Today is a big day for Invoca as we raised $56 million dollars in new financing, bringing our total funding to $116 million. This round was led by existing investor Upfront Ventures and new investor H.I.G. Growth Partners, with participation from Accel, Morgan Stanley, Industry Ventures and Bonfire Ventures.
This round of funding is far more than a check in the bank — it’s a vote of confidence in what the Invoca team has achieved over the past few years. Growing bookings at a 75% year-over-year clip, we are excited to serve innovative marketers at leading brands like Dish Network, U.S. Bank, Dignity Health, Clutter, and Gusto.
Above all, this new financing is a testament to the dedication and support of our customers, partners, employees, and investors in helping build Invoca into the company it is today. So we took a few minutes to express our gratitude in this video:
Looking ahead, we will be investing this capital to fuel the business in the following key areas:
Cutting Edge Technology for Marketers
Invoca has a long track record of product leadership, garnering recognition from the likes of Forrester, CB Insights, Aragon Research, and Speech Technology Magazine. Our first priority is continued investment in technology and doing more to help marketers understand the impact of digital interactions on revenue-generating conversations. Signal Discovery, the latest extension of our Signal AI product suite, is a perfect example of our focus on innovation. Signal Discovery uses unsupervised machine learning to analyze sales conversations and provide marketers with real-time insights into buyer behavior and preferences. We will continue to push the envelope when it comes to helping marketers drive revenue and improve the customer experience.
Strengthening Our Ecosystem of Partners
Partnerships are critical to how customers use Invoca. Using our deep technical integrations with platforms like Google, Adobe Salesforce, and Facebook, marketers can activate Invoca data and drive meaningful improvements in digital advertising efficiency. We’re expanding the scope of our partnerships from a technical focus to broader collaboration on marketing strategy. Our goal is to identify new and unique ways to use Invoca data by working closely with customers, their agencies, and other technology partners. (A perfect example is the success of Dish Network, as described in this Think with Google case study, in driving a 60% increase in conversion rate and 15x lift in conversions with Invoca data.) We also understand that many brand customers want to take advantage of the power of performance-based marketing programs, and will be finding new ways to facilitate more of these relationships.
Best-in-Class Customer Service
Customers often tell me that our level of “people service” is as important as our technology, so we will continue to invest accordingly. We have grown our customer success team by nearly 80% over the past year, and added dedicated resources focused on enablement and training. We’ve also hired specialists with deeper technical knowledge, along with individuals from agencies that have more expertise in marketing strategy and analytics. The goal is to continue providing customers with a winning combination of knowledge, support, and technology that will help you maximize business impact.
I’ve watched many companies that I admire achieve funding milestones over the years. Amid the articles and celebrations, it’s easy to see fundraising as an end in and of itself. But the reality is a lot more intimidating — and exciting. Each injection of capital raises the bar for what “success” looks like for a company; so just when you achieve one milestone, you’re making a commitment to hit another, even more audacious one. That is exactly the commitment we’re making at Invoca.
From my first day at the company, I’ve often said that my personal goal in joining Invoca was to build a world-class enterprise software company. And now we as an Invoca team have the opportunity to do just that. It will be exciting to see what the next few years hold. Let’s see what we can achieve together!