NEW YORK, Aug. 13, 2015 /PRNewswire/ -- ChatID is pleased to announce the close of $11.23 million in Series B funding. The round, led by Costanoa Venture Capital, brings ChatID's total funding to $19.2 million, after a $2 million seed round and $6 million series A round, led by FirstMark Capital and Mack Capital in March 2014.
We are thrilled to partner with Costanoa Venture Capital. Neill Occhiogrosso, Greg Sands and the Costanoa team have a track record of success in scaling high-growth SaaS and commerce-focused companies like ChatID. We are particularly excited about the strategic and operational support they bring to ChatID. We have never been in a better position to enable unparalleled consumer experiences for our clients. - Dan Herman, CEO and Co-Founder of ChatID.
Since bringing Chatbar to market mid-2014 and Chatbar Mobile in early-2015, ChatID has seen a profound acceleration in client adoption, creating an incredible rate of growth over the past twelve months. Seven of the Fortune 100 companies, including four of the Fortune 50 and two of the five largest US retailers, are part of the ChatID network. Post-Series B, ChatID will continue to focus on research and development, bringing new products to market that transform the retail customer experience. ChatID is also scaling operations in New York, San Francisco and Austin, supporting accelerated client acquisition.
Consumers are 3X more likely to convert with ChatID; brands have seen a 22% increase in average order value across major US retailers. This further proves the need for product experts to be able to reach consumers at any point in the purchase journey from within the retail channel.
ChatID enables a real conversation with the customer at the time of the highest value for everyone -- customer, brand, and retailer. Consumers are now scrupulous researchers, and ChatID satisfies their thirst for information without inhibiting the sale process. I'm excited to join and work with Dan, Mark, and the rest of the ChatID team. They are a great "yin and yang" team of inspirational vision and meticulous execution. - Neill Occhiogrosso, Partner at Costanoa Venture Capital.
ChatID is also excited to announce that Neill Occhiogrosso, Partner at Costanoa Venture Capital, will join the company's board of directors. Neill has been involved in technology startups since 1998 and prior to his career in venture capital has worked in various capacities at enterprise software startups.
About Costanoa Venture Capital:
Costanoa Venture Capital is focused on cloud-based services solving real problems for businesses and consumers by leveraging data and analytics. Costanoa provides early stage entrepreneurs with a combination of "rightsized" amounts of capital and value-added support from a high-quality institutional partner.
ChatID is a true SaaS platform that facilitates the conversation between retailers, brands and consumers. Our solutions seamlessly integrate with existing chat tools, creating a network for retailers and brands to directly improve the customer experience and increase sales; something they were only able to do via their own site until now.