The renowned sending platform, Sendoso, secured $40 million investments from its Series B funding round led by Oak HC/FT.
FREMONT, CA: Sendoso, a San Francisco, CA-based sending platform secured $40 million investments from its Series B funding round led by Oak HC/FT, totaling the company's funds raised to $54.1 million. The company achieved 330 percent growth in revenue last year, has decided to utilize the funds for continued product innovation, market expansion, and team growth.
Today's companies undergo challenges that increase daily, especially in connection with buyers through traditional channels. A recent report by Forrester shows that about 28 percent of the sales representatives say that one of the biggest challenges they face is while getting customers to answer their phones. The competition to capture the buyer's attention continuously fuels the teams to find innovative ways to approach traditional sales and marketing strategies that is more direct, also that which creates a more personalized outreach.
"When we founded Sendoso in 2016, the mission was very clear: create a sending platform to help businesses rise above the digital noise and build meaningful connections," said Kris Rudeegraap, Co-Founder and CEO of Sendoso. "Many companies are still struggling to stay top-of-mind with buyers and build long-lasting relationships with their customers. The fact that our customers are seeing up to a 60 percent response rate and a 5x increase in close rate on opportunities using Sendoso validates the effectiveness of our platform."
Sendoso assists organizations to incorporate digital and physical sending strategies as part of their go-to-market programs. The additional touchpoints by Sendoso help connect the companies with its customers in many efficient ways, all through the buyer's journey. It integrates with the leading sales and marketing tools, such as Salesforce, Marketo, Hubspot, Outreach, and various others, allowing its customers to leverage from their existing programs and attain visibility into the effectiveness of the integrated campaigns that encompass strategies sharing.
"At Nutanix, our global sales organization of 1,200 inside and field sales representatives is constantly looking for new ways to connect with buyers," said Alex Cox, Global Marketing Programs at Nutanix, a global leader in cloud software and hyper-converged infrastructure solutions. "Since adopting Sendoso, we've seen a 20x annual return on our sending campaigns and have been able to optimize our meeting-maker programs."
Oak HC/FT led this round of funding with a couple of returning investors, Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, and Stage 2 capital and new investors Felicis Ventures and Prologis. Oak HC/FT's Allen Miller and Sendoso COO Michelle Palleschi will become the members of Sendoso's Board of Directors soon.
"Direct mail and corporate gifts have long been effective ways for businesses to build meaningful relationships with buyers and customers, but the industry has largely existed in an offline and inefficient manner. Sendoso is the first to change that with its Sending Platform and has positioned itself as a category creator within account-based marketing and sales," said Allen Miller of Oak HC/FT. "We're impressed by Sendoso's tremendous growth and vision for the send category, and we're excited to back Kris, Braydan, and the entire Sendoso team as they continue to provide innovative solutions that help businesses grow."
In addition to the company's record development over the last year, Sendoso has been named as "Cool Technology Vendor" by Gartner; earned leadership positions in the "account-based execution," "promotional product management," and "direct mail automation" categories on software review site G2; and received awards for "Product of the Year" and "Best Cloud Computing" software from Business Intelligence.