Totango Ltd. has raised $15.5 million in its second financing round. New investors Canvas Venture Fund and InterWest Partners led the round, joined by current Israeli investors Pitango Venture Capital and Gemini Israel Ventures.
Totango monitors customer application behavior and usage to help companies offer personalized solutions. An increasing number of companies are switching to a subscription or recurring revenue model, which requires focusing on customer success and retention. Totango has more than 100 paying customers, including Zendesk, Zoho, Jive, Optimizely, SendGrid, OpenDNS, and Keynote Systems. The company achieved 400% growth in 2013, and forecasts further expansion.
Totango CEO Guy Nirpaz founded the company in Tel Aviv. The company raised $3.8 million in its first financing round from Pitango in July 2011.
"Companies today are in the business of value creation, not value extraction. We help companies understand exactly how they're creating value so it's no longer guesswork," said Nirpaz. "We have a big vision to change the way companies manage and expand both their customer relationships and ability to maximize revenue in an era where customer engagement and interactions are rapidly moving to web and mobile apps."
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2014
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