationships

A new startup called Clay, backed by $8 million in seed funding, has built a system designed to help you be more thoughtful with the people in your life, which operates somewhat like a personal CRM. With Clay, you build a collection of the people you meet by connecting your email and calendar with social apps, including Twitter and LinkedIn. Clay then populates each person’s entry with all the relevant information you would need to recall for any future meeting — ranging from their work history to latest tweets to the details on how you met and when you last communicated, among other things.

You also can add notes of your own to each entry, click to activate reminders to follow up with certain people and organize entries into groups. The app supports a command bar, keyboard shortcuts and home screen widgets, as well.

The end result is something that’s not exactly an address book but also not necessarily as sales and pipeline-focused as a CRM system.

Clay’s founders instead refer to their app as a “home for your people,” as it’s attempting to carve out a new space in the market for a more personal system of tracking who you know and how.

Image Credits: Clay

The idea for the startup comes from entrepreneurs Matthew Achariam and Zachary Hamed, Clay’s co-founders and co-CEOs, who met back in their early days of working with startups. Prior to starting Clay, Achariam helped lead product at Y Combinator-backed analytics company, Custora, and Hamed led the product management team for Goldman Sachs’ web platform, Marquee.

“We think that people and relationships have played such an important role in our own career trajectories. And we wanted to dive into that,” Hamed explains, when speaking about what prompted their interest in building Clay.

To get started with Clay — which is available as a web, desktop and mobile app — you’ll first connect your accounts. At present, Clay supports Microsoft Outlook/Office 365, Google Calendar, Gmail/Google Mail and Twitter. You also can add other services via Zapier integrations. After setup, Clay will then automatically track your meetings and personal connections, and augment people’s entries with other details pulled from the web, like their background and work experience listed on LinkedIn and latest tweets.

People’s entries will also detail how you met the person — something people tend to forget over time. For example, they may be noted as a connection you made on LinkedIn, or someone you met in person or in an online meeting.

Through Clay’s desktop app, you also can optionally connect Clay with iMessage, which allows it to augment its people entries with phone numbers and details about when you last communicated. However, this feature should be met with some caution. While Clay doesn’t import the content of your messages, the company says, it has to work around the lack of an official API or SDK to perform this integration. That means the feature requires full disk access in order to function. That’s an elevated security permission some will not feel comfortable using.

Image Credits: Clay

The founders, however, say they’ve built Clay to respect people’s privacy and security. The company’s privacy policy is human-readable and each integration is explained in terms of what data is pulled, what’s not pulled and how the data is used. Currently, data is encrypted on Clay’s servers and in transit, but the goal — and part of what the funding round is going toward — is to make Clay work fully locally on users’ devices.

“We want it to work fully on your machine. We don’t want to be storing any data at all,” says Hamed. “To do that is a very technically complex task, so it was prohibitively out of reach for Matt and I as we were building Clay in the beginning. But now that we have resources, that is our eventual goal.”

Still, Clay may face a difficult time convincing users that it’s safe, due to how many times people have been burned in the past over “smart” address books that abused users’ private data. Only last year, a new startup in this space, Sunshine Contacts, was found to be distributing people’s home addresses, even though these people hadn’t signed up for the app. Many other prior efforts also failed because they overstepped user privacy concerns in order to generate revenue.

Achariam believes the problem with these earlier products was often the business model they adopted.

“That was one of the things we really were thinking about when we started going into the space — because we, ourselves, wanted something like this — and every product that we saw kind of rubbed us the wrong way or exploded because of those reasons,” notes Achariam, of the smart address market’s history. “A lot of these things started off with making the user the product. And then you weren’t paying for it. There was no sustainable business model and at some point, they had to balance those trade-offs,” he says.

Image Credits: Clay

Clay is doing things differently. It’s starting from day one with a pricing plan that will allow it to self-sustain. Right now, that’s a fairly steep $20 per month, but the goal is to bring that down over time and introduce a free plan. (It’s also offering cheaper access to certain groups, like students and nonprofits, if a request is emailed.)

During testing, Clay was adopted by a number of different types of users, including teachers who wanted to remember students and their parents; a congressional candidate who wanted to track their constituents; and a veterinarian who wanted to remember customers and their pets.

“We intentionally made it really cross-industry, cross-disciplinary. We didn’t think that this was a tech problem or investor problem. We went broader,” notes Hamed.

The startup has raised a total of $8 million in seed funding from 2019 through 2020. The funding was led by Forerunner Ventures, with participation from General Catalyst.

Angel investors include Shannon Brayton, former CMO at LinkedIn; Kevin Hartz, former CEO of Eventbrite; Kelvin Beachum, an NFL player, philanthropist and investor; Lindsay Kaplan, co-founder of Chief and former VP of Communications and Brand at Casper; Zoelle Egner, former marketing lead at Airtable; Adam Evans, former CTO of RelateIQ; Charlie Songhurst, former head of corporate strategy at Microsoft; Sam Lessin, former VP of product management at Facebook; Jonah Goodhart, former CEO of Moat and SVP at Oracle; Jeff Morris Jr., Chapter One Ventures and others.

“Emerging from COVID, people are recognizing what had already become true. Relationships are increasingly digital, formed through online interaction and honed through messaging apps. So, how is it that we can be continuously connected, yet increasingly lonely at the same time?” stated Forerunner GP Brian O’Malley, about his firm’s investment. “The problem is that existing social products don’t serve you as the end user. You are just a pawn for some other customer, like a recruiter or some unknown advertiser. Clay is the first relationship software company built to understand all the signals that drive your connections, helping you form better ones with a broader set of people. Clay understands that your network is yours, so you should be empowered to own it,” he added.

Clay is currently opened to sign-ups through its website.

#apps, #computing, #crm, #customer-relationship-management, #desktop-app, #facebook, #forerunner-ventures, #funding, #general-catalyst, #google, #linkedin, #microsoft, #mobile, #networking, #privacy, #relationship-management, #relationships, #social-networking, #software, #startups, #web-app

India’s path to SaaS leadership is clear, but challenges remain

Software as a service is one of the most important sectors in tech today. While its transformative potential was quite clear before the pandemic, the sudden pivot to distributed workforces caused interest in SaaS products to skyrocket as medium and large enterprises embraced digital and remote sales processes, significantly expanding their utility.

This phenomenon is global, but India in particular has the opportunity to take its SaaS momentum to the next level. The Indian SaaS industry is projected to generate revenue of $50 billion to $70 billion and win 4%-6% of the global SaaS market by 2030, creating as much as $1 trillion in value, according to a report by SaaSBOOMi and McKinsey.

The Indian SaaS industry is projected to generate revenue of $50 billion to $70 billion and win 4%-6% of the global SaaS market by 2030.

There are certain important long-term trends that are fueling this expansion.

The rise of Indian SaaS unicorns

The Indian SaaS community has seen a flurry of innovation and success. Entrepreneurs in India have founded about a thousand funded SaaS companies in the last few years, doubling the rate from five years ago and creating several unicorns in the process. Together, these companies generate $2 billion to $3 billion in total revenues and represent approximately 1% of the global SaaS market, according to SaaSBOOMi and McKinsey.

These firms are diverse in terms of the clients they serve and the problems they solve, but several garnered global attention during the pandemic by enabling flexibility for newly remote workers. Zoho helped streamline this pivot by providing sales teams with apps for collateral, videos and demos; Freshworks offered businesses a seamless customer experience platform, and Eka extended its cloud platform to unify workflows from procurement to payments for the CFO office.

Other SaaS firms stayed busy in other ways. Over the course of the pandemic, 10 new unicorns emerged: Postman, Zenoti, Innovacer, Highradius, Chargebee and Browserstack, Mindtickle, Byju, UpGrad and Unacademy. There were also several instances of substantial venture funding, including a $150 million deal for Postman, bringing the total amount raised by the Indian SaaS community in 2020 to around $1.5 billion, four times the investment in 2018.

India’s path to leadership

While the Indian SaaS community has made admirable progress in recent years, there are several key growth drivers that could lead to as much as $1 trillion in revenue by 2030. They include:

The global pivot to digital go-to-market

The number of enterprises that are comfortable with assessing products and making business decisions via Zoom is increasing rapidly. This embrace of digital go-to-market fundamentally levels the playing field for Indian companies in terms of access to customers and end markets.

