Revenue analytics platform Kluster raises seed round, led by Newable and SuperSeed.
28 April 2020 – Kluster announces $1m investment from VCs Newable and SuperSeed, alongside Cognism CEO James Isilay. The announcement comes in the same week GoCardless signed up as their latest enterprise client.
Two years since their AI platform went live, Kluster have raised funds to capitalise on surging demand for revenue analytics on both sides of the Atlantic, with current customers already spanning Europe, US and Canada.
The round will enable Kluster to further develop their forecasting technology, and enhance the deep insights engine which was launched last year. The funding comes shortly after Kluster announced that Pete Crosby, having driven Ometria and Triptease to Series B, and Viadeo to IPO as CRO, joined the board as non-executive director.
The Business
Kluster’s AI-powered platform ensures businesses achieve sustainable growth and forecast with confidence. By applying AI to sales data, their interactive tools and visualisations provide an early warning system that directs leaders to the right actions, at the right time.
Competitors include US firms InsightSquared, Aviso and Sequoia-backed Clari. Kluster’s view is that while every business feels different, when it comes to critical financial events they need to look and report the same. Therefore, both flexibility and best practice are paramount.
Dan Thompson, CEO, says: “Businesses are hurting because they are flying blind when it comes to revenue. With the data and investment in sales we see available today, we must do better and help leaders anticipate what lies ahead. This injection of capital and expertise enforces the confidence the market has in Kluster to become a world leader in revenue analytics.”
Industry Background
Businesses sit on vast amounts of sales data, yet they struggle to realise predictable revenue growth because they can’t separate the signal from the noise.
As a result, the void between business’ ambitions and their ability to deliver on them, causes significant damage to valuations.
Given the economic upheaval over the past month, the pain of inaccurate sales forecasts and stagnant pipeline has become even more acute. Kluster provides clients with a clear view of what sales performance will look like, which is critical to both short term survival and longer-term success.
Looking Forward
Kluster’s client list is rapidly expanding with new logos including Cision, Saba Software and Salary Finance. This week, GoCardless joined the company as its latest customer.
Simon Gilks, Director of Global Sales Operations at GoCardless said: “We’re excited to work with Kluster, as we look to develop a sophisticated and predictive forecasting system that will help fuel our ambitious growth”
Kluster CCO, Rory Brown, added: “Our mission and its importance are clear. Now more than ever, every business needs best-in-class revenue reporting if they are to be predictable, to grow and to survive.”
Newable, in partnership with B2B specialist VC SuperSeed were excited to complete the $1m investment – even given the challenges of the overall economic climate.
Mads Jensen, Managing Partner at SuperSeed comments: “From the moment we met Dan and Rory, we completely bought into the problem that they were trying to solve. As former SaaS entrepreneurs ourselves, we have experienced the perennial challenges of sales forecasting, and have previously used Kluster’s competitors to try to address these. Finally, there is a solution which gets it right”.
Avantika Gupta, an Investment Manager at Newable Ventures meanwhile believes that the long-term prospects for Kluster are strong; “For Newable to have invested at this challenging time for the UK economy is reflective of our belief that Kluster’s business model and technology are capable of weathering economic downturns”.
