Relationships finally shut offers, however long-term relationships include a variety of baggage, i.e. e-mail interactions, paperwork and conferences.
Affinity desires to take what Ray Zhou, co-founder and CEO, refers to as “knowledge exhaust,” all of these every day interactions and communications, and apply machine studying evaluation and supply insights on who within the group has the very best probability of getting that preliminary assembly and shutting the deal.
Right now, the corporate introduced $80 million in Sequence C funding, led by Menlo Ventures, which was joined by Advance Enterprise Companions, Sprints Capital, Pear Ventures, Sway Ventures, MassMutual Ventures, Teamworthy and ECT Capital Companions’ Brian N. Sheth. The brand new funding provides the corporate $120 million in whole funding because it was based in 2014.
Affinity, primarily based in San Francisco, is concentrated on industries like funding banking, non-public fairness, enterprise capital, consulting and actual property, the place Zhou informed FiratNews there aren’t buyer relationship administration techniques or networking platforms that cater to the precise wants of the long-term relationship.
Stanford grads Zhou and co-founder Shubham Goel began the corporate after recognizing that whereas there was software program for transactional relationships, there wasn’t a great choice for the connection journeys.
He cites knowledge that present as much as 90% of firm profiles and phone data residing in conventional CRM techniques are incomplete or outdated. This comes as market researcher Gartner reported the worldwide CRM software program market grew 12.6% to $69 billion in 2020.
“It’s virtually greater than gross sales,” Zhou mentioned. “Our worldview is that relationships are the largest industries on this planet. Some would disagree, however relationships are an asset class, they’re a forex that separates the winners from the losers.”
As an alternative, Affinity created “a brand new breed of CRM,” Zhou mentioned, that automates the inputting of that knowledge continuously and provides data, like income, workers dimension and funding from proprietary knowledge sources, to assign a rating to a possible alternative and improve the probabilities of closing a deal.
He intends to make use of the brand new funding to develop gross sales, advertising and engineering to help new merchandise and clients. The corporate has 125 staff at present; Zhou expects to be over 200 by subsequent yr.
So far, the corporate’s platform has analyzed over 18 trillion emails and 213 million calendar occasions and at present drives over 500,000 new introductions and tracks 450,000 offers per thirty days. It additionally has greater than 1,700 clients in 70 international locations, boasting an inventory that features Bain Capital Ventures, Kleiner Perkins, SoftBank Group, Nike, Qualcomm and Twilio.
Tyler Sosin, companion at Menlo Ventures, mentioned he met Zhou and Goel at a time when the agency was trying into CRM firms, but it surely wasn’t till years later that Affinity got here up once more when Menlo itself wished to work with a extra trendy platform.
As a person of Affinity himself, Sosin mentioned the platform provides him the information he cares about and “removes the handbook drudgery of entry and friction within the course of.” Affinity additionally constructed a product that was intuitive to navigate.
“We’ve at all times had an curiosity in getting CRMs to the following era, and Affinity is defining itself in a brand new class of relationship intelligence and simply crushing it within the non-public capital markets,” he mentioned. “They’re scaling at a formidable progress price and fixing a tough drawback that we don’t see many different firms within the house doing.”