#amazon, #as-a-service, #asia, #cloud-applications, #cloud-computing, #column, #computing, #crm, #customer-success, #ec-column, #ec-india, #ec-indian-subcontinent, #freshworks, #idc, #india, #product-management, #saas, #software, #software-as-a-service, #startups, #united-states

xentral, an ERP platform for SMBs, raises $75M Series B from Tiger Global and Meritech

Enterprise Resource Planning systems have traditionally been the preserve of larger companies, but in recent years the amount of data small medium sized businesses can generate has increased to the point where even SMEs/SMBs can get into the world of ERP. And that’s especially true for online-only businesses.

At the beginning of the year we covered the $20 million Series A funding of Xentral, a German startup that develops ERP for online small businesses, but it clearly didn’t plan to stop there.

It’s now raised a $75 million Series B funding from Tiger Global and Meritech, following up from existing investors Sequoia Capital, Visionaries Club (a B2B-focused VC out of Berlin), and Freigeist.

The cash will be used to enhance product, hire staff and expand the UK operation towards a more global ERP market, which is expected to reach $32 billion by 2023.

Speaking to me over a call, Benedikt Sauter, founder and CEO of central, said: “We hook into Shopify, eBay, Amazon, Magento, WooCommerce, and also CRM systems like Pipedrive to collect the software together in one place, and try to do it all automatically in the background so that companies can really focus. Our goal is that a business owner who decides on Friday that they need a flexible ERP can implement and configure xentral over the weekend and hand it over to their team on Monday.”

The German startup covers services like order and warehouse management, packaging, fulfillment, accounting, and sales management, and, right now, the majority of its 1,000 customers are in Germany. Customers include the likes of direct-to-consumer brands like YFood, KoRo, the Nu Company and Flyeralarm.

John Curtius, Partner at Tiger Global, said: “Our diligence has uncovered a delighted customer base at xentral and a product offering that has evolved into a true mission-critical platform for ecommerce merchants globally. We are excited to partner with such product visionaries as Benedikt and Claudia as the business scales to serve customers not only in Europe but around the globe in the future.”

Xentral was Sequoia’s first investment in Europe since officially opening for business in the region this year. Sequoia backed other European startups before, including Graphcore, Klarna, Tessian, Unity, UiPath, n8n, and Evervault — but all of those deals were done from the US. Sequoia and its new partner in Europe, Luciana Lixandru, is understood to be joining Xentral’s board along with Visionaries’ Robert Lacher.

Alex Clayton, General Partner at Meritech said: “Meritech invested in NetSuite in 2008 with the vision of bringing ERP to the cloud… We believe that xentral will bring automation to hundreds of thousands SME businesses, dramatically improving multi-channel processes and data management in an ever-growing e-commerce market.”

Sauter and his co-founder Claudia Sauter (who is also his wife) built the early prototype of central originally for their first business in computer hardware sales.

#amazon, #articles, #artificial-intelligence, #berlin, #business, #business-partner, #ceo, #co-founder, #crm, #data-management, #ebay, #erp-software, #europe, #general-partner, #germany, #graphcore, #klarna, #luciana-lixandru, #magento, #meritech, #netsuite, #online-payments, #partner, #pipedrive, #sequoia-capital, #shopify, #tc, #tiger-global, #uipath, #united-kingdom, #united-states, #visionaries-club, #woocommerce, #xentral, #yfood

More companies should shift to a work-from-home model

Nearly three in 10 employees (29%) would quit their job if they were told they were no longer allowed to work remotely, according to a recent survey. In addition, a recent Harvard Business Study found that “companies that let their workers decide where and when to do their jobs — whether in another city or in the middle of the night — increase employee productivity, reduce turnover and lower organizational costs.”

Over the past 18 months, while instituting a remote work model, our turnover rate at Insightly was the lowest in company history and an internal survey found happiness levels to be twice as high from the previous year. This in the midst of a major pandemic, social movement, forest fires and a disruptive election — all happening at the same time.

As long as your employees are available when your customers are in need and goals are consistently met, 9 to 5 no longer needs to be a thing.

On a larger, global scale, employers from companies around the world are coming to the same realization: You don’t need an office to be productive and employees are happier working from home.

The next logical step is, at the same time, a majorly disruptive one and a 180-degree shift toward how companies have operated for over 100 years — the transition from in-person headquarters to a remote, work-from-anywhere model. In line with this shift, we’ve foregone our 40,000-square-foot Soma office space and employees are able to work from anywhere in the United States while keeping the same salary.

There will no doubt be challenges, and there already have been. But with these challenges also arises immense opportunity. Here are a few battle-tested tips on how to maintain productivity while delivering flexibility with this new work model:

Reallocate overhead savings

Let employees choose where they live. Allowing this option will better their lives and make for happy, engaged employees. Overhead costs, especially in large cities such as San Francisco, are the largest operating expense for most companies. Take this large sum of money and invest in employee happiness. You don’t need thousands of square feet in office space to be successful.

That massive overhead cost you just got rid of? Use this toward more meaningful employee experiences that will enhance their lives.

#column, #crm, #ec-column, #ec-future-of-work, #employment, #human-resource-management, #personnel, #remote-work, #remote-working, #startups, #united-states

There could be more to the Salesforce+ video streaming service than meets the eye

When Salesforce announced its new business video streaming service called Salesforce+ this week, everyone had a reaction. While not all of it was positive, some company watchers also wondered if there was more to this announcement than meets the eye.

If you look closely, the new initiative suggests that Salesforce wants to take a bite out of LinkedIn and other SaaS content platforms and publishers. The video streaming service could be a launch point for a broader content platform, where its partners are producing their own content and using Salesforce+ infrastructure to help them advertise to and cultivate their own customers.

The video streaming service could be a launch point for a broader content platform, where its partners are producing their own content and using Salesforce+ infrastructure to help them advertise to and cultivate their own customers.

The company has, after all, done exactly this sort of thing with its online marketplaces and industry events to great success. Salesforce generated almost $6 billion in its most recent quarterly earnings report. That mostly comes from selling its sales, marketing and service software, not any kind of content production, but it has lots of experience putting on Dreamforce, its massive annual customer event, as well as smaller events throughout the year around the world.

On its face, Salesforce+ is a giant, ambitious and quite expensive content marketing play. The company reportedly has hired a large professional staff to produce and manage the content, and built a broadcasting and production studio designed to produce quality shows in-house. It believes that by launching with content from Dreamforce, its highly successful customer conference, attended by tens of thousands people every year pre-pandemic, it can prime the viewing pump and build audience momentum that way, perhaps even using celebrities as it often does at its events to drive audience. It is less clear about the long-term business goals.

#cloud, #crm, #ec-cloud-and-enterprise-infrastructure, #ec-media, #ec-news-analysis, #enterprise, #saas, #salesforce, #streaming-video-service, #tc, #video

Youreka Labs spins out with $8M to provide smart mobile assistant apps to field workers

Mobile field service startup Youreka Labs Inc. raised an $8 million Series A round of funding co-led by Boulder Ventures and Grotech Ventures, with participation from Salesforce Ventures.

The Maryland-based company also officially announced its CEO — Bill Karpovich joined to lead the company after previously holding executive roles with General Motors and IBM Cloud & Watson Platform.

Youreka Labs spun out into its own company from parent company Synaptic Advisors, a cloud consulting business focused on the customer relationship management transformations using Salesforce and other artificial intelligence and automation technologies.

The company is developing robotic smart mobile assistants that enable frontline workers to perform their jobs more safely and efficiently. This includes things like guided procedures, smart forms and photo or video capture. Youreka is also embedded in existing Salesforce mobile applications like Field Service Mobile so that end-users only have to operate from one mobile app.

Youreka has identified four use cases so far: healthcare, manufacturing, energy and utilities and the public sector. Working with companies like Shell, P&G, Humana and the Transportation Security Administration, the company’s technology makes it possible for someone to share their knowledge and processes with their colleagues in the field, Karpovich told TechCrunch.

“In the case of healthcare, we are taking complex medical assessments from a doctor and pushing them out to nurses out in the field by gathering data into a simple mobile app and making it useful,” he added. “It allows nurses to do a great job without being doctors themselves.”

Karpovich said the company went after Series A dollars because it was “time for it to be on its own.” He was receiving inbound interest from investors, and the capital would enable the company to proceed more rapidly. Today, the company is focused on the Salesforce ecosystem, but that can evolve over time, he added.

