Narvar raises $30M Series C funding as global brands increase investment in customer loyalty and engagement
Premium post-purchase customer engagement platform Narvar on Tuesday announced a $30 million Series-C financing round led by Accel, which also led Narvar’s Series A round.
In conjunction with the financing, Ryan Sweeney, partner at Accel, will join Narvar’s board. Existing investors including Battery Ventures participated in the round. The new investors Salesforce Ventures and Scale Venture Partners also participated. With this new round of funding, Narvar will ramp up product innovation and R&D efforts and employee base.
Since its inception in 2012, Narvar has raised $64 million till date.
Experts predict that by 2020, customer experience will overtake price and product as the key brand differentiator. Traditionally, retailers have been obsessed with acquisition and conversion, often neglecting the post-purchase phase of the journey.
Narvar helps brands to engage customers at a time of high anticipation and build long-term loyalty with their customers. The company has served nearly five billion customer interactions across 38 countries and 50 languages till date.
By working with more than 500 of the world’s most admired retailers, including Patagonia, Gap, Levi’s, TUMI and Sephora, Narvar has created an industry standard for addressing the post-purchase opportunity. Narvar’s SaaS platform provides delivery tracking analytics, delivery notifications, returns management, seamless feedback collection and timely customer communications.
In a statement, Amit Sharma, founder and CEO, Narvar, said, “When we started Narvar just a few years ago, we set out to simplify the everyday lives of customers. We recognised a huge opportunity for brands to deliver exceptional post-purchase customer engagement, and have helped retailers realise this vision for more than 300 million people. At the same time, ecommerce adoption has skyrocketed — in fact, more than 70 percent of adults online have interacted with Narvar through the retailers we support, and we anticipate this will continue trending up. We’ll use this new investment to continue developing leading products for our customers while investing heavily in international growth to support global brands.”
In the past 12 months, Narvar has doubled revenue and employee headcount, deepened its executive bench, and added more than 100 brands, including Costco and Lululemon, to its customers. The company has also expanded its global footprint into APAC and EMEA, opening a London office and making its first leadership hires in Germany.