CPE News (5/7/2021) – Ada has raised US $130 million in Series C funding led led by Spark Capital, with participation from Tiger Global, and existing investors Accel, Bessemer Venture Partners, FirstMark Capital, Version One, and Burst Capital.
The Series C financing round brings Ada’s total funding to US $200 with a valuation of US $1.2 billion.
In March 2020, Ada raised US $44 million in Series B led by Accel with participation of Bessemer, FirstMark, Version One, Leaders Fund and Burst.
Founded by Mike Murchison and David Hariri, Toronto based Ada is a leader in Automated Customer Experience (ACX). With the funding, Ada will grow headcount considerably to support global expansion from a go-to-market perspective and continued innovation in R&D. In 2020 alone, Ada automated more than 1.5 billion customer interactions for hundreds of brands.
photo credit: Ada
News Release
Ada Raises $130M Series C Round at a $1.2B Valuation to Revolutionize the Automated Customer Experience (ACX)
Funding to Fuel Ada’s Next Phase of Growth as it Empowers the World’s Leading Digital Companies to Deliver Meaningful Brand Interactions at Scale
TORONTO (PRWEB) May 07, 2021
Ada, the leader in Automated Customer Experience (ACX), today announced a $130M Series C financing led by Spark Capital, with participation from Tiger Global. Existing investors Accel, Bessemer, FirstMark, Version One, and Burst are all participating. This Series C financing brings the company’s total funding to $200M with a valuation of $1.2B. As organizations continue to realize that departmental silos and fragmented customer data are hurting customer relationships, they are looking to extend automation across the entire customer journey. Ada’s CX platform is powered by world-class automation and conversational AI that enables fast-growing category leaders, including Zoom, Facebook and Square, to consolidate personalized brand interactions within one platform.
With the funding, Ada will grow headcount considerably to support global expansion from a go-to-market perspective and continued innovation in R&D. In 2020 alone, Ada automated more than 1.5 billion customer interactions for hundreds of brands.
Ada’s growth has propelled the Toronto-based company to unicorn status, and positioned it firmly as one of Canada’s largest software companies. This momentum has not gone unnoticed, as Ada ranked 15 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. In addition, the company was chosen by the Canadian Innovation Exchange as a Top 10 Growth Company, and placed number 11 of 400 on the Globe and Mail’s 2020 business ranking of Canada’s Top Growing Companies.
“This investment comes on the heels of a record year of growth and the biggest product launch in Ada company history,” said Mike Murchison, CEO and Co-founder of Ada. “We are revolutionizing the way brands interact with their customers at scale. We enable a new paradigm: the ability to speak to your customers more – not less – as you grow. We will use this new round of funding to accelerate our automation’s impact across every stage of the customer journey, and more than double our team size to 500+.”
Ada is a no-code platform that puts the benefits of AI into the hands of non-technical teams. Its automation-first approach introduces customer service employees to a new generation of skills in building bots, as well as managing and optimizing automated customer experiences. Ada breaks old operating models and provides digital-first brands with a platform to proactively engage and interact more with customers, as they scale, not less as is customary today. With the recent announcement of Ada Engage, Ada is the solution that spans the full customer journey from pre-sales to support.
“Ada has carved out an entirely new category in automated customer experience,” said Spark Capital General Partner Yasmin Razavi. “Companies across all industries and stages increasingly see the quality of their customer experience and communication as a competitive advantage, and yet they are not able to efficiently scale their efforts to meet their customers’ needs. An easy-to-deploy, no-code automation tool such as Ada is game-changing for any business that aims to offer real-time brand interactions across all channels, products, geographies, and at all times. We are thrilled to lead Ada’s Series C and support this team on their exciting journey ahead.”
About Ada
As the market leader in Automated Customer Experience (ACX), Ada is the only conversational AI platform purpose-built to support a scalable, automation-first customer experience strategy.
By diminishing dependence on IT and uncovering new opportunities for revenue, Ada’s automation is designed to transform reactive CX models to proactive, personalized profit generators. A global company, Ada’s automation and AI enables clients around the world, like Zoom, Facebook, and Square to increase valuable interactions across the entire customer journey and empower CX professionals to succeed.
About Spark Capital
We are Spark Capital, investors in products we love by creators we admire, including Affirm, Carta, Cruise, Discord, Oculus, Plaid, Postmates, Slack, Twitter, and Wayfair. We know there are no playbooks or formulas for success and are here to help founders win their own way. We invest across all sectors and stages, and work out of San Francisco, Boston, and New York City.