– USA, CA – Sendoso, the leading Sending Platform, today announced it has secured $40 million in Series B funding, led by Oak HC/FT, bringing the amount raised to $54.1 million. After achieving 330% revenue growth in 2019, Sendoso will use these funds for continued product innovation, market expansion, and team growth.
As part of the financing, Oak HC/FT’s Allen Miller and Sendoso COO Michelle Palleschi will join the Board of Directors.
Oak HC/FT was joined in this round by returning investors Craft Ventures, Signia Venture Partners, Storm Ventures, Struck Capital, and Stage 2 Capital with new investors Felicis Ventures and Prologis.
Companies today are faced with increasing challenges to connect with buyers through traditional channels. A recent report from Forrester noted that B2B marketing and sales emails have an average 2% click-through rate; additionally, a 2017 Forrester survey showed that 28% of sales reps reported that one of their biggest challenges is getting customers to answer the phone. The race to capture buyer attention has propelled teams to look for innovative ways to approach traditional sales and marketing strategies with more direct and 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% response rate and a 5x increase in close rate on opportunities using Sendoso validates the effectiveness of our platform.”
Sendoso helps companies incorporate digital and physical sending strategies into their go-to-market programs. These additional touchpoints help companies connect with customers in more meaningful ways throughout the buyer’s journey. By integrating with leading sales and marketing tools, like Salesforce, Marketo, Hubspot, Outreach and many others, Sendoso’s customers leverage their existing programs and get visibility into the effectiveness of their integrated campaigns that include sending strategies.
“At Nutanix, our global sales organization of 1,200 inside and field sales reps 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.”
“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 record growth over the past year, Sendoso was named a “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.
“Sendoso addresses the very real problem of the pendulum swinging too far in the direction of efficiency and speed, while thoughtfulness and consideration hover at an all-time low. Sendoso helps companies get back to that practice of thoughtful gifting without slowing down,” said Brian Murray of Craft Ventures.
“Felicis Ventures is thrilled to partner with Sendoso in this next phase of growth. With Sendoso’s sending platform, businesses are able to establish meaningful, personalized connections with customers and employees at scale, in ways not possible before. We have been impressed by Kris, Braydan, Michelle and the management team’s ability to attract and recruit top talent, and are excited for Sendoso to continue expanding their customer set into new verticals and functional teams,” said Grace Chou of Felicis Ventures, who will be joining as a board observer in this round.
“Kris and Braydan are forces of nature in driving sales teams to achieve their goals. Both of them have worked careers in sales and know the world their customers operate in very well. I can’t wait to see where they take Sendoso next,” said Sunny Dhillon of Signia Venture Partners.
“It has been a privilege to watch Kris, Braydan, and Michelle grow Sendoso from zero to 100. Backing first-time entrepreneurs often comes with challenges and risks, but not when you get to work with a team of that caliber with deep empathy for the people they help. Looking forward to seeing the company leverage this new round to help more businesses close deals by spreading the joy of gifting,” said Pascale Diaine of Storm Ventures.
“Our business requires a sharp focus on engaging potential customers through unique strategies that break away from the status quo. Sendoso has helped our sales and marketing teams connect with our customers in personalized ways throughout the entire customer lifecycle,” said Meagen Eisenberg, Chief Marketing Officer of TripActions, a leading business travel management platform.
“In a world full of digital pollution, physical interactions are now prioritized. We backed Kris, Braydan, and Michelle early on because we saw Sendoso as a platform that facilitated physical engagement in the context of the enterprise. It has been a privilege to watch Sendoso’s explosive growth and we are excited to support the company as it enters the next phase of its lifecycle,” said Adam B. Struck of Struck Capital.
About Sendoso
Sendoso, the leading Sending Platform, helps companies stand out by giving them new ways to engage with customers throughout the buyer’s journey. By integrating digital and physical sending strategies, companies can increase the effectiveness of their existing go-to-market programs and improve their relationships with customers. Trusted by over 500 companies, Sendoso is an essential part of successful demand generation, account-based, and customer experience programs. Founded in 2016, Sendoso is backed by $54M in venture funding and has a global footprint, with a presence in North America, Europe, and the Asia Pacific.
For more information: https://sendoso.com
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. With $1.9 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco.
For more information: https://oakhcft.com
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