Automated sales engagement platform developer has raised $7 Million in a Series A round of funding from Marker LLC, together with Kaedan Capital and existing investors including Paul Maritz, Raghu Raghuram, Ray Rothrock, The Hive and iAngels. The funds will be used to support its current growth, which currently stands at over 50% month to month.
Colabo’s automated sales engagement platform harnesses the power of infinite dynamic web sources instead of relying on phone and email to engage with potential customers. By doing so, Colabo says that it enables sales teams to increase response rates from leads by over 10 times when compared to phone and email based systems.
Colabo CEO and co-founder Yoav Dembek said, “Our early customers are seeing Colabo’s huge positive impact on their bottom line and now Colabo’s ROI is a no-brainer sale. Sales teams can no longer afford to have their backend CRM systems disconnected from where the sales process is actually taking place which is on Linkedin, Meetups and other forms of online professional groups. We raised this round to expand our sales team and grab the timely opportunity as the sales world is shifting from phone and email to the “internet of customers””
Marker LLC's Ohad Finkelstein said, “We believe that the entire $36B CRM space is changing drastically. Sales professionals today work in two completely separate environments, the backend CRM is where data is stored and revenue is forecasted and the newer sources such as Linkedin or Meetup is where sales people actually engage with their prospects. Colabo is the only technology platform that can connect these two worlds to help sell more and forecast better at the same time. Based on our past experience with the team at Colabo, we are confident that they will be able to bring this meaningful change to the CRM market."
Colabo is headquartered in San Carlos, California and has its development center in Herzliya in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2015
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