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Capillary Technologies expands Series D funding to $140M

The company plans to use the fresh funding to fuel AI initiatives (generative loyalty) and global expansion.

Capillary Technologies expands Series D funding to $140M

Tuesday February 27, 2024 , 2 min Read

SaaS startup Capillary Technologies has increased its Series D round to $140 million, with $20 million designated for employee stock ownership plan (ESOP) payouts. 

The company plans to use the fresh funding to fuel AI initiatives (generative loyalty) and global expansion. 

The Singapore-based company's initial Series D round in June last year, which raised $45 million, has now surged to over three times its original size from the same group of investors, led by Avataar Venture Partners.. Other investors include Pantheon Ventures, 57Stars, Unigestion, Filter Capital,and Innoven capital

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

"Our employees are the backbone of Capillary's success, and we are dedicated to rewarding their hard work and dedication. The ESOP allocation reflects our commitment to fostering a culture of ownership and accountability within our organisation," said Aneesh Reddy, Founder & MD, Capillary Technologies. 

Capillary Technologies

Image credit: Capillary Technologies

The startup said it has experienced significant growth in the United States, with its expansion multiplying fourfold over the past three years.

"As an investor, we believe in the company's vision and are confident in its ability to disrupt the customer loyalty space. The expanded Series D funding and commitment to employee ownership reflect Capillary's strong leadership and potential for long-term success," said Mohan Kumar, Managing Partner at Avataar Ventures. 

Capillary is also backed by notable investors such as Sequoia Capital and Warburg Pincus. According to Tracxn, the firm has secured a cumulative funding of $100 million across eight rounds.

Last year, the company acquired US-based Brierley, marking its fifth acquisition globally and its second in the United States. This adds to its string of acquisitions, which include Persuade, Sellerworx, Ruaha Technology Labs, and Martjack.

Founded in 2012, Capillary Technologies specialises in providing customer loyalty and engagement solutions, with a presence across the United States, Asia, Europe, and the Middle East. Its clientele includes brands such as Tata Group, PUMA, Shell, Petron, Domino’s, Kanmo Group, and Marks & Spencer.


Edited by Swetha Kannan