Leading cloud-based omnichannel platform Capillary Technologies has raised $45 million in a Series D funding round to expand into the global market and widen its reach through mergers and acquisitions.
The funding round was led by Avataar Ventures and its LPs Pantheon, 57 Stars, and Unigestion. It also saw participation from InnoVen Capital and Filter Capital.
Speaking on the funds raised, founder and managing director of Capillary Aneesh Reddy said,
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“With this new funding, we are poised to expand our footprint in North America and Europe and pursue strategic acquisitions that align with our vision of becoming the preeminent loyalty company globally”.
Also speaking on the recent funds raised, managing partner at Avataar Ventures Mohan Kumar said,
“It has been remarkable witnessing Capillary’s business transformation over the past four years. The strategic decision to diversify from Asia into the US and Europe, encompassing various consumer verticals beyond retail, has been short of impressive. This move has catapulted Capillary into a leadership position in loyalty software and this has been recognized by external mentions like the Forrester Wave. Given the expanded addressable market and the immense potential that lies ahead, Avataar is wholeheartedly committed to supporting Capillary in its pursuit to become a global market leader”.
Founded in 2012 by Reddy, Ajay Modani, and Krishna Mehra, Capillary Technologies through its Software As A Service (SaaS) products, helps large corporations around the world to grow amidst changing consumer expectations, collect more data and insights into their consumers and business with Capillary’s comprehensive AI-powered consumer experience platform.
Capillary platform provides enterprise-ready security features enabling its customers to operate safely. It has a presence across the United States, India, the Middle East, and Asia, in particular, Southeast Asia.
The company claims to have worked with over 250 brands, which includes Tata, PUMA, Shell, Al-Futtaim, Petron, Domino’s, Kanmo Group, and Marks & Spencer. Capillary’s platform currently powers over 100 loyalty programs across more than 30 countries and it claims to have a reach of over one billion consumers, processing more than 5 billion annual transactions.
Over the last decade, Capillary has built expertise across a wide range of industries- Fuel Retail, CPG, Conglomerates, Aviation, Hospitality, and Retail (Apparel, Footwear, Hypermarkets, F&B, Luxury and Jewelry, CD & IT, Health and Beauty).
Notably, it witnessed exceptional growth in the United States, expanding 3.5 times since the acquisition of Persuade in 2021. The US now accounts for more than a third of Capillary’s revenue. The company thrives on making customer-focused choices through validation, continuous feedback, and co-creation with customers that result in better solutions.