The funding will be used to expand the company’s reach and products. He expects to double the team in the next six to 12 months across engineering to be able to expand the platform. Youreka boasts 100 customers today, and Karpovich would also like to invest in marketing to grow that base.

In addition to the use cases already identified, he sees additional potential in financial services and insurance, particularly for those assessing damage. The company is also concentrated in the United States, and Karpovich has plans to expand in the U.K. and Europe.

In 2020, the company grew 300%, which Karpovich attributes to the need of this kind of tool in field service. Youreka has a licensing model with charges per end user per month, along with an administrative license, for the people creating the apps, that also charges per user and per month pricing.

“There are 2.5 million jobs open today because companies can’t find people with the right skills,” he added. “We are making these jobs accessible. Some say that AI is doing away with jobs, but we are using AI to enhance jobs. If we can take 90% of the knowledge and give a digital assistant to less experienced people, you could open up so many opportunities.”

 

#apps, #artificial-intelligence, #bill-karpovich, #boulder-ventures, #cloud-applications, #computing, #crm, #digital-assistant, #enterprise, #funding, #grotech-ventures, #mobile-app, #recent-funding, #salesforce-ventures, #startups, #synaptic-advisors, #tc, #youreka-labs

Salesforce wants Salesforce+ to be the Netflix of biz content

Salesforce just closed a $28 billion mega-deal to buy Slack, generating significant debt along the way, but it’s not through spending big money.

Today the CRM giant announced it was taking a leap into streaming media with Salesforce+, a forthcoming digital media network with a focus on video that, in the words of the company, “will bring the magic of Dreamforce to viewers across the globe with luminary speakers.” (Whether that’s a good thing or not is in the eye of the beholder.)

Over the last year, Salesforce has watched companies struggle to quickly transform into fully-digital entities. The Slack purchase is part of Salesforce’s response to the evolving market, but the company believes it can do even more with an on-demand video service providing business content around the clock.

Salesforce president and CMO Sarah Franklin said in an official post that her company has had to “reimagine how to succeed in the new digital-first world.” The answer apparently is involves getting the larger Salesforce community together is a new live, and recorded video push.

In a Q&A with Colin Fleming, Salesforce’s senior vice president of Global Brand Marketing, he sees it as a way to evolve the content the company has been sharing all along. “As a result of the pandemic, we looked at the media landscape, where people are consuming content, and decided the days of white papers in a business-to-business setting were no longer interesting to people. We’re staring at a cookie-less future. And looking at the consumer world, we reflected on that for Salesforce and asked, “Why shouldn’t we be thinking about this too,” he said in the Q&A.

The company’s efforts are not small. Axios reports that there are “50 editorial leads” aboard the project to help it launch, and “hundreds of people at Salesforce currently working on Salesforce+” more broadly.

Notably Salesforce does not have near-term monetization plans for Salesforce+. The service will be free, and will not feature external advertising. Salesforce+ will launch in September in conjunction with Dreamforce and include four channels: Primetime for news and announcements, Trailblazer for training content, Customer 360 for success stories and Industry Channels for industry-specific offerings.

The company hopes that by combining the announcement with Dreamforce, it will help drive interest in what Salesforce has cooked up. After the Dreamforce push, Salesforce+ will enter into interesting territory. How much do Salesforce customers, and the larger business community really want what the company describes as “compelling live and on-demand content for every role, industry and line of business,” and “engaging stories, thought leadership and expert advice”?

Salesforce is considered the most successful SaaS-first company in history, and as such may have an opinion that people are interested in hearing. In its most recent quarterly earnings report in May, the company disclosed $5.96 billion in revenue, up 23% compared to the year-ago quarter, putting it close to a $25 billion run rate. The company also generates lots of cash. But being cash-rich doesn’t absolve the question of whether this new streaming effort will prove to be a money pit, costing buckets of cash to produce with limited returns.

The service sounds a bit like your LinkedIn feed brought to life, but in video form. At the very least, it’s probably the largest content marketing scheme of all time, but can it ever pay for itself either as a business unit or through some other monetization plans (like advertising) down the road?

Brent Leary, founder and principal analyst at CRM essentials says that he could see Salesforce eyeing advertising revenue with this venture and having it all tie into the Salesforce platform. “A customer could sponsor a show, advertise a show, or possibly collaborate on a show. And have leads generated from the show directly tied to the activity from those options while tracking ROI, and it’s all done on one platform. And the content lives on with ads living on with them,” Leary told TechCrunch.

Whether that’s the ultimate goal of this venture remains to be seen, but Salesforce has proven that there is market appetite for Dreamforce content at least in the physical world with over a hundred thousand people involved in 2019, the last time the company was able to hold a live event. While the pandemic shifted most traditional conference activity into the digital realm, making Dreamforce and related types of content available year-round in video format makes some sense in that context.

Precisely how the company will justify the sizable addition to its marketing budget will be interesting; measuring ROI from video products is not entirely straightforward when it is not monetized directly. And sooner or later it will have to have some direct or indirect impact on the business or face questions from shareholders on the purpose of the venture.

#cloud, #crm, #dreamforce, #enterprise, #marc-benioff, #marketing, #saas, #salesforce, #slack, #streaming-media, #tc, #video

Hubspot CEO moving to exec chairman role as company promotes Yamini Rangan to CEO

Boston-based CRM company Hubspot announced today that co-founder and CEO Brian Halligan would be stepping into the executive chairman role and CMO Yamini Rangan would be taking over as CEO next month on September 7th.

Rangan joined the company in January 2020 after stints at Dropbox, Workday and SAP. Her strong background in engineering, sales and marketing should prove helpful as she takes over the chief executive role. It’s worth noting that Halligan suffered a snowmobile accident earlier this year, and while he has recovered now, Rangan ran the company in his absence, perhaps helping lay the ground work for this decision  Halligan wrote in a blog post announcing his decision that she is completely prepared to take on this role.

“Yamini has been overseeing day to day operations at HubSpot since March, managing Board meetings, the HubSpot earnings call, and key hiring and growth initiatives, working closely with Dharmesh and the rest of the leadership team. She’s made HubSpot better by being here, and I know that trend will continue with her as CEO.,” Halligan wrote.

Brent Leary, founder and principal analyst at CRM Essentials, who has been following the company since early days, says he isn’t surprised to see a change like this. “With the company recently hitting its 15-year anniversary it really isn’t a huge surprise that something like this is happening. And given all the success they’ve had in growing the company to this point, you have to believe they’ve been preparing for this move for quite some time,” Leary told TechCrunch.

The announcement came as the company released its Q22021 revenue, which looked to be pretty solid coming in at $310.8 million up 53% over the same period last year. The vast majority, over $300 million was subscription revenue with the remainder coming from professional services, a ratio that you would expect for a company like this. The revenue puts them on a nice run rate of over $1.4 billion.

The company was founded in Boston in 2006 by Halligan and Dharmesh Shah and raised over $100 million, according to Crunchbase data. It was an early promoter of content marketing, using quality content, often in the form of company blogs, to drive website traffic and increase sales. It’s something that’s widely accepted now, but when they started the company it was not well known and they helped bring the concept to the mainstream.

Hubspot later moved into a broader CRM platform after going public in 2014. Along with Wayfair, Hubspot is one of the big success stories to come out of the Boston startup scene and go public, helping to fuel the city’s startup ecosystem with the money the founders made on their successful IPOs. Hubspot stock was up over 2% in after market trading on the news, perhaps signaling that investors are pleased with the company’s transition plan.

#boston-startups, #brian-halligan, #cloud, #content-marketing, #crm, #hubspot, #personnel

Pink Floyd drummer invests in Disciple Media, a platform aimed at the creator economy

Much has been made of the rise of the “creator economy” in the last year. With the Pandemic biting, millions flooded online, looking for a way to make money or promote themselves. The podcasting world has exploded, and with it platforms like Patreon, Clubhouse, and many others. But the thorny problem remains: Do you really own your audience as a creator, or does the platform own you? Companies like Mighty Networks, Circle and Tribe have tried to address this, giving creators greater control than social networks do over their audiences. Now another joins the fray.

