“The customer is always right.” This phrase was popularised by incredibly successful retailers of their times – Harry Gordon Selfridge, John Wanamaker, and Marshall Field. Early on in their careers, this trio realised the fact that the success quotient of any business is directly proportional to the happiness and satisfaction of its customers. Amsterdam-based consumer feedback analytics platform, Wonderflow aims to take this learning to the next level.
It just raised €2M in a fresh round of funding. With this round, the startup has raised a total of €4M in funding, to date.
Investors in the current round
The round was led by the manager of venture capital P101, through its second vehicle P102 and ITALIA 500 – a venture capital fund set up by Azimut Libera Impresa and managed by P101.
P101 SGR is one of the leading venture capital fund managers in Italy. It claims to invest in innovative and technology-driven companies in Europe. With assets under management of over €200M, P101 has invested in 35 technology companies, including Cortilia, Milkman, MusixMatch, Velasca and Tannico.
The funding round also saw the participation of the European organisation for innovation EIT Digital; Jan Bennink – a Dutch serial entrepreneur with a long experience in the executive management of companies such as Danone, Numico, Douwe Egberts, Sara Lee; and member of the board of directors of companies such as Coca Cola, Kraft, Boots, which with this operation become part of the Wonderflow board.
Use of the raised funds
The raised capital will help the company to strengthen its position in Europe and expand its commercial network, in order to respond to the ever-increasing demand for customer feedback services.
Speaking on the potential of the market, Riccardo Osti, CEO of Wonderflow, says, “In this last year we have seen an explosion of customer analytics demand, especially from large international clients. Thanks to this new injection of capital and thanks to the important entry on our board of an important figure like Jan Bennink, we will be able to seize this opportunity, growing further starting from the European market.”
The company was founded in 2013 by Giovanni Gaglione, Michele Ruini, and Riccardo Osti. Wonderflow is a B2B customer feedback analytics platform. It collects feedback from review, customer service data, and then analyses text via Natural language processing (NLP).
The company claims to have developed the most accurate linguistic analysis technology that is capable of simulating human interpretative ability and has been able to make it usable by any user without technical knowledge. In simple terms, the analysis technology determines what customers like or dislike about your products.
It provides features to monitor price and rating fluctuations of products to determine the price that maximises customer satisfaction; provides a competitor analysis; and monetises through subscription-based pricing plans. Its clients include Uber, Samsung, DHL, Philips, and Durex, among others.
According to the company, its descriptive and predictive technologies are created in its R&D centre, located in the Italian Alps. Its head office in the city centre of Amsterdam manages sales and marketing. It also claims that its team and collaborators come from 15 different countries and speak more than 10 languages; more than 50% of its employees are women. Wonderflow is backed by Rockstart Accelerator, several individual investors and a leading venture capital firm.
Wonderflow claims to be fully compliant with GDPR regulations and is certified with ISO27001. Currently, it processes more than 1 million consumer texts per day, generating insights that are used by enterprises to improve products and services in more than 40 countries.
Earlier in November 2020, the company had announced the opening of a new office in Milan, Italy. The expansion was part of Wonderflow’s strategy to extend its European footprint and to have a strong presence in the heart of Italian business.
Prior to that in September 2020, Wonderflow and Microsoft had announced their partnership to integrate Wonderflow’s capabilities into Microsoft Dynamics 365 Customer Voice. The aim of the partnership was to enable Microsoft users to supercharge their Customer Voice dashboard. Through Wonderflow, they can combine their direct customer feedback with analytics gathered from public product reviews on e-commerce platforms.
In 2019, Wonderflow was one of the prize winners of the European scale-up competition, EIT Digital Challenge.
In September 2018, the company had raised its first funding of €1.5M from Programma 102, the second investment vehicle of venture capital manager P101. With the raised capital, the company aimed to consolidate its position in the European market, fostering the development of its analytics technologies.