Connectivity Closes $6.35 Million in Series A Funding, Surpasses 92,000 Paid SaaS Accounts
LOS ANGELES, April 24, 2014 /PRNewswire-iReach/ Connectivity SM, a leading software provider of customer intelligence and engagement solutions for businesses, announced today that it has secured $6.35 million in Series A funding. The financing was led by Greycroft Partners, with participation by Rincon Venture Partners, Daher Capital, Double M Partners, TenOneTen Ventures, Eytan Elbaz and SLP Ventures.
The funds will enable Connectivity to accelerate planned enhancements to its powerful customer intelligence platform, which allows businesses to manage online interactions with their customers, segment customers and identify their best ones, understand customer interests and benchmark themselves against their closest competitors.
Connectivity, which is also the parent company of popular local search sites YellowBot.com and weblocal.ca, changed its name from Solfo to align its brand with the company's vision of facilitating meaningful intelligence-driven connections between businesses and their customers.
The market opportunity for Connectivity is significant, as the combination of mobile proliferation and social media adoption has fundamentally changed how consumers interact with businesses. A recent Nielsen report revealed 55 percent of tablet users and 47 percent of smartphone users read reviews of recent or future purchases. In addition, 21 percent of tablet owners and 26 percent of smartphone users use social media to comment on a purchase. In this environment, intelligence-based customer engagement strategies and tools are essential for businesses that expect to compete and thrive.
"An estimated 80 percent of North American businesses, approximately 20 million, do not yet use a platform to engage with their customer data, representing a tremendous opportunity for Connectivity," said Matt Booth, CEO, Connectivity. "We are excited to have the support and strategic guidance of our investors as we advance our mission to deliver customer intelligence solutions for today's marketplace."