Disciple Media bills itself as a SaaS platform to enable online creators to build community-led businesses. It’s now raised $6 million in funding in what it calls a ‘large Angel round’. It already claims to have garnered 2 million members and 500 communities since launching in 2018. Investors include Nick Mason (drummer in Pink Floyd), Sir Peter Michael (CEO of Cray Computers, founder of classic FM, Quantel and Cosworth Engineering), Rob Pierre (founder and CEO of Jellyfish), and Keith Morris (ex. chairman Sabre Insurance). It’s also announced a new Chairman, Eirik Svendsen, a expert in online marketplaces, SaaS and the publishing and media industry.

On its communities so far it has American country star and American Idol judge Luke Bryan, Gor Tex, and Body by Ciara. The platform is also available on iOS and Android and comes with community management tools, a CRM, and monetization options. The company claims its creators are now “earning millions in revenue each year.”

Benji Vaughan, Founder and CEO said: “The scale and rapid growth of the creator economy is extraordinary, and today that growth is being driven by entrepreneurial creators looking to build independent businesses outside of Youtube and the social networks.”

Vaughan, a Techno DJ and artist-turned-entrepreneur, says he came up with the idea after building similar communities for clients. He says the data created on Disciple communities is owned entirely by the host who built the network, “removing third-party risk and allowing insights to be actioned immediately”.

He told me: “We are moving from a position of effectively having ‘gig economy workers for social networks’ to owners of businesses who use social networks for their needs, not the other way around. Therefore, these people are starting to leave social networks to build their businesses and using social networks as marketing channels, as the rest of the world does. Once that migration happens where they move away from social networks as their prime platform, they need a hub where their data is going to get pulled together, they have an audience, which we see as a community that connects with itself as much as they do with the host.”

He thinks the equivalent of Salesforce or HubSpot in the creative economy is going to be a community platform: “That’s where they’re going to aggregate all the information about their valuable audience or community engagement. So, we are looking to, over time, to build out something very akin to what HubSpot sites they have for tech companies or SaaS businesses: a complete package, a complete platform to manage your engagement with your users, grow your user base and then convert that into revenue.”

Rob Pierre, founder and CEO Jellyfish said: “Creating and engaging with your community digitally has never been more important. Disciple allows you to do both of those things with a fully functional, feature-rich platform which requires very little upfront capital expenditure. It also provides numerous options to monetize your community.”

#american-idol, #android, #ceo, #chairman, #cloud-applications, #computing, #crm, #europe, #founder, #hubspot, #jellyfish, #marketing, #mighty-networks, #online-creators, #online-marketplaces, #patreon, #pink-floyd, #sabre, #salesforce, #search-engine-optimization, #social-networks, #software, #software-as-a-service, #tc, #tribe, #united-states, #youtube

3 issues to resolve before switching to a subscription business model

In my role at CloudBlue, Fortune 500 companies often approach me for help with solving technology challenges while shifting to a subscription business model, only to realize that they have not taken crucial organizational steps necessary to ensure a successful transition.

Subscriptions scale better, enhance customer experience and hold the promise of recurring and more predictable revenue streams — a pretty enticing prospect for any business. This business model is predominant in software as a service (SaaS), but it is hard to find an industry that doesn’t have a successful subscription story. A growing number of companies in sectors ranging from automotive, airlines, gaming and health to wellness, education, professional development and home maintenance have been introducing subscription services in recent years.

Legacy companies accustomed to pay-as-you-go models may assume shifting to a subscription model is just a sales issue. They are wrong.

However, businesses should be aware that the subscription model is much more than simply putting a monthly or annual price tag on their offering. Executives cannot just layer a subscription model on top of an existing business. They need to change the entire operation process, onboard all stakeholders, recalibrate their strategy and create a subscription culture.

While 70% of business leaders believe subscriptions will be key to their future, only 55% of companies believe they’re ready for the transition. Before talking technology, which is an enabler, companies should first address the following core issues to holistically plan and switch to a recurring revenue model.

Get internal stakeholders involved

Legacy companies accustomed to pay-as-you-go models may assume shifting to a subscription model is just a sales issue. They are wrong. Such a migration will affect nearly all departments across an organization, from product development and manufacturing to finance, sales, marketing and customer service. Leaders must therefore get all stakeholders motivated for the change and empower them to actively prepare for the transformation. The better you prepare, the smoother the transition.

But as we know, people naturally do not like change, even if it is for their own good. So it can be a formidable task to secure the cooperation of all internal stakeholders, which, depending on the size of your company, could number in the thousands.

#cloud, #cloud-services, #cloudblue, #column, #crm, #customer-experience, #customer-relationship-management, #ec-cloud-and-enterprise-infrastructure, #ec-column, #saas, #subscription-model, #subscription-services

Iceland’s Frumtak Ventures raises its third, $57M, fund focusing on post-seed and Series A

Frumtak Ventures, one of the few VCs in Iceland, has raised its third fund, Frumtak III. The $57 million (ISK 7b, €48m) fund will focus on post-seed and Series A startups. The firm says its typical ticket size will range from $1-5 million (€850k-4.2m).

Frumtak was a somewhat lesser-known European VC until it popped up on our radar as the backers behind the Controlant real-time supply chain monitoring startup, the technology from which was pictured beside Andrew Cuomo, governor of New York, when he held up a box containing the first-ever shipment of the COVID-19 vaccine to the city. Controlant has been a key player in the global distribution cold chain associated with vaccines.

However, the fund has also backed digital banking solutions provider Meniga, digital therapeutics scaleup Sidekick Health, travel CRM and travel booking system provider Kaptio, live event and fan engagement data analytics company Activity Stream, and Data Market, which was acquired by Qlik in 2014.

Svana Gunnarsdottir, managing partner of Frumtak Ventures said: “We are proud of the accomplishments of our portfolio companies and their teams, as well as the investment decisions we made through our first two funds. We look forward to continuing our support of high-potential startups and brilliant founders with Frumtak III. We are also grateful for the confidence shown to us by our LP’s, many of whom have been with us since our first fund in 2009.”

Concurrently, Asthildur Otharsdottir has joined the firm as partner and Frumtak III’s lead investment manager. Otharsdottir was previously Frumtak’s Chairman for 6 years and has been on the board of Marel and Icelandair Group.

#andrew-cuomo, #business, #chairman, #companies, #crm, #europe, #frumtak-ventures, #governor, #iceland, #managing-partner, #meniga, #new-york, #player, #private-equity, #startup-company, #tc

Google’s AirTable rival, Tables, graduates from beta test to become a Google Cloud product

Last fall, Google’s in-house incubator Area 120 introduced a new work-tracking tool called Tables, an AirTable rival that allows for tracking projects more efficiently using automation. Today, Google says Tables will officially “graduate” from Area 120 to become an official Google product by joining Google Cloud, which it expects to complete in the next year.

The Tables project was started by long-time Google employee, now Tables’ GM, Tim Gleason, who spent 10 years at the company and many more before that in the tech industry. He said he was inspired to work on Tables because he always had a difficult time tracking projects, as teams shared notes and tasks across different documents, which quickly got out of date.

Instead of tracking those sorts of notes and tasks associated with a project across various documents that have to be manually updated by team members, Tables uses bots to help take on some of the administrative duties involved in guiding team members through a project — like scheduling recurring email reminders when tasks are overdue, messaging a chat room when new forms are received, moving tasks to other people’s work queues, or updating tasks when schedules are changed.

The team saw Tables as a potential solution for a variety of use cases, including of course project management, as well as IT operations, customer service tracking, CRM, recruiting, product development and more.

Image Credits: Google

The service was launched last September to test product market fit, Google says, and quickly found traction.

According to VP/GM and Head of Platform for Google Cloud Amit Zavery, early customer feedback was positive and the team saw customers adopting the service for multiple projects — another strong signal for its potential growth. He declined to say how many customers were already using the service, however.

The pandemic also likely played a role in Tables’ adoption, Zavery noted.

“If you saw what happened with COVID, I think work-tracking became a pretty big area of interest for many customers who we’re speaking to,” he says, explaining that everyone was trying to quickly digitize.

Popular use cases included inventory management, healthcare supply tracking and use in mortgage-lending workflows. However, the team found Tables was adopted across a variety of industries beyond these, as hoped. On average, customers would use Tables in a department with around 30 to 40 people, they found.

Most customers were abandoning more manual processes to use Tables instead, not coming from a rival service.

“Things were very fragmented in different documents or with different people, so using technologies like this really seems to have resonated very well,” Zavery says. “Now you had one central place for structured information you can access and do things on top of it versus trying to have 15 different sheets and figuring out how they are related because there’s no structure behind each of them.”

