Company Name : Betaout
Funding Amount : $1.5M
Investor(s) Beenext Stanford Angels, Letsventure, Chennai Angels
Funding Round : Pre-Series A
Betaout, a customer intelligence and marketing automation platform for E-commerce companies has raised $1.5M in its Pre Series A round of funding.
The funding comes from Beenext, Stanford Angels, Letsventure, Chennai Angels, Hyderabad Angels, and Mumbai Angels. Match Group CEO, Sam Yagan who had participated in Betaout’s seed round funding.
Betaout will use this round of funding for customer acquisition in the Indian market, and expansion in other Asian markets and to hire professionals across technology, marketing, and account Management.
The company will also focus on developing its mobile offering, and other features on its platform such as machine learning, conversation-commerce, etc.
Betaout, founded in October 2014 launched a SaaS based offering for B2C/ E-commerce companies that provides customers real time big-data, segmentation based on business rules and machine learning, and omni channel personalization.
The company’s revenue model is based on a monthly recurring subscription that is determined by the number of addressable contacts and messages sent.
Ankit Maheshwari, CEO and Co-founder, said, “This round of funding, by respected and reputed names in the investor community has energized us to pursue our business objectives with focus and alacrity. This would be an absolute necessity given the pace at which the E-commerce and B2C market, which we serve, is growing in India. Our plans for 2016 include growing our existing customer base in the Indian market and expanding to other Asian markets including Indonesia and Malaysia.”
In its earlier seed round, the company had raised $500,000.