New resources to help market-leading Customer Success platform expand its ecosystem, team, and product development capabilities.
ChurnZero, the highest-rated and fastest-growing Customer Success platform for subscription businesses, announced that it has received $25 million in Series B funding led by JMI Equity, a growth equity firm focused on investing in leading software companies. Returning investors in the round include Baird Capital and Grotech Ventures. To date, this investment brings the total funding that ChurnZero has raised to $35 million.
The investment will be used to support ChurnZero’s mission to drive Customer Success throughout subscription businesses, helping them to drive adoption, expand accounts, and fight churn. With the added resources from JMI and existing investors, the ChurnZero team will continue to invest in growing the Customer Success ecosystem, expanding the team, fueling go-to-market programs, and accelerating and deepening product development in the award-winning ChurnZero platform.
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“The last 12 months have brought extraordinary challenges for all of us, but we have seen firsthand from our customers the inextricable link between Customer Success and the resilience of subscription businesses,” said You Mon Tsang, Co-founder and CEO of ChurnZero. “We expect Customer Success to gain even more strength as a department as a result of this increased attention on the customer and revenue retention, and we are steadfast in providing our customers with a strong return on investment.”
The growth of Customer Success software has been driven by the accelerating adoption of Customer Success teams, the prevalence of subscription-based revenue models, and the increased focus on retention and upsell as key business metrics. As the system of record for Customer Success, ChurnZero integrates customer account data from multiple sources and enables Customer Success teams to be proactive in managing customer relationships and identifying renewal issues or upsell opportunities.
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“At Mailchimp, we pride ourselves on making innovative products that empower businesses to gain and retain customers,” said Erica Swint-Williams, Senior Manager, Customer Success at Mailchimp. “When looking for a provider to partner with us on our Customer Success efforts, we expected the same level of dedication in both product and service – we have found that in ChurnZero. Being able to have a single source of truth for our Customer Success Managers is immensely valuable and has enabled them to be proactive and more productive for the good of our subscribers.”
“ChurnZero has made impressive strides to become a leading provider of Customer Success software,” said Larry Contrella, General Partner at JMI Equity, who has joined ChurnZero’s board of directors in connection with the investment. “As growth software investors, we have seen firsthand the rise of Customer Success as a function, and the power of software to help Customer Success teams better engage and retain their end customers. We are excited to partner with You Mon and his team to continue to enhance the ChurnZero platform.”
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