Vee24 Announces Completion of $5.5 Million Series A Financing
The leading live help solutions company positions itself for US expansion with new growth capital infusion
06 Aug, 2013, 09:05 ET
BOSTON, Aug. 6, 2013 /PRNewswire/ -- Vee24, a provider of next generation live help solutions to leading brands including Audi, DFS, L'Oreal, Land Rover, Schuh, and Vodafone, announced today that it has closed a Series A financing. The $5.5 million round was led by Data Point Capital along with Point Judith Capital. Vee24, the only company providing a unified voice, video, text, and co-browsing platform, allows brands to offer their customers the same top-notch personalized customer assistance on their websites that they provide in-store.
To date, Vee24 has been based in Europe. This investment round will transform Vee24 into a U.S. company headquartered out of Boston, Massachusetts with European operations in Manchester, England, positioning the company for accelerated growth in the U.S. and overseas.
"It's been very exciting to see consistent 10%+ conversion rates, 25%+ increases in average order value, and record customer satisfaction scores across our retail customer base. These numbers are great validation that live customer engagement not only provides our partners powerful return on investment, but is key in offering a world class customer experience," says James Keller, CEO of Vee24.
"This is a company that has really caught our attention. It's very unusual to see a young business so far ahead of the competition and with such a great track record of success with category leaders. The new capital and strong client results put the company in a terrific place to further assert its leadership in the marketplace," says Scott Savitz, Vee24 board member and Managing Partner at Data Point Capital. "Bringing the company to Boston is a great testament to the region as an innovation hub and is another reason to be enthusiastic about what has already become one of the most vibrant tech sectors in the world."
The company was founded by Andy Henshaw and Nigel Thomas in Manchester, England. Henshaw and Thomas are serial entrepreneurs and most recently founded Portfolio Europe, Europe's leading marketing automation solution for the auto industry which is now owned by Cox Enterprises. "We built Vee24 in response to the need we saw in the marketplace to provide a true omni-channel experience that offers customers the same levels of service and support regardless of whether they are engaging with the company directly or virtually," says Henshaw, the company's Chief Product Officer and President of Europe.
"Improving online conversion is a trillion dollar opportunity," according to Sean Marsh, founding partner at Point Judith Capital and Vee24 board member. "Seeing the way that Vee24 clients are realizing 400% lift in conversion, not to mention off the charts customer satisfaction scores, has really validated our belief that the company is positioned to capture a tremendous market opportunity."
Vee24 is the world's leading provider of web-based customer engagement solutions. The company's Live Help solution is used by leading brands to deliver next generation customer experience on the web, in-stores, and through mobile devices via voice, video, text, and co-browsing. Current customers include Audi, British Gas, DFS, Ford, Isabella Oliver, Land Rover, Lexus, L'Oreal, Regus, Schuh, Thomson, and Vodafone. The company is headquarted in Boston, MA, with European operations in Manchester, England.
About Data Point Capital
Data Point Capital focuses on companies that can be leveraged and scaled on the Internet and touch the consumer. Categories of interest include mobile, gaming, social networks, payments, comparison shopping, e-commerce and emerging technologies. The fund is stage-agnostic, allowing for investments in seed, early stage, mid-stage, late stage or controlling interest deals and is made up of business executives and internet leaders who have created tremendous value through building a number of very successful companies (in many cases, again and again). Portfolio companies include Smart Lunches, Kitsy Lane, Clypd and Jebbit.
About Point Judith Capital
Point Judith Capital is a leading early stage venture capital firm based in Boston, Massachusetts. We focus on investments in software and technology enabled services. We take an active approach to investing, striving to build collaborative relationships with portfolio company management. We have constructed our firm and our team around the strategy of building market leading companies with innovative founders and serial entrepreneurs. We and our partners have backed such market leading Internet companies as Yandex.com, Multiply.com (acquired by Naspers), Ozon.com, FSAStore.com, and Sittercity.com.
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