SAN FRANCISCO, CA, Bluenose Analytics today announced that it has secured $10 million in venture funding from the Social+Capital Partnership and Norwest Venture Partners (NVP) The funding includes a two million dollar seed investment led by the Social+Capital Partnership and an eight million dollar Series A investment led by the NVP.
With a successful beta launch earlier this year, Bluenose will leverage investment to continue expanding its platform’s capabilities, including deepening its predictive analytics. Bluenose is also deepening its executive team with thought-provoking leaders to drive content focused on customer retention of best practices.
‘Customer churn is the number one threat to success and sustainability for companies with recurring revenue models,’ said Jeffrey M. Kaplan, Managing Director, THINKstrategies, Inc. The founder of the Cloud Computing Showplace ‘Businesses need a powerful analytics platform to make the most of the increasing amount of data they can collect about their customer base and turn it into additional revenue-generating outcomes. ”
Built from the ground up by software-as-a-service experts, the Bluenose Analytics platform helps companies identify early on customer issues, including churn drivers. By combining business intelligence and automated customer engagement, Bluenose identifies at-risk customers and opportunities for up-selling at every stage of the lifecycle.
‘We invested early on in Bluenose-when it was Don, Todd, and the value proposition that resonated with us,’ said Mamoon Hamid, Managing Partner of The Social+Capital Partnership. ‘One of the biggest challenges that businesses face is to identify at-risk customers who are likely to run vs. happy customers who are likely to buy more. Bluenose is addressing this opportunity by providing business with actionable insights so that they can further delight their customers with the right products and features. ”
‘With an impressive team and deep analytics expertise, Bluenose is the company that will finally help businesses realize the power of big data to improve and maintain customer relationships,’ said Matthew Howard, Managing Partner, NVP. ‘This investment reinforces our continued focus on cloud-based technologies that drive better business practices and more growth opportunities. ”
‘Bluenose is in a very unique position, thanks to the support of two of the most successful and forward-looking SaaS investors in the industry,’ said Don MacLennan, founder and CEO of Bluenose Analytics. ‘NVP and Social+Capital have a record of working with innovators who have changed the landscape of the industry-which is exactly what Bluenose intends to do for customer analysis. ”
With this investment, Mamoon Hamid and Matthew Howard joined the Board of Directors of Bluenose Analytics.
The Social+Capital Partnership (‘Social Capital’) is a partnership of philanthropists, technologists and capitalists who use venture capital as a force to create value and change on a global scale. The Partnership is based in Palo Alto, California and is available on the web at s23p. Come on,
About Northwest Venture Partners
Norwest Venture Partners (NVP) is a multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build big business for more than 50 years. The firm manages more than $3. 7 billion in capital and has financed more than 500 companies since its inception. Headquartered in Palo Alto, California NVP has subsidiaries in Mumbai, Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage ventures and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. Visit http://www for more information. Please nvp Come on, Follow NVP on Twitter at @NorwestVP
Bluenose provides a customer success platform for software-as-a-service companies to increase revenue, use predictive analytics to engage at-risk customers and identify churn drivers. Visit http://www for more information. Blue-nose Come on,
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