Another factor that prompted Tables’ adoption was how quickly people could be productive, thanks in part to its ability to integrate with existing data warehouses and other services. Currently, Tables supports Office 365, Microsoft Access, Google Sheets, Slack, Salesforce, Box and Dropbox, for example.

Tables was one of only a few Area 120 projects to launch with a paid business model, along with ticket seller Fundo, conversational ads platform AdLingo and Google’s recently launched Orion WiFi. During its beta, an individual could use Tables for free, with support for up to 100 tables and 1,000 rows. The paid plan was supposed to cost $10 per user per month, with support for up to 1,000 tables and 10,000 rows. This plan also included support for larger attachments, more actions and advanced history, sharing, forms, automation and views.

However, Google never began charging for its paid tier during the beta, it says.

As Tables graduates into Google Cloud’s lineup, it will be integrated with Google’s no-code app building platform, AppSheet, which has a free tier, allowing the freemium model to continue. Users who want additional features will be able to upgrade to a premium plan. It will also be offered as a standalone product, for those who want that experience.

Google will leverage Workspace to get Tables in front of more users, as well.

“it’s going to be delivered through Workspace integration, because that’s a very large community of users who expect some similar kind of functionality,” Zavery says. “That will be a big differentiator, when you talk about the breadth of things we can do — because of having that community of users on Sheets, the things they do with Drive, and the data they collect — we can automatically add this and augment their experience.”

Image Credits: Google

The project taps into the growing interest in no-code, spreadsheet-powered database platforms — like AirTable, for example, which had closed on $185 million in Series D funding in the days before Tables’ release, valuing its business at $2.585 billion, post-money.

As Tables transitions to Google Cloud, the Tables beta version will remain free until a fully supported Cloud product becomes available in the next year. At that point, users will migrate to the new service.

Over time, Tables plans to add more functionality as it ties in with AppSheet, to make using the service more seamless — so people don’t have to hop around from one product to another to accomplish tasks. It will also work to provide better ease of use, mobile support and connectivity with more backend systems.

Official pricing hasn’t been finalized but shouldn’t be very different from the beta version.

#airtable, #apps, #appsheet, #area-120, #cloud-applications, #computing, #crm, #google, #google-cloud, #google-sheets, #inventory-management, #tables, #tc, #technology

DealHub raises $20M Series B for its sales platform

DealHub.io, an Austin-based platform that helps businesses manage the entire process of their sales engagements, today announced that it has raised a $20 million Series B funding round. The round was led by Israel Growth Partners, with participation from existing investor Cornerstone Venture Partners. This brings DealHub’s total funding to $24.5 million.

The company describes itself as a ‘revenue amplification’ platform (or ‘RevAmp,’ as DealHub likes to call it) that represents the next generation of existing sales and revenue operations tools. It’s meant to give businesses a more complete view of buyers and their intent, and streamline the sales processes from proposal to pricing quotes, subscription management and (electronic) signatures.

“Yesterday’s siloed sales tools no longer cut it in the new Work from Anywhere era,” said Eyal Elbahary, CEO & Co-founder of DealHub.io. “Sales has undergone the largest disruption it has ever seen. Not only have sales teams needed to adapt to more sophisticated and informed buyers, but remote selling and digital transformation have compelled them to evolve the traditional sales process into a unique human-to-human interaction.”

The platform integrates with virtually all of the standard CRM tools, including Salesforce, Microsoft Dynamics and Freshworks, as well as e-signature platforms like DocuSign.

The company didn’t share any revenue data, but it notes that the new funding round follows “continued multi-year hyper-growth.” In part, the company argues, demand for its platform has been driven by sales teams that need new tools, given that they — for the most part — can’t travel to meet their (potential) customers face-to-face.

“Revenue leaders need the agility to keep pace with today’s fast and ever-changing business environment. They cannot afford to be restrained by rigid and costly to implement tools to manage their sales processes,” said Uri Erde, General Partner at Israel Growth Partners. “RevAmp provides a simple to operate, intuitive, no-code solution that makes it possible for sales organizations to continuously adapt to the modern sales ecosystem. Furthermore, it provides sales leaders the visibility and insights they need to manage and consistently accelerate revenue growth. We’re excited to back the innovation DealHub is bringing to the world of revenue operations and help fuel its growth.”

#articles, #austin, #business, #cloud-applications, #crm, #distribution, #docusign, #enterprise, #freshworks, #funding, #fundings-exits, #general-partner, #israel-growth-partners, #recent-funding, #sales, #salesforce, #startups, #tc

Salesforce is bringing drag and drop interactive components to its low-code toolkit

Low code and no code tools abound these days, as the industry attempts to give non-technical end users the ability to create applications without code (or very little anyway). Salesforce has been a big proponent of this approach to help reduce the complexity of working on its platform, and today the CRM giant announced a new wrinkle: drag and drop interactive components.

These new components allow users to create more sophisticated kinds of interactions, says Ryan Ellis, SVP for product management and platform at Salesforce. “We’re introducing this new feature called Dynamic Interactions and prior to their existence you had to have developers if you wanted to be able to build essentially truly interactive applications,” Ellis said.

What he means by this is if you have an application made up of multiple components such as a list of companies, a map and information about the company. You can click a company name and its location instantly appears on the map, and information about the company appears alongside it.

Salesforce will be providing about 150 such interactions like maps, lists, Einstein next best action and so forth. Developers can also create these for users as reusable building blocks that make sense to your organization or make them available in the AppExchange for others to use. Finally, you might have a systems integrator or consultant help build them for you.

“With dynamic interactions, we’re really dramatically simplifying the process of building apps with components that communicate with each other, pass data back and forth and react to user actions. It’s an entirely no code tool so that developers write the code once for their component, and then that component can be reused by people who don’t have technical skills by dragging and dropping them onto the page, then configuring what should happen when a user takes an action,” Ellis explained.

An example of dynamic interactions from Salesforce. Clicking an item of the left causes its locations to appear in the center and information about the selected item on the right.

Image Credits: Salesforce

He says that this is part of a larger trend of digital transformation happening across the industry, one that was accelerated by the pandemic, something we hear frequently from tech companies like Salesforce.

“There’s really this big push to go digital faster than ever before, and this was happening for years as we were seeing businesses having to pivot much more rapidly as new business models were coming about. […] But then in this last year COVID really changed the game, and people just had to put on full gas in terms of actually being able to deliver those digital transformations in some instances overnight,” he said.

When you combine that with a shortage of developers, it makes sense that Salesforce and many other companies in the industry are developing these low-code tools that allow non-technical business users to build some applications themselves, while freeing developers to concentrate on more sophisticated organizational requirements.

Dynamic Interactions will be available starting today from Salesforce in beta. The product is expected be generally available around Dreamforce in the fall.

#cloud, #crm, #developer, #enterprise, #low-code, #salesforce, #tc

Lobus raises $6 million for an art management platform on the blockchain

Reshaping ownership proofs in the fine art markets has been one of the blockchain’s clearest real-world use cases. But in recent months as top auction houses have embraced NFTs and popular artists experiment with the crypto medium, that future has seemed more tangible than ever before.

The ex-Christie’s and Sotheby’s team at Lobus is aiming to commoditize blockchain tech with an asset management platform that they hope can bring creator-friendly mechanisms from NFT marketplaces like SuperRare to the physical art world as well, allowing art owners to maintain partial ownership of the works they sell so that they can benefit from secondary transactions down the line. While physical art sellers have grown accustomed to selling 100% of their work while seeing that value accrue over time as it trades hands, Lobus’s goal is for artist’s to maintain fractional ownership throughout those sales, ensuring that they earn a commission on sales down the road. It’s a radical idea and a logistical nightmare made feasible by the blockchain’s approach to ownership.

“We’re really on a mission of making artists into owners,” Lobus CEO Sarah Wendell Sherrill tells TechCrunch. “We are really leveraging the best of what NFTs are putting out there about ownership and asking the questions of how to help create different ownership structures and interrupt this asset class.”

The startup is encapsulating these new mechanics in a wide-reaching art asset management platform that they hope can entice users of the aging legacy software suites being used today. Teaming robust ownership proofs with a CRM, analytics platform and tools like dynamic pricing, Lobus wants to give the art market its own Carta-like software platform that is approachable to the wider market.

