Bluenose Analytics Secures $10M to Help Businesses Reduce Customer Churn & Drive Revenue
San Francisco, CA (PRWEB) December 11, 2013
Bluenose Analytics today announced it has secured $ 10 million in venture funding from The Social+Capital Partnership and Norwest Venture Partners (NVP). The funding includes a two million dollar seed investment led by The Social+Capital Partnership and an eight million dollar Series A led by NVP.
With a successful beta launch earlier this year, Bluenose will leverage the investment to continue expanding the capabilities of its platform, including deepening its predictive analytics. Bluenose is also deepening its executive team with thought leaders to drive content focused on customer retention best practices.
“For companies with recurring revenue models, customer churn is the number one threat to success and sustainability,” said Jeffrey M. Kaplan, managing director of THINKstrategies, Inc. and founder of the Cloud Computing Showplace. “Businesses need a powerful analytics platform to make the most of the growing amount of data they can collect about their customer base and turn it into additional revenue-generating outcomes.”
Built from the ground up by software-as-a-service experts, the Bluenose Analytics platform helps companies identify customer issues early, including the drivers of churn. By combining business intelligence and automated customer engagement, Bluenose pinpoints at-risk customers and opportunities to up-sell at every stage in the lifecycle.
“We invested in Bluenose early on – when it was Don, Todd, and a value proposition that resonated with us,” said Mamoon Hamid, general partner at The Social+Capital Partnership. “One of the biggest challenges that businesses face is identifying at-risk customers who are likely to churn versus happy customers who are likely to buy more. Bluenose is addressing this opportunity by providing actionable insights to businesses so they can further delight their customers with the right products and features.”
“With an impressive team and deep analytics expertise, Bluenose is the company to help businesses finally realize the power of big data for improving and retaining customer relationships,” said Matthew Howard, managing partner, NVP. “This investment reinforces our continued focus on cloud-based technologies that drive better business practices and more opportunities for growth.”
“Bluenose is in a very unique position, thanks to the support of two of the most successful and forward-thinking SaaS investors in the industry,” said Don MacLennan, founder and CEO of Bluenose Analytics. “NVP and Social+Capital have a record of working with innovators who have changed an industry landscape – which is exactly what Bluenose intends to do for customer analytics.”
With this investment, Mamoon Hamid and Matthew Howard have joined the Bluenose Analytics board of directors.
About The Social+Capital Partnership
The Social+Capital Partnership (“Social Capital”) is a partnership of philanthropists, technologists and capitalists utilizing venture capital as a force to create value and change on a global scale. The Partnership is based in Palo Alto, California and is on the web at s23p.com.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $ 3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit http://www.nvp.com. Follow NVP on Twitter @NorwestVP
About Bluenose Analytics
Bluenose provides a customer success platform for software-as-a-service businesses to increase revenue, using predictive analytics to engage at-risk customers and identify drivers of churn. For more information, visit http://www.bluenose.com.