In the last few weeks, we have been excited to announce we have secured $4.7 million of new funding from leading investors.
These funds bring the total raised to date to over $10 million. Sales have grown rapidly and whilst our cash position was already strong, we decided to raise further funds now to accelerate product development and to build on our growing presence in the US market.
We expect 2016 to be a key year for the CEM space – we know the sector is rapidly growing. Our recent Counting the Cost of Not Knowing research showed 76% of eCommerce brands in the UK and US plan to increase investment in online channels over the next 12 months. However, we also know that 85% of these eCommerce leaders have challenges in understanding why customers struggle in their online channel. With customer experience being a key battleground for online companies, it is logical to assume that a proportion of this online investment will be directed towards improving visibility into customer behavior and struggle.
We are at the forefront of this market growth, proven by the confidence our customers and investors have in our products and strategy. CEM is fast becoming an essential part of the digital marketing ecosystem and, with this additional funding, we have the resources to fully exploit an exploding market. Ultimately, this means we will help more eCommerce brands improve their ability to discover, visualize and monetize customer experience issues so they can improve conversion and protect their brand.
In the last year we have brought to market a number of key innovations. We delivered the first event based CEM Analytics solution on a SaaS platform. We also pioneered a capability to score the overall quality of experience on websites, thereby providing an early warning if customer experience degrades. The new investment, along with our in-depth understanding of the eCommerce industry and our customers’ challenges, will enable us to develop further innovations that will be game-changers in the CEM sector.
In addition to funding from leading investors, we have secured over $350,000 from Innovate UK, the UK’s innovation agency supported by the British Government. This is in recognition of User Replay’s innovative approach and to support our efforts in driving the CEM market forward with new advances.
We’d like to thank our major investors: Longwall Ventures and existing investors Episode 1 Ventures, EC1 Capital and FSE for their support and understanding of what we are working to achieve. With their help, it enables us to take User Replay into its next phase of growth.
John Thompson, CEO, UserReplay