Pendula, a Sydney, Australia-based provider of customer retention technology, secured A$14.5 million in funding. The funding round was contributed by Octopus Ventures, along with MA Growth Ventures.
With the newly acquired funds, Pendula intends to expand its global operations. The company plans to establish new international offices in both London and Singapore, aiming to drive growth in the ASEAN (Association of Southeast Asian Nations) and European markets.
Pendula's customer retention software is innovative, employing advanced analytics and generative artificial intelligence (AI) to assist companies in navigating potential economic downturns by reducing customer churn and maximizing customer lifetime value.
Alex Colvin, CEO of Pendula, said: “The past year has exceeded my expectations. Securing funding from Octopus Ventures alongside additional investment from MA Growth Ventures, is indicative of the dedicated work of the team. By listening to clients and helping them navigate changing economic conditions, we have been able to hit heights far bigger than we expected, as well as being able to diversify our offering and drive greater return for our customers.”
Pendula welcomed several new brands, including Mate Telecom, Brighte, and Peak Commerce, alongside existing clients such as Amaysim, BizCover, and Nobleoak.
Company: Pendula Solutions
Raised: A$14.5M
Round: Unknown
Funding Month: August 2023
Lead Investors: Octopus Ventures
Additional Investors: MA Growth Ventures
Company Website: https://www.pendula.com/
Software Category: Customer Retention
About the Company: Pendula is a proactive retention platform enabling organizations to increase customer lifetime value and customer retention. Pendula enables two-way communication via SMS, email, instant messenger, fax, and post directly from Salesforce or Zuora. Pendula HQ is based in Sydney, Australia. Its teams reside across the globe and work seamlessly across regions, including London, Singapore, and much more.
Source: https://busycontinent.com/pendula-gets-a14-5m-funding/