Gainsight gains Battery Ventures backing in $9m Series A round


bar-chart-graphBattery Ventures has led a $9m Series A financing round for customer retention analytics company Gainsight.

The business, which was formerly known as JBara Software, has taken on Battery Ventures general partner Roger Lee as part of the round.

Former Accel Partners executive in residence Nick Mehta has also joined the company as CEO.

Lee said, “Recurring revenue business models have permeated most industries and companies are realizing that customer retention is just as strategic as customer acquisition.

“Gainsight, with its innovative technology, is helping businesses navigate this transition and maximize revenue from existing customers.

“We are confident that under Nick’s experienced leadership Gainsight will define the growing Customer Success Management category.”

Mehta added, “Data is transforming industries and business processes around the world. Yet many companies today still don’t leverage data to understand their existing customers after they come on board.

“Companies, from healthcare to financial services to retail, are moving to a model where financial success depends on customer success.

“Gainsight’s mission is to help businesses of all sizes reduce customer churn, drive up-sell and maximize customer satisfaction by using big data analytics to power insight and action.”

Last week Battery backed a $7m Series C round for virtual desktop solutions innovator GreenBytes alongside Generation Investment Management.

The company said it would use the financing to continue the expansion and acceleration of global sales, marketing and partner development efforts, and for ongoing research and development.

Copyright © 2013 AltAssets