Conversocial raises £2.95m led by Octopus Investments
Social CRM platform Conversocial has raised a £2.95m Series A2 round led by Octopus Investments
Conversocial helps companies to tackle customer service over social networks. Through real-time social media management engagement software, Conversocial enables customer service reps to manage and respond to comments from customers via Facebook and Twitter.
Since it was founded in 2009 by Joshua March and Dan Lester, Conversocial has attracted clients including Tesco, Net-A-Porter, Barclaycard, Waitrose and Groupon among others.
Roughy 10-20 per cent of Facebook and Twitter “chatter” between consumers and businesses is a customer service issue, and Conversocial’s software helps to identify this. Using natural language processing, automatic keyword searches and users’ histories with the brand, Conversocial helps to automatically identify whether a comment might be a customer service issue.
“We’re thrilled to be working with the team at Conversocial as they continue to grow their brand, technology development and US presence,” says Octopus principal Alliott Cole.
“Joshua March is building a really talented team which is developing a service that means head-on the challenges that retailers and other organisations now face in responding to and interacting with customers through social media.”
Headquartered in London and New York, Conversocial aims to use the new investment to drive the company’s US expansion and product development. To date, Conversocial claims to have processed more than 300 million customer service interactions on social media and is deployed in more than 20 countries worldwide.
Conversocial CEO Joshua March tells Tech City News that his company is ready for its American challenge. “In the UK, we’ve gotten to a stage where we’ve reached a product-market fit, so now we want to scale up and professionalise the business. In the US, we’re still just learning about how the market is different. We’ve already realised that it is not quite the same as in the UK – while US brands are more advanced on the social marketing side, Britain is slightly ahead for social media customer service.
“This new funding will allow us to meet the growing market demand for our social customer service solutions and lay the groundwork for long-term growth. We remain committed to staying ahead of the service and technology curve, and this new investment will allow us to build on our proven track record of success.”
Conversocial’s previous Series A round, led by DJF Esprit last summer, saw the company raise $2.4m, which it has used to increase the company’s rate of growth and traction.