CrossEngage announced a seven-digit series A financing. The existing investors Vorwerk Ventures, Earlybird Venture Capital, Project A, the VC Fund Kreativwirtschaft managed by IBB Beteiligungsgesellschaft, Cavalry Ventures, and 42CAP are increasing their holdings.
With the expansion of the existing investor base by the British growth investor Columbia Lake Partners and the opening of an office in London, CrossEngage increases its presence and activity in Great Britain. The financing will be used to further enhance the platform with AI-based predictive modeling features and to expand the customer base in Europe.
“Improving customer conversion, engagement, and retention is a theme we believe strongly in at Columbia Lake Partners,” said Craig Netterfield, Managing Partner, “With CrossEngage we found a leading team who had built the right kind of technology to help solve these problems.”
“Customer data platforms are establishing as a global trend. We are enhancing this development since the very beginning and will continue to play a major role in shaping the software category as one of the leading European providers. The step to Great Britain underlines this claim”, says Manuel Hinz, co-founder and managing director of CrossEngage.
As a Customer Data and Engagement Platform, CrossEngage enables coordinated communication with customers across all channels. While consumers experience individual and meaningful communication with brands, companies benefit from stronger customer loyalty and more efficient acquisition of new customers—especially in light of the ever stronger platform economy, these factors are increasingly decisive for the long-term profitability and ultimately survival of companies. In May 2018, Gartner Inc. added CrossEngage to its list of four “Cool Vendors in Multichannel Marketing”.
Well-known Companies Rely on Berlin Digital Competence
CrossEngage counts well-known companies from various industries among its customers. In addition to loyal existing customers such as German Rail, HelloFresh, and Limango, the Berlin-based company won new customers such as Karl Lagerfeld, Depot, and Finanzcheck in 2018.
“Last year, CrossEngage made an impressive development—both on the product and customer side. The importance of customer data platforms is becoming more and more important in the market. CrossEngage is one of the main drivers and is excellently positioned”, says Dr. Florian Heinemann, Partner at Project A.
The Industry Update of the Customer Data Platform Institute in June 2018 predicts that the industry’s sales volume will reach the mark of one billion USD in 2019. The European market, in particular, is showing strong growth and the CDP Institute is registering one third more providers in Europe than in the previous year. CrossEngage has established itself as one of the first European providers on the market and also benefits from the German location with regard to of the GDPR regulation as the data protection regulation has already established in Germany and will be an ongoing relevant topic for entire Europe. According to David Raab, founder of the Customer Data Platform Institute, CrossEngage is the only German vendor and “a truly impressive and mature product”.
As a customer data and engagement platform, CrossEngage combines a real-time data platform with cross-channel campaign management. Through a data-based interaction that is individually coordinated across all communication channels, companies can strengthen their customer loyalty, increase profitability, and win new customers more efficiently. Companies such as DB Vertrieb, HelloFresh, Limango, Hertha BSC Berlin, BodyChange, Stylefile, Friendsurance, Mycs, Karl Lagerfeld, Depot, and Finanzcheck already rely on CrossEngage. Currently, the Berlin team counts around 50 people.