EQT Ventures leads USD40million Airkit investment round

Investment returns

Multi-stage VC fund EQT Ventures has led a USD40 million Series B funding round into Airkit, a low-code digital customer experience platform, on the back of the company’s recent USD28 million Series A announcement.

Accel, Emergence Capital, Salesforce Ventures, and other existing shareholders also joined the new Series B round, which will be used to accelerate the company’s investments in product development and go-to-market.

Airkit aims to enable brands to build personalised journeys for sales, service, or support. “It’s incredibly exciting when you come across a company that understands and empowers brands at such a highly-personalised level, and through the hyper-growth market of low-code,” says Laura Yao, partner at EQT Ventures.

The company launched in October with USD28 million in funding and has experienced rapid adoption of its low-code digital customer platform. Clients include Principal Financial, Turo, OpenTable, Royal Automotive Club, and SkipTheDishes.

Recent research shows that US consumers are 370 percent more likely to purchase more from a company with “very good” CX than “very poor” CX. Moreover, Forrester expects that digital customer interactions will increase by 40 percent this year and that the low-code development technology market is expected to grow 23 percent in 2021.

“COVID-19 accelerated the pre-existing consumer transition to digital. From shopping to banking, brands that have delivered personal, modern experiences have won big, ” said Stephen Ehikian, co-founder and CEO of Airkit.

“Every business leader should have a strategy to go digital faster in a way that delights the consumer. In just six months, we’ve onboarded leading brands across financial services, insurance, consumer, travel and government, who are now leapfrogging their competitors,” he added.

SkipTheDishes, for example, used Airkit to help scale to meet demand by automating its restaurant onboarding process and accelerated its onboarding by 3X, according to Steve Puchala, senior vice president at SkipTheDishes.