Our pre-series A Investment in Customer Success Box: Empowering Customer Success Managers worldwide
Today we are excited to announce our pre-Series A investment of 1M USD in Customer Success Box (CSB), the most advanced and actionable customer success platform on the market today.
We first met CSB CEO and co-founder, Puneet Kataria, six months ago. He was introduced to us through another well-regarded entrepreneur. What was immediately striking in the first meeting itself was Puneet’s understanding of the enterprise space and the customer success space in particular.
It is a well-known fact that the world is moving towards a subscription led billing model. The total spend on subscription services in the US alone was $420 Bn last year. Both B2C and B2B businesses are quickly adopting fixed monthly pricing for services rendered for eg. Netflix, Uber pass, Amazon subscribe etc. In the B2B world, SaaS business model pioneered by Salesforce has led to a new wave of enterprise software that don’t need elaborate installations and are affordable. This led to a large SME market unlocked for business software makers who previously were only selling to large enterprises through direct sales channels. SaaS billing models has democratized sophisticated software available for all.
Selling a subscription service brings its own challenges with it. A subscription business model is like selling a product on EMI basis with no lock in. If a customer leaves after a few months of enrolling, businesses suffer as they do not break even on the customer acquisition costs.
To solve this problem, companies have built focused customer success teams. However most of the times they are only able to work on cases where the customer has already churned (almost like treating a patient on his / her death bed). What if they were able to sense a particular customer’s probability of churning much earlier in the lifecycle? This is where Customer Success Box comes in.
CSB can not only predict churn but also help CSMs oversee the customers entire life cycle to retain customers better. Every interaction with the customer throws data that can help the CSM understand the motivations for the customer to derive value from the product. It is probably the only customer success tool that allows you to onboard customers, train the customers to understand the product features, track usage of the product, ensure customers derive value, categorize the health metrics of the customer and prescribe suitable actions for timely interventions.
CSB’s data focused approach lends itself naturally to large scale implementation of AI within the tool itself. At pi we are constantly looking for companies that leverage dark data to build AI enabled products. We are also pleased to be co-investing with Axilor Ventures in this round. This is the 3rd time we are co-investing with Axilor and are respectful of the value that they bring to the companies. Together we look forward to supporting Puneet and the team in what lies ahead.