Grotech leads DC’s premier investors to support ChurnZero’s growth in the emerging Customer Success sector
ChurnZero announced today that it raised a $2.5 million round of financing lead by Grotech Ventures. Other new investors in this round include Middleland Capital, and past investors Center for Innovative Technology (CIT) and Charlottesville Angel Network also participated. Grotech General Partner Steve Fredrick will join the ChurnZero board of directors.
ChurnZero helps subscription businesses fight customer churn. The ChurnZero real-time Customer Success platform helps businesses understand how their customers use their product, assesses their health and likelihood to renew, and gives the business the means to automate and personalize the customer experience through timely and relevant touchpoints, including in-app content.
“With business models moving to subscriptions, companies need to work every day to make sure their customers are engaged, happy, successful and, consequently, renewed,” says You Mon Tsang, co-founder and CEO of ChurnZero. “We started ChurnZero because we saw way too many businesses that manage their customers without deep data or insight on the health and management level of their customers. That is simply not acceptable anymore.”
Steve Fredrick, Grotech General Partner, says “we invested in ChurnZero because we think they have a great team executing well in a nascent but growing market. But we also personally see the scourge of churn in our portfolio companies; we talk about retention and Customer Success in every single board meeting we attend. We think ChurnZero has created the answer to better retention.”
ChurnZero customers include fast-growing subscription companies like Atlanta-based Terminus. “ChurnZero has become the hub of our Customer Success team; it pulls together everything we need to support our customers,” says Sydney Smith, Director of Customer Success. “ChurnZero has a great platform and amazing service. Our customers are more engaged and the team’s retention rates are both better and more predictable.”
ChurnZero helps subscription businesses fight customer churn. Its software solutions allow businesses to understand how their customers use their product, assess their health and their likelihood to renew, and give businesses the means to personalize the customer experience through timely and relevant touchpoints. ChurnZero is headquartered in Arlington, VA. For more information, visit https://churnzero.net
Founded in 1984, Grotech Ventures (http://www.grotech.com) is a leading early investor in high-potential technology companies. With more than $1.5B under management, Grotech seeks innovative, early-stage IT companies and continues to invest and add value throughout the growth of its portfolio companies. The firm has a strong combination of industry relationships and deep domain and operational expertise to accelerate growth. Grotech supports early-stage companies through investments starting at $500,000. General partners include Frank Adams, Chuck Cullen, Lawson DeVries, Steve Fredrick, Don Rainey and Joe Zell. The firm has offices in Virginia, Maryland and Colorado.