March 30, 2016
Company’s 500 percent growth in recurring software revenue over past three years driven by enterprise demand for mobile marketing automation
SANTA BARBARA, Calif., March 30, 2016 — Invoca, the call intelligence company, today announced it has secured $30 million in Series D financing led by Morgan Stanley Alternative Investment Partners with additional participation from existing investors Accel Partners, Upfront Ventures, Rincon Venture Partners, Salesforce Ventures and Stepstone. This latest investment round, which comes at a high-growth time for Invoca, brings the company’s total funding to $60 million. Invoca will use the funding to extend its leadership across sales, marketing, customer success and product development, with a focus on helping Fortune 500 marketers capitalize on the massive wave of mobile adoption.
Invoca was founded to fill a trillion-dollar hole in existing marketing cloud solutions. People now use mobile phones as their primary device for interacting with businesses across search, web, social, display, email and apps. These interactions are driving a massive increase in mobile phone calls to businesses, bringing in hundreds of billions of calls and more than $1 trillion in commerce conducted over the phone each year. Despite significant investment in marketing technology, marketers have lacked the analytics and automation required for this critical part of the mobile customer journey.
“The tidal wave of mobile adoption requires a new kind of marketing automation that accounts for the most important customer interaction you can have — a live phone conversation,” said Mark Woodward, CEO, Invoca. “Enterprise companies are using Invoca to move the needle on mobile marketing in a significant way. This new funding round only accelerates our ability to make them successful, from our product and customer service capabilities to our expansion in the market.”
“Invoca has built a platform that addresses the top concern for enterprise CMOs today — delivering personalized customer experiences across devices and channels,” said Jamey Sperans, Managing Director, Morgan Stanley Alternative Investment Partners. “We are thrilled to partner with a proven team, other world-class investors, and an already impressive list of enterprise customers who are finding success with Invoca.”
Through its leading solution and integrations with major marketing hubs, Invoca is fueling the mobile customer journey for enterprise marketers at brands including Celebrity Cruises, Frontier Communications, Mitsubishi Electric, The New York Times Store, OpenTable and LendingTree. Last year, Invoca grew enterprise customers by 70 percent and monthly recurring revenue for these customers by more than 150 percent. This growth, combined with Invoca’s new financing, cements the company’s leadership role in this growing market.
Enterprise brands across verticals use Invoca’s SaaS platform to increase revenue by making calls as measurable and automated as clicks. With Invoca, marketers can measure which campaigns are driving calls, automatically score and route callers to the right destination, and even trigger the next best action in a partner ecosystem that includes Adobe, Salesforce, Google, Oracle, and Marketo, as well as data management platforms, affiliate networks and agencies.
“In today’s investment climate, only true category leaders are in a position to raise capital,” said Mark Suster, managing partner, Upfront Ventures. “This round is a testament not only to the massive market opportunity, but also to Invoca’s performance to date as the pioneer, innovator and leader in helping enterprise brands bring phone calls into the digital realm.”
Invoca helps the modern marketer optimize for the most important step in the customer journey: the phone call. With Invoca’s Voice Marketing Cloud, marketers can get granular campaign attribution to understand why customers are calling, gain real-time intelligence about who’s calling and analyze what’s being said in conversations. Marketers can put this data to work directly in the Voice Marketing Cloud by automating the ideal customer experience before, during and after each call. With an ecosystem of over 30 technology partners, marketers can inject call intelligence into their existing technology stack, giving them the ability to orchestrate a true omnichannel customer journey. Invoca is backed by Morgan Stanley Alternative Investment Partners, Accel Partners, Upfront Ventures, Rincon Venture Partners, Salesforce Ventures, and Stepstone. For more information, please visit www.invoca.com.
Bateman Group for Invoca