Medallia, which makes SaaS customer experience management software, has raised $150 million in new funding from returning investor Sequoia Capital. This brings the startup’s total raised so far to $255 million.
While customer relationship management (CRM) platforms track and manage sales interactions, customer experience management (CEM) software analyzes data so companies can deliver better service.
For example, Medallia tracks feedback from sources like online review sites and social media in real time, so if there is a sudden jump in complaints, employees can react quickly. Medallia also looks at how well service initiatives work and sets goals and forecasts. Its software is tailored to six verticals: retail, financial services, hospitality, telecommunications, autos and B2B providers.
One of Medallia’s key differentiators from other CEM platforms is its Insights service, which provides clients with an analyst if they run into problems.
In a statement, Sequoia Capital partner and Medallia board member Douglas Leone said, “Medallia is helping the world’s top brands increase loyalty, grow their businesses, and deliver unforgettable customer experiences. Their rocketing growth will only continue as more companies recognize that in today’s age, effectively managing the customer experience is no longer a choice. It’s a win-or-lose necessity.”
Medallia, whose clients include SAP, Mazda and DIRECTV, says it will use its latest capital to develop new features and expand in its main markets. Its team has doubled to 700 employees over the past 18 months.