We’ve Joined the Unicorn Club: $130M Raised in Series C Round at a $1.2B Valuation
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We’ve Joined the Unicorn Club: $130M Raised in Series C Round at a $1.2B Valuation

May 10, 2021 by Lynn Charafeddine

Canada is proving to be a new breeding ground for tech unicorns, and Ada is leading the pack. It’s hard to believe that it’s only been 4 years since Ada created the Automated Customer Experience (ACX) category. Since then, Ada has automated more than 1.5 billion brand interactions for hundreds of digital leaders across the globe. 

In less than 3 years, we’ve almost sextupled—that’s 6x—our revenue. We’re excited to announce that we’ve raised $130M in Series C financing led by Spark Capital, with participation from Tiger Global Management and existing investors including Bessemer Venture Partners, Accel, FirstMark Capital, and Burst Capital. This brings Ada’s total funding to $200M with a valuation of $1.2B, officially earning us rare Canadian Unicorn status.

Reversing an outdated CX trend

Changing customer behaviors, accelerated by the pandemic, have made it exceedingly clear that brand interactions are critical to company success. You can spend billions of dollars perfecting a product or service, a website, a logo, a value proposition—none of that matters if your brand interacts poorly with customers. All those investments will have gone to waste. And the reality is, the more businesses grow, the less they speak to their customers, especially if that growth is rapid. 

Ada is reversing this trend, empowering the world’s fastest-growing brands like Zoom, Facebook, and Square, to scale their brand interactions and put customers first, even in times of uncertainty. We’re shifting the perception that customer interactions are bad, instead highlighting the opportunity they bring. By facilitating two-way, dynamic conversations, our clients are using Ada not just to save money, but to improve customer loyalty and brand perception as well. 

 

Keep Learning: Build Better Brand Interactions at Ada's First-Ever (Virtual) Conference, ACX-PO.

Breaking down department silos

We’re leading the charge on breaking down department silos and unifying CX, extending our first-in-class automation platform across the entire customer journey. You can start interacting with customers from the moment they land on your website, through the marketing and sales funnel, and on to support. You can provide personalized, proactive messaging that reaches your customers at the right time, offering tailored recommendations, cross-sells, upsells, and more. High-quality brand interactions like this would simply not be possible without a well-integrated, multi-purpose, conversational automation layer. That’s exactly what Ada is.

This ACX unification is made possible by our growing suite of integrations. We recognize the importance of a robust integrations ecosystem to the quality of brand interactions. You need “pipes” that can consolidate the customer experience in a way that has a brand impact. So we’ve made big investments to that end.  From CX platforms like Zendesk, Intercom, Salesforce, and Oracle, to marketing platforms like Marketo, HubSpot, Pardot, and Clearbit, to eCommerce platforms like Shopify, Magneto, and Gorgias, we are making sure that Ada integrates seamlessly with any ecosystem your business is using. 

We’ve also expanded our partner ecosystem, especially in the last few months, to build a network of mutually beneficial relationships with other tech companies. Through these partnerships, we’re able to provide even more value to shared clients. 

Designing no-code automation

While it may seem like this kind of technology needs a robust IT team to implement, Ada was actually designed to make AI accessible to the people who will be using it the most—the marketers, salespeople, and support staff who interact directly with customers. Our no-code platform can be managed by a non-technical, inter-departmental team, making data and actions easily accessible to automate tasks, processes, engagement, support tickets, and other brand interactions.

This level of automation is enabling our clients to unlock new customer experiences or elevate their existing ones. Using Ada, our clients can identify customers right away, understand their lifetime value (LTV), and automatically route them to the right agent in the right department. Essentially, our clients are using Ada to create digital white-glove experiences for their most valuable customers. This also provides new career paths for customer support agents, who can build AI workflows that accomplish business goals, turning a cost center into a profit generator. 

Keeping up the momentum

Ada is widely recognized as a leader in CX. We ranked 15 on Deloitte’s Technology Fast 500™, were chosen by the Canadian Innovation Exchange as a Top 10 Growth Company and placed 11 of 400 on the Globe and Mail’s 2020 business ranking of Canada’s Top Growing Companies—to name a few. For us though, the real measure of success, and the true test of brand equity, is the recognition and accolades that our clients are receiving, in part because they are leaning into our platform.

"Ada has carved out an entirely new category in automated customer experience. 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.”

- Yasmin Razavi, Spark Capital General Partner

We can’t be prouder of the amazing work our team has done and the value at Ada is adding to our customers. With this new round of funding, we’re looking to grow our team, expand into new markets, and continue innovating in the ACX space.

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