SaaS startup Capillary Technologies secures $45M from Avataar Ventures, others

The Singapore-headquartered firm will use the funding for its global expansion plans and to support its mergers and acquisitions strategy.

SaaS startup Capillary Technologies secures $45M from Avataar Ventures, others

Thursday June 01, 2023,

2 min Read

Capillary Technologies, a loyalty management and customer engagement SaaS platform, has secured $45 million in Series D funding from a consortium of global investors. They include Avataar Ventures, accompanied by its LPs, Pantheon Ventures, 57Stars, and Unigestion, as well as Filter Capital and Innoven capital.

The company will utilise the fresh capital for global expansion and support its mergers and acquisitions strategy.

“With this new funding, we are poised to expand our footprint in North America and Europe and pursue strategic acquisitions that align with our vision of becoming the preeminent loyalty company globally,” Aneesh Reddy, Founder and MD of Capillary Technologies, said in a statement.

The Singapore-headquartered firm has raised a cumulative funding of $100 million across eight rounds, according to Tracxn. 

In April, Capillary acquired US-based Brierley—marking its fifth successful acquisition on a global scale and its second in the US. Its other acquisitions include Persuade, Sellerworx, Ruaha Technology Labs, and Martjack.

Capillary Technologies

Image credit: Capillary Technologies

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Since the acquisition of Persuade in 2021, Capillary has experienced significant growth in the US, expanding by a factor of 3.5, the company said, adding that the US market contributes to over one-third of its total revenue.

“The strategic decision to diversify from Asia into the US and Europe, encompassing various consumer verticals beyond retail, has been nothing short of impressive,” Mohan Kumar, Managing Partner at Avataar Ventures, said. “This move has catapulted Capillary into a leadership position in loyalty software.”

Founded in 2012, Capillary Technologies has established its footprint in various regions, including the United States, India, the Middle East, and Southeast Asia. The end-to-end customer loyalty platform provides a comprehensive view of consumers, and unified, cross-channel strategies that deliver a real-time omnichannel, personalised, and consistent experience for customers. 

Capillary, also backed by investors like Warburg Pincus, and Sequoia Capital, claims to work with over 250 enterprise brands, reaching beyond one billion customers worldwide.

Edited by Kanishk Singh