Usermind, which makes software that helps customers pay closer attention to the needs, wants, and rants of their customers, has raised $23.5 million in new funds to expand in Europe as well as sales.
The Series C round, which brings the total amount of money raised by the Seattle startup to $45.6 million, was led by Northgate Capital with participation from existing investors Andreessen Horowitz, Menlo Ventures and CRV. Northgate managing general partner and CEO Hosein Khajeh-Hosseiny will join the company’s board of directors, which Usermind CEO co-founder and CEO Michel Feaster said gives the company “deep expertise” in this market thanks to two decades of work at McKinsey.
Usermind’s SaaS product allows users to connect customer data across different tools and “customer journeys,” which how people in this market talk about the sales process.
Companies with complex products often sell to buyers with long sales cycles, where products need to be demonstrated, validated, tested, and otherwise poked and prodded for an extended period of time even before the price negotiations begin. Usermind gives those companies tools to understand where the process is going too slowly, or what they can learn from a customer that decided to pass on the product at a certain point in the process.
The company plans to put new team in London to handle customers in Europe, where there is lot of demand for these types of products, Feaster said. Overall, Usermind will probably grow its headcount by a third with the new funding, split between sales, engineering, and customer support, she said.
“We’re not doing crazy scale,” Feaster said. “I’ve seen enterprise companies go wrong where you raise money and you try to double the company.”