ActionIQ Raises $32 Million to Compete with Adobe and Salesforce on Customer Data
ActionIQ, the leading customer data platform helping enterprises leverage their data for personalized experiences, announced it has raised a $32 Million series C round led by March Capital Partners with participation from top investors including Sequoia Capital, Andreessen Horowitz, and FirstMark Capital. This brings the total capital raised by ActionIQ to $75 Million.
With over 300% growth in the past year and an exclusive focus on large enterprise clients, ActionIQ has expanded its impressive client list to brands like The New York Times, Condé Nast, American Eagle Outfitters, Vera Bradley, and Pandora Media. Each client evaluated a long list of alternatives, including the large marketing cloud vendors, before deciding that ActionIQ was the only product on the market that could deliver personalization at scale in the face of significant data and channel complexity.
ActionIQ will use the funding to accelerate its expansion across sales, marketing, and product R&D, further cementing its leadership position in the enterprise CDP segment.
“Today’s consumers expect the brands they interact with to deliver personalized and relevant experiences across every brand interaction, both offline and online,” says Tasso Argyros, Co-Founder and CEO of ActionIQ. “The only way to do this is with customer data, which enterprises have troves of but have traditionally been unable to leverage. ActionIQ is changing that, and letting enterprises tap into this valuable data asset to better engage their customers. We’re bringing the level of personalization that consumers get from digital leaders like Amazon and Netflix to all brands, even ones that are based primarily in the offline world.”
“As a 150-year-old company, we had significant technical and organizational hurdles we needed to overcome as we tried to better leverage our customer data to deliver a more personalized brand experience,” says Nick Rockwell, CTO of The New York Times. “ActionIQ became an integral part of our migration to the cloud, and was able to seamlessly tap into customer data and leverage it to personalize experiences across 10+ channels, both online and offline.”
Meredith Finn, Partner at March Capital Partners, led the investment and will be joining ActionIQ’s board. “From my professional experience at Salesforce and Twitter, when it comes to building a relationship with your customers, data is everything,” says Finn. “ActionIQ took a data-first approach from day one in contrast to many vendors that are now scrambling to address their data gaps by duct taping data infrastructure to their existing point solutions. ActionIQ has built a truly unique platform that delivers the data, analytics, and orchestration capabilities needed at scale. The potential of such a platform is limitless, and spans well beyond traditional marketing channels to other areas of customer interactions including web and mobile app experiences, customer support, and sales.”
Scale is the operative word for ActionIQ, and will be the main area of investment for this funding. “In just the past 12 months, we’ve processed over 30 petabytes of customer data and powered over 1 trillion personalized interactions across our clients,” says Argyros. “We were built for this scale from the beginning, and now we’re investing in the marketing and sales to continue this accelerated growth. The CDP space is crowded, and there are a lot of companies that have pivoted from tangential categories, so it’s up to us to cut through the noise and show how we consistently deliver our clients 10x returns on their investment. We expect that in the next 12-18 months, we’ll see significant consolidation in the space, and we want to further advance our lead as the only CDP built for enterprise scale and complexity. 2020 is going to be an exciting year.”