Leanplum will chase the mobile marketing automation and machine learning they think will overtake the marketing cloud in five years, and they will do that with $47 million from their latest Series D round of funding. The San Francisco-based startup has reached a total of $93 million in funding since 2012. Norwest Venture Partners led the round, with help from Canaan Partners, Kleiner Perkins Caufield & Byers, and Shasta Ventures. All are returning investors.
Leanplum is a mobile marketing platform built for engagement, which currently holds clients like Grab, Tinder, and Zynga. The new funds should accelerate product innovation through machine learning, cross-channel automation, and one-to-one personalization.
Leanplum also announced Scott Beechuk as the newest member of their to the Board of Directors. Beechuk was a partner at Norwest, and former SVP of Product Management at Salesforce Service Cloud.
“Marketing is relationship-driven by nature, but over time, digital has optimized for reach versus meaningful connections,” said Momchil Kyurkchiev, Leanplum CEO and co-founder. “We’re excited to partner with Norwest because they share our long-term vision, and realize that Leanplum is uniquely positioned to help marketers deliver in-the-moment engagement across every user’s journey.”
Mr. Beechuk led Salesforce Service Cloud to a $2.3 billion in annual revenue, and will bring his experience in scalation and internationalization for Leanplum’s expansion.
“Legacy marketing clouds are built for web and lack the real-time infrastructure to respond to customer needs across channels and devices,” said Scott Beechuk, partner at Norwest Venture Partners and new to the Board of Directors of Leanplum. “Leanplum is designed from the ground-up to deliver this value. One of their secret weapons is a world-class A/B testing solution that’s fundamental to their platform, allowing customers to optimize campaigns and generate higher ROI than competing solutions.”
Leanplum is planning to develop a more accurate and real-time mobile marketing solution, one that allows detailed one-to-one personalization to bring back the “relationship feeling to marketing. As Kyurkchiev told AdExchanger: “The reality is that we already have the ability to reach billions of people with email, on the web and in mobile apps, but we’ve lost the relationship along the way and we treat people like they’re segments. The future of marketing is the past of marketing – essentially bringing the relationship back thanks to mobile and AI.”
The new funding will also enable Leanplum to open more positions that reinforce its presence in European and South Asian markets, were they recently appointed two executives, Oliver Stein and Julio Bermúdez, both formerly of Optimizely. Stein is the recently appointed European sales operations manager based in Amsterdam, while Bermúdez leads Asia Pacific operations out of Singapore.