London-based Reachdesk, a direct mail and corporate gifting software platform for B2B companies, announced that it has raised $43M (approx €37.12M) in its Series B round of funding to further expand its gifting platform to more businesses worldwide.
The round was led by Highland Europe with participation from Highland Capital, HubSpot Ventures, and RLC Ventures.
In September 2020, Reachdesk had raised approx €5M in funding led by Five Elms Capital. The current funding news comes after the company witnessed a growth of 600 per cent year-on-year. Reachdesk claims that its customers see 42 per cent higher attendance for events, a 212 per cent increase in response rate, and a 30 per cent higher conversions.
Funds to maximise customer value
The proceeds from this round will help Reachdesk invest in its product development and make the platform more effective and intelligent to enable marketers to build more effective campaigns by advising them when, how, and to whom to send gifts.
The funds will also help grow the company’s list of technical integrations, curated marketplace vendors, and global warehouse partnerships as it expands into new regions.
CEO of Reachdesk, Temy Mancusi-Ungaro says, “With this investment, and the partnerships and opportunities our new investors bring, we can double down on the areas that have driven Reachdesk’s incredible growth – from our truly global reach, to our unique, curated, personalised gifting marketplace and our market-defining ROI and tracking tools. We look forward to continuing the momentum of the past 12 months and further cementing ourselves as the go-to trusted advisor for some of the world’s biggest and most innovative marketing teams.”
Direct mail and corporate gifting software platform
Gifting platforms have been slow to scale and have lacked a human touch. In their efforts to gain insights into campaigns using manual processes and outdated platforms, marketeers lose sight of the personal impact gifting campaigns can create.
This is where Reachdesk wants to make a difference.
Founded in 2018 by Alex Olley, Meelan Radia, Jay Radia, and Alex Santos, Reachdesk removes guesswork and hassle by providing businesses with data-led tools to help them plot campaigns, maximise their ROI, and deliver the moments that matter to customers.
Alex Olley, co-founder & Chief Revenue Officer at Reachdesk, explains, “While corporate gifting has long promised to be the solution to generic, spammy marketing, it has not yet matched the needs or standards of today’s companies and consumers. Reachdesk breaks the mould. Our data-led, AI-powered and integrated approach allows us to be there for our customers at every stage, via one single, simple yet powerful, and trusted global platform.”
The company lets sales and marketing professionals create, manage, scale, and measure the ROI of their gifting and direct mail campaigns in a single place by integrating offline channels into the existing marketing tech stack of the company.
With integrations of thousands of SaaS platforms, the company claims its gifting process is fully automated and integrated, while its curated marketplace and logistics network across the US, Canada, UK, Europe, Australia, and Asia help offer more personalised gifts.
Reachdesk also mentioned in a statement that it reduces operational costs, increases response rates, and also improves conversion rates by over 30 per cent. Popular and personalised items sent include baked goods, picnic hampers, tea sets, books, and even gym gear – pretty much anything the client wants to send.
Brands such as ZoomInfo, ZScaler, Hootsuite, SimilarWeb, and others across more than 144 countries use Reachdesk’s services.
Reachdesk’s growth
Reachdesk claims to be on track to grow its business fourfold this year, which comes off the back of a record 600 per cent year-on-year growth. This growth has seen the company named as one of the top five fastest-growing software products, worldwide, within an industry worth $235B in the US and UK alone.
Since 2020, the company’s team has grown 500 per cent with plans to more than triple it by the end of 2022. It currently has offices in London, New York, and Lisbon, and looks to expand its presence across the US, Australia, New Zealand, and APAC later this year.
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