[Funding alert] Contentstack raises $57.5M in oversubscribed Series B round
Led by Insight Partners, Contentstack will use the funds to accelerate global growth, ecosystem expansion, and technology innovation to seize the $28 billion market opportunity.
Contentstack — the US and Mumbai-based content experience platform (CXP) — has recently raised $57.5 million in Series B financing.
The oversubscribed round was led by Insight Partners, who also led the startup's Series A round. Existing investors, including Illuminate Ventures and GingerBread Capital, also participated along with new investor Georgian. To date, Contentstack has raised $89 million in funding.
The company plans to use the new capital to fuel international growth, expand its ecosystem of channel and technology partners, and accelerate new technology innovation that has been incubating in Contentstack's labs.
Speaking on the development, Neha Sampat, Founder and CEO, Contentstack, said,
"In the last year, we have helped leading companies in industries such as retail, financial services, gaming, and travel to create personalised experiences for their customers to drive revenue, improve customer satisfaction, and build customer loyalty. This round of financing demonstrates that our strategy is paying off, including our core beliefs around equality, customer care, and product innovation."
Contentstack claims to have recorded over 150 percent growth of its customer base since closing its Series A round. It has more than doubled the number of Fortune 1000 companies that have adopted its platform.
Its new customers include Broadcom, Chico's FAS, HP, La Perla, Leesa Sleep, McDonald's, and NBC. As a result of Contentstack acting as these organisations' core content hub, individual customers now serve petabytes of content to their audiences every month.
In February, Contentstack launched a new streamlined, elegant user interface for its platform, which raised the bar for experience across the Content Management Systems (CMS) industry.
With the backing of Georgian — a significant investor in Shopify, Kony, and Tealium — Contentstack said it will tap into Georgian's expertise around AI and machine learning and gain access to the firm's unique technology platform.
This will enable Contentstack to infuse AI/ML into all aspects of its operations, from the way it delivers new platform capabilities to its customer success operations.
Edited by Suman Singh