Lobus tells TechCrunch they have raised $6 million from Upside Capital, 8VC, Franklin Templeton, Dream Machine, Weekend Fund and BoostVC, among others. Angels participating in the round include Rob Hayes, Troy Carter, Suzy Ryoo, Rebecca and Cal Henderson, Henry Ward and Lex Sokolin.

A big goal for the team has been removing the complexities of understanding what the blockchain is and instead focus on what their tech can deliver to their network of art owners. While the NFT boom of the past few months has already produced billions in sales, efforts like Lobus are attempting to cross-pollinate the mechanics of crypto art with the global art market in an effort to put stakeholders across the board on the same footing. In addition to having partnerships with around 300 active artists, Lobus has also sold their platform to collectors, artist estates and asset managers.

At the moment, Lobus has around 40,000 art objects in its database, encompassing about $4.4 billion in asset value across physical and digital objects.

#articles, #artist, #asset-management, #bitcoin, #blockchain, #blockchain-art, #blockchains, #boostvc, #cal-henderson, #ceo, #christies, #crm, #crypto-art, #cryptocurrencies, #cryptocurrency, #decentralization, #digital-art, #franklin-templeton, #henry-ward, #software-platform, #sothebys, #tc, #technology, #troy-carter, #weekend-fund

Canada’s newest unicorn: Clio raises $110M at a $1.6B valuation for legal tech

Clio, a software company that helps law practices run more efficiently with its cloud-based technology, announced Tuesday it has raised a $110 million Series E round co-led by T. Rowe Price Associates Inc. and OMERS Growth Equity.

The round propels the Vancouver, British Columbia-based company to unicorn status, valuing it at $1.6 billion. Clio last raised in September of 2019 when it brought in $250 million in a Series D financing. With the latest funding, Clio claims that it’s the “first legal practice management unicorn” globally. The investment also brings its total capital raised since its 2008 inception to $386 million.

Founder and CEO Jack Newton says he and Rian Gauvreau launched Clio during the 2008 recession after seeing the struggles solo lawyers and small firms faced when running a business. Historically, legal practice management software was limited to server-based solutions designed for enterprise businesses — not small law firms, Newton said. Clio was formed to change that.

Clio co-founders Jack Newton and Rian Gauvreau; Image courtesy of Clio

“Much like how Microsoft Windows defined the operating system for personal computers decades ago, Clio has developed a software platform for law firms and their clients that is cloud-based and client-centric by design,” Newton said.

The company’s platform aims to serve as “an operating system” for lawyers, offering cloud-based legal practice management, client intake and legal CRM software. Clio has more than 150,000 customers across 100 countries. Many of the lawyers using Clio are smaller and solo practitioners, but the company also serves larger firms such as Locks Law and King Law.

Newton said his vertical SaaS company helps legal professionals be more productive, grow their firms and “make legal services more accessible.” It also aims to help clients find lawyers more easily and vice versa.

Image Credits: Clio

Newton was tight-lipped about the company’s financials, saying only that since its 2019 raise, the company has seen “explosive” growth. That growth was only fueled by the COVID-19 pandemic and its push toward all things digital. He added that its current valuation was “fair,” and achieved through a “thorough” vetting process.

Clio has focused on building out its core technology to an industry that has historically relied on pen and paper in many cases. It has also aimed to make legal technology more affordable for lawyers to use.

While change has been gradual, COVID-19 forced lawyers to fundamentally reevaluate how they run their law firms and how they deliver legal services to their clients, Newton said.

“Many firms realized that storing client data at the office was no longer an option as teams became distributed during COVID-19,” he added. “Lawyers and legal professionals who had hesitated to adopt technology in the past were suddenly forced to rapidly adapt to this new reality. While this technological change is in response to the crisis, it’s an enduring change.”

In 2018, Clio made its first acquisition with its buy of Lexicata, a Los Angeles-based legal tech startup. The company plans to do more acquisitions with the capital, according to Newton. The company plans to use its new capital to continue investing in its platform as well as toward strategic partnerships. (Clio currently has partnered with over 150 apps.)

Clio also plans to, naturally, do some hiring. Specifically, it plans to boost its headcount by 40%, or 250 employees, with a focus on bolstering its product and engineering teams. (Clio currently has 600 employees.)

“Over the next few years we intend to completely redefine the way legal services are delivered and democratize access to legal aid by way of the cloud,” Newton told TechCrunch. “This investment allows us to expedite our plans and offer even more to our existing customers.”

Clio in particular is growing in the EMEA markets with a current focus on the United Kingdom and Ireland.

In a written statement, OMERS Growth Equity managing director Mark Shulgan said his firm has been following Clio for a number of years.

“We believe Clio has clearly established itself as a market-leading legal tech firm, and will deliver growth for decades to come,” he said.

#canada, #cars, #clio, #cloud, #cloud-computing, #crm, #funding, #fundings-exits, #ireland, #law-firm, #law-firms, #legal-services, #legal-tech, #legal-technology, #los-angeles, #microsoft-windows, #omers-growth-equity, #operating-system, #recent-funding, #saas, #software, #software-platform, #startups, #t-rowe-price, #vancouver, #venture-capital

As working out goes virtual, Moxie raises $6.3M Seed+ round led by Resolute Ventures

With the pandemic sending the planet indoors to workout, the at-home fitness market has boomed. It was only in October last year that three-year-old Future closed $24 million in Series B and Playbook (streaming for personal trainers) raised $9.3 million in a Series A. Into this market launched Moxie, a platform that allowed fitness instructors to broadcast live and recorded classes, access licensed music playlists and deploy a CRM and payment tools. Classes range from $5-$25 and various subscriptions and packages are offered.

Moxie has now raised a $6.3M ‘Seed+’ funding round led by Resolute Ventures with participation from Bessemer Ventures, Greycroft Ventures, Gokul Rajaram, and additional investors. With the $2.1M Seed round from last October, that means Moxie has now raised a total of $8.4M.

With the funding, Moxie now plans to better optimize the user experience with a curated selection of top Moxie classes; new tools that help connect users to instructors; and the ability to preview classes before attending.

The company claims to have experienced “exponential growth” because of its convenience in the pandemic era, with 8,000 classes and 1 million class-minutes completed in March. Moxie’s independent instructors set their own schedules and prices, and get to keep 85% of what they earn on the platform.

The company will also now launch ‘Moxie Benefits’ in partnership with Stride Health, provide instructors with access to health insurance, dental and vision plans, life insurance, and other benefits.

Also planned is ‘Moxie Teams’, enabling groups of instructors to join together to form small businesses on the platform, not unlike the way some Uber drivers form teams.

Jason Goldberg, CEO and founder said in a statement: “Moxie was born during the pandemic alongside thousands of independent fitness instructors who were forced out of gyms and studios and suddenly had to become entrepreneurs and navigate the new frontier of virtual fitness. Now we are seeing widespread adoption of online fitness into people’s lives, and Moxie’s growth proves that these shifts in consumer behavior have staying power. We know that 89% of Moxie users plan to continue virtual workouts post COVID — they love the convenience.”

Resolute Ventures Partner & Co-Founder Raanan Bar-Cohen said: “Our investment theory has always been to identify entrepreneurial founders solving for today’s problems. With Moxie, we saw an experienced operator in Jason, with a product that solved for the issues that instructors and consumers had experienced in the shift to online fitness, as well as a clear roadmap for continued success.”

So why has Moxie managed to cleave to the new virtual workout culture? Goldberg tells me it’s down to a range of factors.

For starters, it’s a two-sided fitness marketplace that has live interactive group fitness classes, unlike VOD apps, and, crucially, unlike Peloton. Additionally, any instructor can teach on Moxie, rather than wait to be picked as a ‘star’ by Peloton. Since 90% of classes are live group fitness classes, they are effectively replacing yoga studios and HIIT classes, rather than personal training. He says many top instructors are now earning $6-figures on the platform.

Certainly, Moxie has managed to capitalize on the fact that while gyms are closed, it’s easy to do virtual classes. Will they still stick around when the pandemic is over? Presumably many will find it more convenient than schlepping to the gym and less intimidating than joining classes in person. Additionally, users can switch classes as easily as switching TV channels.

As Goldberg told me via email: “Covid forced everyone to try virtual fitness for the first time. Guess what? People found it more convenient and more connected than going to offline gyms. And guess what? Peloton is not for everyone.”

