Customer Engagement Company Totango Raises $9 Million to Support Expansion
The Israel and U.S.-based company helps businesses lower their churn rate by monitoring customer data
Enterprise customer engagement company Totango Inc. has raised $9 million to support up-scaling its operations, the company announced Monday, bringing its total equity raised to $36 million.
For daily updates, subscribe to our newsletter by clicking here.Participants in the current round included existing investors Benhamou Global Ventures (BGV), Canvas Ventures, Pitango Venture Capital and InterWest Partners, and new investor Grayhawk Capital.
Founded in 2010 with a research and development center in Tel Aviv and corporate headquarters in San Mateo, California, Totango offers recurring revenue businesses a way to predict and lower their churn rate—the rate at which customers leave a service. The company's technology monitors customer-centric data such as frequency and pattern of use to flag potential issues with customer engagement. Totango's customers include software company Citrix Systems Inc. and computer company CA Technologies.
"Companies recognize that it's in their best interest to focus on taking care of their existing customers to drive the business forward," said Totango co-founder and CEO Guy Nirpaz in a statement. "In this hyper-competitive environment, a well thought out customer success strategy brings real and sustained competitive advantage."
Totango intends to announce several new product developments at its customer success summit, held in San Francisco in March.