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Corporate gifting platform Reachdesk announced a $6 million Series A round led by growth equity firm Five Elms Capital earlier in September.
Reachdesk works with over 100 business-to-business (B2B) enterprise companies, such as fintech Stripe and social media tool Hootsuite, across the US, Europe, and Asia Pacific to streamline the process of running a marketing campaign.
By combining the company’s existing marketing tech stack with offline channels it allows companies to reduce the time spent on campaigns, generate more leads, and measure return on investment, says cofounder Alex Olley.
The US-headquartered startup has had to adapt quickly to the needs of its clients, as reduced business travel and social distancing mean that companies struggle to create meaningful experiences with customers, says Olley.
“We had to rebuild our offering, pretty much in the space of about a week,” he said. “[Events] usually account for 25% to 30% of some of these companies’ leads that they generate and [so they] said you need to plug that gap for us.”
“They wanted to recreate the things that we missed out on at events. When you go to an event you want to network with people, you want to meet for coffee … So all of these things we were doing by digital means,” he adds. “During the event you could say, ‘Thanks for attending the keynote session, lunch is on us.’ And next thing you know, you get sent this Deliveroo voucher for 50 quid.”
Reachdesk says it has quadrupled its revenue and doubled its headcount since the start of the pandemic.
Since March, Olley says that Reachdesk has grown its offering from four gift cards to more than 800. It has also introduced address confirmation to allow gifts to be sent to people’s homes and partnered with For Good Causes to allow recipients to donate un-redeemed gift cards to charity.
The Series A round will allow the firm to continue product development and focus on making its offering more environmentally sustainable. It also plans to scale its operations across the US, Europe, and the Asia Pacific region.
“Most companies at our stage when they raise that much money often go straight for the US, but we’re already there,” says Olley, adding that they entered the US market early because it was necessary to meet the demands of their global client base. “In Europe and Australia we are the only provider. So we’re the market leader here already in Europe.”
We got an exclusive look at the pitch deck it used to bring new investors on board:
Source:: Business Insider