#3m, #bessemer-ventures, #ceo, #co-founder, #companies, #crm, #drinks, #education, #future, #gokul-rajaram, #health-insurance, #jason-goldberg, #life-insurance, #moxie, #online-fitness, #peloton, #playbook, #resolute-ventures, #tc, #uber

YC-backed Abacum nets $7M to empower finance teams with real-time data and collaboration tools

SaaS to support mid-sized companies’ financial planning with real-time data and native collaboration isn’t the sexiest startup pitch under the sun but it’s one that’s swiftly netted Abacum a bunch of notable backers — including Creandum, which is leading a $7M seed round that’s being announced today.

The rosters of existing investors also participating in the round are Y Combinator (Abacum was part of its latest batch), PROFounders, and K-Fund, along with angel investors such as Justin Kan (Atrium and Twitch co-founder and CEO); Maximilian Tayenthal (N26 co-founder and co-CEO & CFO); Thomas Lehrman (GLG co-founder and ex-CEO), Avi Meir (TravelPerk co-founder and CEO); plus Jenny Bloom (Zapier CFO and Mailchimp ex-CFO) and Mike Asher (CFO at Neo4j).

Abacum was founded last year in the middle of the COVID-19 global lockdown, after what it says was around a year of “deep research” to feed its product development. They launched their SaaS in June 2020. And while they’re not disclosing customer numbers at this early stage their first clients include a range of scale-up companies in the US and in Europe, including the likes of Typeform, Cabify, Ebury, Garten, Jeff and Talkable.

The startup’s Spanish co-founders — Julio Martinez, a fintech entrepreneur with an investment banking background, and Jorge Lluch, a European Space Agency engineer turned CFO/COO — spotted an opportunity to build dedicated software for mid-market finance teams to provide real-time access to data via native collaborative that plugs into key software platforms used by other business units, having felt the pain of a lack of access to real-time data and barriers to collaboration in their own professional experience with the finance function.

The idea with Abacum is to replace the need for finance teams to manually update their models. The SaaS automatically does the updates, fed with real-time data through direct integrations with software used by teams dealing with functions like HR, CRM, ERP (and so on) — empowering the finance function to collaborate more easily across the business and bolster its strategic decision-making capabilities.

The startup’s sales pitch to the target mid-sized companies is multi-layered. Abacum says its SaaS both saves finance teams time and enables faster-decision making.

“Prior to using Abacum, finance analysts in our clients were easily spending 50% to 70% of their time in manual tasks like downloading files from different systems, copy&pasting them in massive spreadsheets (that crash frequently), formatting the data by manually adding and removing rows, columns and formats, connecting the data in a model prone to manual error (e.g. vlookups & sumifs),” Martinez tells TechCrunch. “With Abacum, this entire manual part is automatically done and the finance professionals can spend their time analyzing and adding real value to the business.”

“We enable faster decisions that were not possible prior to Abacum. For instance, some of our clients were updating their cohort analysis on a quarterly basis only because the associated manual tasks were too painful. With us, they’re able to update the analysis weekly and take better decisions as a result.”

The SaaS also supports decisions in another way — by applying machine learning to business data to generate estimates on future performance, providing an AI-based reference point based on historical data that finance teams can use to inform their assumptions.

And it aids cross-business collaboration — allowing users to share and gather information “easily through workflows and permissions”. “We see that this results in faster and richer decisions as more stakeholders are brought into the process,” he adds.

Martinez says Abacum chose to focus on mid-market finance teams because they face “more challenges and inefficiencies” vs the smaller (and larger) ends of the market. “In that segment, the finance function is underinvested — they face the acute complexities of scaling companies that become very pressing but at the same time they are still considered a support function, a back-office,” he argues.

“Abacum makes finance a strategic function — we deliver native collaboration to finance teams so that they become the trusted business partner they want to be. We also see that the pandemic has accelerated the need for finance teams to collaborate effectively and work remotely,” he adds.

He also describes the mid market segment as “fairly unpenetrated” — claiming many companies do not yet having a solution in place.

While competitors he points to when asked about other players in the space are long in the tooth in digital terms: Adaptive Insights (2003); Host Analytics (2001); and Anaplan (2008).

Commenting on the seed round in a statement, Peter Specht, principal at Creandum, added: “The financial planning processes in many companies are ripe for disruption and demand more automation. Abacum’s slick solution empowers finance teams to be more collaborative, efficient and better informed with access to real-time data. We were impressed by their user-friendly product, the initial hiring of top talent, and crucially the strong founders and their extensive operational experience — including as CFOs and entrepreneurs who have experienced the problem first-hand. We are delighted to be part of Abacum’s journey to empower global SMEs to bring their financial operations to new levels.”

Abacum’s seed financing will be ploughed into product development and growth, per Martinez, who says it’s focused on wooing finance teams in the US and Europe for now.

#abacum, #adaptive-insights, #anaplan, #artificial-intelligence, #avi-meir, #business-models, #cfo, #chief-financial-officer, #creandum, #crm, #europe, #finance, #fundings-exits, #glg, #justin-kan, #machine-learning, #mailchimp, #n26, #neo4j, #profounders, #real-time-data, #saas, #software-as-a-service, #tc, #travelperk, #twitch, #y-combinator, #zapier

Facebook’s Kustomer buy could face EU probe after merger referral

The European Union may investigate Facebook’s $1BN acquisition of customer service platform Kustomer after concerns were referred to it under EU merger rules.

A spokeswoman for the Commission confirmed it received a request to refer the proposed acquisition from Austria under Article 22 of the EU’s Merger Regulation — a mechanism which allows Member States to flag a proposed transaction that’s not notifiable under national filing thresholds (e.g. because the turnover of one of the companies is too low for a formal notification).

The Commission spokeswoman said the case was notified in Austria on March 31.

“Following the receipt of an Article 22 request for referral, the Commission has to transmit the request for referral to other Member States without delay, who will have the right to join the original referral request within 15 working days of being informed by the Commission of the original request,” she told us, adding: “Following the expiry of the deadline for other Member States to join the referral, the Commission will have 10 working days to decide whether to accept or reject the referral.”

We’ll know in a few weeks whether or not the European Commission will take a look at the acquisition — an option that could see the transaction stalled for months, delaying Facebook’s plans for integrating Kustomer’s platform into its empire.

Facebook and Kustomer have been contacted for comment on the development.

The tech giant’s planned purchase of the customer relations management platform was announced last November and quickly raised concerns over what Facebook might do with any personal data held by Kustomer — which could include sensitive information, given sectors served by the platform include healthcare, government and financial services, among others.

Back in February, the Irish Council for Civil Liberties (ICCL) wrote to the Commission and national and EU data protection agencies to raise concerns about the proposed acquisition — urging scrutiny of the “data processing consequences”, and highlighting how Kustomer’s terms allow it to process user data for very wide-ranging purposes.

“Facebook is acquiring this company. The scope of ‘improving our Services’ [in Kustomer’s terms] is already broad, but is likely to grow broader after Kustomer is acquired,” the ICCL warned. “‘Our Services’ may, for example, be taken to mean any Facebook services or systems or projects.”

“The settled caselaw of the European Court of Justice, and the European data protection board, that ‘improving our services’ and similarly vague statements do not qualify as a ‘processing purpose’,” it added.

The ICCL also said it had written to Facebook asking for confirmation of the post-acquisition processing purposes for which people’s data will be used.

Johnny Ryan, senior fellow at the ICCL, confirmed to TechCrunch it has not had any response from Facebook to those questions.

We’ve also asked Facebook to confirm what it will do with any personal data held on users by Kustomer once it owns the company — and will update this report with any response.

In a separate (recent) episode — involving Google — its acquisition of wearable maker Fitbit went through months of competition scrutiny in the EU and was only cleared by regional regulators after the tech giant made a number of concessions, including committing not to use Fitbit data for ads for ten years.

Until now Facebook’s acquisitions have generally flown under regulators’ radar, including, around a decade ago, when it was sewing up the social space by buying up rivals Instagram and WhatsApp.

Several years later it was forced to pay a fine in the EU over a ‘misleading’ filing — after it combined WhatsApp and Facebook data, despite having told regulators it could not do so.

