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Invoca raises $30M Series D for call intelligence

Marketing platform for call analytics and automation picks up new funding to go after Fortune 500

Financial trends and news by Ronny Kerr
March 30, 2016
Short URL: http://vator.tv/n/445c

Invoca, a marketing platform for call analytics and automation, announced today the closing of a $30 million Series D round of funding led by Morgan Stanley Alternative Investment Partners with participation from previous investors Accel Partners, Upfront Ventures, Rincon Venture Partners, Salesforce Ventures, and Stepstone.

The company has raised a total of $60 million to date.

Based in Santa Barbara, Invoca’s core solution is its “Call Intelligence Platform,” which seeks to offer marketers additional insight into the customers that are calling them. That means connecting the call to the customer’s personal information and digital advertising interactions, while also tracking the impact of in-call campaigns.

The service also offers "smart call routing" that can perform different tasks or follow different menu prompts depending on the type of caller.

To coincide with Adobe Summit, Invoca last week announced an integration connecting its call analytics and automation functionality with Adobe Marketing Cloud, including Adobe Analytics, Adobe Audience Manager, Adobe Media Optimizer, and Adobe Target.

Because Invoca specifically targets marketers in the enterprise, it knows it has to play nice with the big marketing platforms. Today, the company says its platform integrates in some way with Salesforce, Google, Oracle, and Marketo, in addition to Adobe.

“Invoca call intelligence allows us to not only gain immediate insight into which marketing campaigns are driving inbound calls, but also gain a deeper understanding of the customer journey,” said Brent Radcliffe, senior associate of marketing and analytics at Cvent, in a prepared statement for the Adobe announcement.

In addition to Cvent, customers using Invoca today include OpenTable, LendingTree, and Tapjoy, though the company says it’s keenly focused on bringing its service to Fortune 500 marketers. Current customers in the Fortune 500 include AllState, SunTrust, Liberty Mutual, and Microsoft.

I’ve also asked if the company’s profitable yet, and received this comment from a spokesperson over email:

We [...] expect to see our first profitable year in 2017. We've experienced tremendous growth these past three years, with 500 percent growth in recurring software revenue, primarily driven by enterprise demand-- in the last year alone, we grew enterprise customers by 70 percent.

The company says it charges $500 per month for smaller businesses, "scaling up based on functionality and call volume."

Though Invoca isn’t the only company on the market offering a call analytics and automation solution, it’s one of the most well-funded. Another big name is DialogTech, which has raised just over $60 million in funding and counts several well-known brands among its customers, including Sleep Train Mattress Centers, Ben & Jerry's, and Terminix. Other competitors include CallTrackingMetrics and CallRail.

Invoca says it will use the new funding to grow its sales, marketing, customer service, and product development.


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