Relay Network secures USD30m growth capital investment from LLR partners
Relay Network, a personalised mobile engagement company for the enterprise, has completed a USD30 million growth capital investment from LLR Partners.
The capital will be used to accelerate innovation of its breakthrough customer engagement platform and growth within its three primary vertical markets: healthcare, financial services and home services.
At a time when customer retention is critical, Relay enables businesses to proactively deliver education and support through individualised mobile feeds that guide customers to take specific actions during key moments like onboarding, billing and account renewals. Users receive text messages that link directly to their secure web-based feed, reducing friction and achieving higher engagement than email, phone and mobile app notifications.
“The customer communication space is primed for improvement, and the stakes are higher than ever,” says Matt Gillin, CEO and co-founder of Relay. “Despite significant spend in this area, businesses lack an effective and efficient way to engage customers, which leads to revenue loss, customer dissatisfaction and churn. We see a massive opportunity in a large and growing market as businesses look to stay ahead in fiercely competitive industries and meet customers’ demands for effortless experiences.”
Due to its ability to securely deliver information straight to each customer when they need it, Relay’s solution has been especially successful in industries that require extra guidance and education, like healthcare, financial services and telecom. The company has over 30 million active customer feeds, growing at over one million feeds per month. Leading organisations including Comcast, Independence Blue Cross and Citizens Bank use Relay to create more profitable, lasting customer relationships.
“We’ve known Matt and his senior team for over 20 years now, from the days of their previous company to Relay’s growth and leadership position today,” says David Reuter, partner at LLR Partners. “They’ve built an innovative solution to power personalised, proactive customer engagement and help enterprises improve outcomes, while writing a great growth story for Philadelphia. We’re excited to be part of the next chapter.”
“We were committed to finding a partner who understood our business and shared our vision for customer engagement,” adds Gillin. “LLR’s deep experience scaling software businesses, along with their ability to manage strategic growth, made them the ideal partner for Relay. This is an exciting time, as we move from one set of preeminent Philadelphia investors to another.”
Previous investors in Relay Network include First Round Capital, NewSpring Capital and Actua, as well as several individual investors.