Passenger, the leader in on-demand customer collaboration, today announced its series C funding of $8 million, led by existing investor StarVest Partners, a venture capital firm with key investments in technology-enabled business services. Larry Bettino, general partner of StarVest Partners will join Passenger’s Board of Directors. All previous investors also participated in this round including Shelter Capital Partners and Steamboat Ventures. The latest round will bring Passenger’s funding to $20.5 million.
The funding signifies a strong vote of confidence in Passenger’s solution which combines its pre-eminent, Software-as-a-service (SaaS) platform with its strategic consulting services, enabling many of the world’s most innovative brands to collaborate with its key customers to design better customer experiences. The funds will allow the company to solidify its position as the defining leader in this space while also fueling international expansion.
GROWTH
- Ten-fold increase in revenue from April ‘07 to April ‘08
- Quadrupled customer base since April ‘07 to include customers such as Coca-Cola, Chrysler and Disney
- 100% customer retention rate
- Increased average monthly revenue per customer by 62% through deploying additional communities for other client business units
- Doubled the size of its workforce in the past year to 55
- Established New York presence and put in place international expansion plans
QUOTES
- “Leading brands who want to tap into the collective intelligence of its constituents have come to rely on our intuitive platform to connect with their customers, gather insight and form a deeper relationship,” said Andrew Leary, co-founder and CEO of Passenger. “This funding from existing investors underpins our high-growth potential in helping brands establish an ongoing dialogue with customers and will provide the capital required to expand our sales and marketing effort globally.”
- “Passenger is helping companies truly engage with their customers to gain insight, drive innovation and build advocacy in ways they’ve never been able to before,” said Larry Bettino, general partner of StarVest Partners. “With its unique offering and extensive expertise, Passenger is strategically positioned for tremendous market growth.”
THE VALUE
- For brands looking to inject the voice of their customers into their business, Passenger offers a scalable solution that informs the entire customer experience at every consumer touch-point (retail, online, product, packaging, etc.)
- Enables brands to forge a collaborative relationship in a community environment where they can gain timely, contextual insight and define innovations, while empowering customers through ownership in the creation of ideas and inspiring true brand advocacy
- Highly intuitive SaaS platform provides seamless and continuous enhancements at no additional cost
- Passenger platform is supported by Passenger’s industry defining best practices and Client Services team
About Passenger
Passenger® is the leader in on-demand Customer Collaboration. Through Passenger-powered Customer Collaboration, companies gain insight, drive innovation and build advocacy. Passenger combines leading community, collaboration and analytics technologies - into a single intuitive platform, delivered Software-as-a-Service. Founded in 2005 with offices in Los Angeles, Palo Alto and NYC, the company is privately held and backed by Shelter Capital Partners, StarVest Partners and Steamboat Ventures. More info at www.thinkpassenger.com.
About StarVest Partners
StarVest Partners is a disciplined venture capital firm that is funding and building next-generation businesses. The firm’s value-added partnership maintains a core focus on five key emerging technology and services sectors: Software as a Service (SaaS), Internet Marketing Services, eCommerce Services, Data and Content Services and Identity and Security Management. StarVest combines a sophisticated investment background with the experience to foresee opportunities for both its portfolio companies and funding partners. More information about StarVest is available at the company’s Web site: www.starvestpartners.com.
Contacts:
Lisa Goodwin, 415-856-5113
PassengerPRteam@blancandotus.com
