Indian software as a service (SaaS) startup Capillary Technologies has on Thursday announced the successful closure of its Series D funding round at $45 million.
The company said in a statement that it has raised the fund from a consortium of global investors- Avataar Ventures along with its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.
The company said that the funds raised through the Series D funding will play a pivotal role in driving Capillary Technologies’ global expansion efforts and supporting its mergers and acquisitions strategy.
The secured funding will bolster the firm’s value proposition and accelerate its global expansion, fostering continued growth across markets.
“Commitment from marquee investors from Avataar’s LPs along from existing investors Avataar Ventures and Filter Capital is a testament to the value Capillary Technologies has created in the loyalty domain,
“With this new funding, we are poised to expand our footprint in North America and Europe and pursue strategic acquisitions that align with our vision of becoming the preeminent loyalty company globally,” said Capillary Technologies’ Founder and Managing Director Aneesh Reddy.
Meanwhile, Capillary Technologies Chief Executive Officer Sameer Garde said this funding will enable the firm to extend its reach and capabilities to deliver exceptional customer loyalty experiences to a broader range of businesses across diverse markets.
Founded in 2012, Capillary Technologies has a presence across the United States, India, the Middle East, and Asia, in particular, South East Asia.
The firm is an end-to-end customer loyalty platform that offers a comprehensive view of consumers, and unified, cross-channel strategies that deliver a real-time omnichannel, personalized, and consistent experience for customers.
Powering 100+ loyalty programs, across 30+ countries, the firm works with 250+ brands including the likes of Tata, PUMA, Shell, Al-Futtaim, Petron, Domino’s, Kanmo Group, and Marks & Spencer.
With a massive reach of 1 billion+ consumers and processing 5 billion+ annual transactions, the company has the backing of Warburg Pincus, Sequoia Capital, Avataar Ventures, and Filter Capital
Over the past few years, the company has achieved remarkable success as enterprise brands worldwide increasingly prioritize customer loyalty to enhance retention rates and decrease customer acquisition costs.
Notably, it witnessed exceptional growth in the United States, expanding 3.5 times since the acquisition of Persuade in 2021. The US now accounts for more than a third of the firm’s revenue.
The company also solidified its position through the acquisition of Texas-based global loyalty firm Brierley.
Furthermore, Capillary Technologies received recognition as a Leader on the Forrester Wave for Loyalty Technology Solutions earlier this year.
These accomplishments, coupled with ongoing developments, position the company on a trajectory to become the foremost loyalty technology company globally.
“It has been truly remarkable witnessing Capillary Technologies’ business transformation over the past four years,” said Mohan Kumar, Managing Partner at Avataar Ventures.
According to him, the strategic decision to diversify from Asia into the US and Europe, encompassing various consumer verticals beyond retail, has been nothing short of impressive.
He said that this move has catapulted Capillary Technologies into a leadership position in Loyalty software and this has been recognized by external mentions like the Forrester Wave.
“Given the expanded addressable market and the immense potential that lies ahead, Avataar is wholeheartedly committed to supporting Capillary Technologies in its pursuit to become a global market leader,” he added.
Capillary Technologies works with 250+ enterprise brands across the globe.
Some of the largest loyalty programs in the world are run on Capillary Technologies’ artificial intelligence (AI)-powered SaaS platform.
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