Swrve Secures Series D Funding
Swrve has announced that it has closed a $25 million Series D round of financing lead by our China Ireland Growth Fund Summit Bridge Capital, alongside existing investors. The capital will be used to meet increasing demand from the company’s enterprise customers, accelerate global growth, and broaden investment in Swrve’s open, enterprise-grade solution.
As mobile and other new devices and messaging channels transform the ways in which brands and consumers interact, this funding will enable Swrve to support organizations operating in this new environment. Seven of every 10 digital minutes are spent on mobile. Nine of 10 mobile minutes are spent in a collection of apps. Many consumers today view their phone as the “remote control” of their lives and use it as the central tool to interact with brands. Additionally, emerging devices and messaging channels offer new ways to interact with consumers. This has driven Swrve’s customers to rethink how they reach their own users: how they onboard, engage, retain, support, and transact with them.
Rather than force brands to replace existing marketing and CRM software stacks, Swrve's open platform integrates with their existing enterprise software solutions, adding real-time mobile, analytics, intelligence, and communications for these new user interaction models, which are different from the tradition PC desktop dominated world. This has led to significant success and growth: Swrve’s software development kit has been installed in over 2.5 billion apps and processes over 12 billion behavioral user events every day.
This pattern of growth will continue as funding supports the ongoing development of the Swrve go-to-market efforts in sales, customer success, and marketing as well as the further development of its platform. Swrve’s ‘in-the-moment’ understanding of the consumer, powered by its predictive algorithms and machine-learning based optimization models, helps brands to build loyal and profitable relationships through uniquely personalized mobile first and multi-channel experiences and messaging. Customers deploying Swrve typically see uplifts of 20-30 percent in business key performanc indicators including mobile revenue, user retention, and engagement and include many of the world’s leading brands.
The investment comes on the back of significant growth in Swrve’s business. Monthly revenue has risen by over 220% between 2015 and 2017 globally, with strong growth in the Americas, Europe, and the Middle East. Average deal size has quadrupled over this period, reflecting the large enterprise deployments the company has won in the key verticals of consumer financial services, mobile commerce, travel and hospitality, media and entertainment, and telecommunications. A significant proportion of these wins were jointly won with partners such as Salesforce and Oracle, two of many enterprise software companies with tight integrations with the Swrve platform.
This $25 million Series D brings total investment in Swrve to over $75 million and will be used to fund the expansion of Swrve to:
- Serve ever-increasing demand from Swrve’s existing customer base, which today supports 44 million daily active users and over 225 million monthly active users.
- Expand Swrve’s global Enterprise Sales team.
- Expand Swrve's global Customer Success team that supports clients around the clock and delivers unique guidance about how to grow their mobile businesses.
- Expand Product and Engineering teams in Dublin and Los Angeles to further develop Swrve Enterprise Platform.
- Develop Swrve's capability in new areas of customer interaction, specifically to the many connected devices and messaging services in consumers’ everyday lives.
- Expand footprint beyond current bases in San Francisco, London, Dublin, and Munich.
“Swrve’s goal has always been straightforward,” said Christopher S. Dean, CEO of Swrve. “We want to bring the power and possibility of mobile and other emerging devices and channels to the world’s largest and most successful brands. Our platform is built to enable our customers to collect and understand real-time behavioral data relating to customers, build user profiles, and thus deliver highly targeted campaigns and customer experience journeys over any digital channel. Critical to our successful enterprise implementations is our ability to seamlessly integrate into our customers’ existing ‘systems-of-record,’ such as marketing clouds, CRM and customer support infrastructures. By integrating with our customers’ existing systems, we leverage their prior investments and we add best-of-breed mobile functionality to their multi-channel customer journeys.”
“We’ve been following Swrve for many years, and witnessed the potential of the company’s technology from the start,” said David Lam, general partner of Summit Bridge Capital and member of Swrve’s Board of Directors. “Even so, we have been staggered by the growth in Swrve’s business over the last 12 months, and the long and growing list of leading brands that continue to experience extraordinary results based on Swrve’s mobile engagement technology. We look forward to working with Christopher and the Swrve team to build a global leader in the next generation of marketing automation software.”