With so many data scandals now inextricably attached to Facebook, the tech giant is saddled with customer mistrust by default and faces far greater scrutiny of how it operates — which is now threatening to inject friction into its plans to expand its b2b offering by acquiring a CRM player. So after ‘move fast and break things’ Facebook is having to move slower because of its reputation for breaking stuff.

 

#austria, #crm, #data-protection, #europe, #european-commission, #european-union, #facebook, #fitbit, #fundings-exits, #google, #healthcare, #johnny-ryan, #kustomer, #merger, #privacy, #social-media

Salesforce updates includes sales info overlay for Zoom meetings

The pandemic has clearly had an impact on the way we work, and this is especially true for salespeople. Salesforce introduced a number updates to Sales Cloud this morning including Salesforce Meetings, a smart overlay for Zoom meetings that gives information and advice to the sales team as they interact with potential customers in online meetings.

Bill Patterson, EVP and General Manager of CRM applications at Salesforce says that the company wanted to help sales teams manage these types of interactions better and take advantage of the fact they are digital.

“There’s a broad recognition, not just from Salesforce, but really from every sales organization that selling is forever changed, and I think that there’s been a broad understanding, and maybe a surprise in learning how effective we can be in the from anywhere kind of times, whether that’s in office or not in office or whatever,” Patterson explained.

Salesforce Meetings gives that overlay of information, whether it’s advice to slow down the pace of your speech or information about the person speaking. It can also compile action items and present a To Do list to participants at the end of each meeting to make sure that tasks don’t fall through the cracks.

This is made possible in part through the Einstein intelligence layer that is built across the entire Salesforce platform. In this case, it takes advantage of a new tool called Einstein Intelligent Insights, which the company is also exposing as a feature for developers to build their own solutions using this tool.

For sales people who might find the tool a bit too invasive, you can dial the confidence level of the information up or down on an individual basis, so that you can get a lot of information or a little depending on your needs.

For now, it works with Zoom and the company has been working closely with the Zoom development team to provide the API and SDK tooling it needs to pull something like this off, according to Patterson. He notes that plans are in the works to make it compatible with WebEx and Microsoft Teams in the future.

While the idea was in the works prior to the pandemic, COVID created a sense of urgency for this kind of feature, as well as other features announced today like Pipeline Inspection, which uses AI to analyze the sales pipeline. It searches for changes to deals over time with the goal of finding the ones that could benefit most from coaching or managerial support to get them over the finish line.

Brent Leary, founder and principal analyst at CRM Essentials says that this ability to capture information in online meetings is changing the way we think about CRM.

“The thing the caught my attention is how tightly integrated video meetings/collaboration is now into sales process. This is really compelling because meeting interactions that may not find their way into the CRM system are now automatically captured,” Leary told me.

Salesforce Meetings is available today, while Pipeline Inspection is expected to be available this summer.

#cloud, #crm, #enterprise, #saas, #sales-tools, #salesforce, #tc, #zoom

Salesforce delivers, Wall Street doubts as stock falls 6.3% post-earnings

Wall Street investors can be fickle beasts. Take Salesforce as an example. The CRM giant announced a $5.82 billion quarter when it reported earnings yesterday. Revenue was up 20% year over year. The company also reported $21.25 billion in total revenue for the just closed FY2021, up 24% YoY. If that wasn’t enough, it raised its FY2022 guidance (its upcoming fiscal year) to over $25 billion. What’s not to like?

You want higher quarterly revenue, Salesforce gave you higher revenue. You want high growth and solid projected revenue — check and check. In fact, it’s hard to find anything to complain about in the report. The company is performing and growing at a rate that is remarkable for an organization of its size and maturity — and it is expected to continue to perform and grow.

How did Wall Street react to this stellar report? It punished the stock with the price down over 6%, a pretty dismal day considering the company brought home such a promising report card.

2/6/21 Salesforce stock report with stock down 6.31%

Image Credits: Google

So what is going on here? It could be that investors simply don’t believe the growth is sustainable or that the company overpaid when it bought Slack at the end of last year for over $27 billion. It could be it’s just people overreacting to a cooling market this week. But if investors are looking for a high growth company, Salesforce is delivering that

While Slack was expensive, it reported revenue over $250 million yesterday, pushing it over the $1 billion run rate with more than 100 customers paying over $1 million in ARR. Those numbers will eventually get added to Salesforce’s bottom line.

Canaccord Genuity analyst David Hynes Jr wrote that he was baffled by investor’s reaction to this report. Like me, he saw a lot of positives. Yet Wall Street decided to focus on the negative, and see “the glass half empty” as he put it in his note to investors.

“The stock is clearly in the show-me camp, which means it’s likely to take another couple of quarters for investors to buy into the idea that fundamentals are actually quite solid here, and that Slack was opportunistic (and yes, pricey), but not an attempt to mask suddenly deteriorating growth,” Hynes wrote.

During the call with analysts yesterday, Brad Zelnick from Credit Suisse asked how well the company could accelerate out of the pandemic-induced economic malaise, and Gavin Patterson, Salesforce’s president and chief revenue officers says the company is ready whenever the world moves past the pandemic.

“And let me reassure you, we are building the capability in terms of the sales force. You’d be delighted to hear that we’re investing significantly in terms of our direct sales force to take advantage of that demand. And I’m very confident we’ll be able to meet it. So I think you’re hearing today a message from us all that the business is strong, the pipeline is strong and we’ve got confidence going into the year,”Patterson said.

While Salesforce execs were clearly pumped up yesterday with good reason, there’s still doubt out in investor land that manifested itself in the stock starting down and staying down all day. It will be as Hynes suggested up to Salesforce to keep proving them wrong. As long as they keep producing quarters like the one they had this week, they should be just fine, regardless of what the naysayers on Wall Street may be thinking today.

#cloud, #crm, #earnings, #enterprise, #marc-benioff, #saas, #salesforce, #stock-price

Census raises $16M Series A to help companies put their data warehouses to work

Census, a startup that helps businesses sync their customer data from their data warehouses to their various business tools like Salesforce and Marketo, today announced that it has raised a $16 million Series A round led by Sequoia Capital. Other participants in this round include Andreessen Horowitz, which led the company’s $4.3 million seed round last year, as well as several notable angles, including Figma CEO Dylan Field, GitHub CTO Jason Warner, Notion COO Akshay Kothari and Rippling CEO Parker Conrad.

The company is part of a new crop of startups that are building on top of data warehouses. The general idea behind Census is to help businesses operationalize the data in their data warehouses, which was traditionally only used for analytics and reporting use cases. But as businesses realized that all the data they needed was already available in their data warehouses and that they could use that as a single source of truth without having to build additional integrations, an ecosystem of companies that operationalize this data started to form.

The company argues that the modern data stack, with data warehouses like Amazon Redshift, Google BigQuery and Snowflake at its core, offers all of the tools a business needs to extract and transform data (like Fivetran, dbt) and then visualize it (think Looker).

Tools like Census then essentially function as a new layer that sits between the data warehouse and the business tools that can help companies extract value from this data. With that, users can easily sync their product data into a marketing tool like Marketo or a CRM service like Salesforce, for example.

Image Credits: Census

Three years ago, we were the first to ask, ‘Why are we relying on a clumsy tangle of wires connecting every app when everything we need is already in the warehouse? What if you could leverage your data team to drive operations?’ When the data warehouse is connected to the rest of the business, the possibilities are limitless.” Census explains in today’s announcement. “When we launched, our focus was enabling product-led companies like Figma, Canva, and Notion to drive better marketing, sales, and customer success. Along the way, our customers have pulled Census into more and more scenarios, like auto-prioritizing support tickets in Zendesk, automating invoices in Netsuite, or even integrating with HR systems.

Census already integrates with dozens of different services and data tools and its customers include the likes of Clearbit, Figma, Fivetran, LogDNA, Loom and Notion.

Looking ahead, Census plans to use the new funding to launch new features like deeper data validation and a visual query experience. In addition, it also plans to launch code-based orchestration to make Census workflows versionable and make it easier to integrate them into enterprise orchestration system.

#andreessen-horowitz, #business-intelligence, #canva, #ceo, #clearbit, #computing, #crm, #cto, #data-management, #data-warehouse, #dylan-field, #enterprise, #figma, #fivetran, #github, #google, #information, #information-technology, #logdna, #looker, #loom, #marketo, #netsuite, #notion, #parker-conrad, #recent-funding, #salesforce, #sequoia-capital, #startups, #tc, #warehouse, #zendesk