London, 28 April 2020 Kluster announces $1m investment from VCs Newable and SuperSeed, alongside Cognism CEO James Isilay. The announcement comes in the same week GoCardless signed up as their latest enterprise client.
Two years since their AI platform went live, Kluster have raised funds to capitalise on surging demand for revenue analytics on both sides of the Atlantic, with current customers already spanning Europe, US and Canada.
The round will enable Kluster to further develop their forecasting technology, and enhance the deep insights engine which was launched last year. The funding comes shortly after Kluster announced that Pete Crosby, having driven Ometria and Triptease to Series B, and Viadeo to IPO as CRO, joined the board as non-executive director.
Kluster’s AI-powered platform ensures businesses achieve sustainable growth and forecast with confidence. By applying AI to sales data, their interactive tools and visualisations provide an early warning system that directs leaders to the right actions, at the right time.
Competitors include US firms InsightSquared, Aviso and Sequoia-backed Clari. Kluster’s view is that while every business feels different, when it comes to critical financial events they need to look and report the same. Therefore, both flexibility and best practice are paramount.
Dan Thompson, CEO, says: “Businesses are hurting because they are flying blind when it comes to revenue. With the data and investment in sales we see available today, we must do better and help leaders anticipate what lies ahead. This injection of capital and expertise enforces the confidence the market has in Kluster to become a world leader in revenue analytics.”
Businesses sit on vast amounts of sales data, yet they struggle to realise predictable revenue growth because they can’t separate the signal from the noise.
As a result, the void between business’ ambitions and their ability to deliver on them, causes significant damage to valuations.
Given the economic upheaval over the past month, the pain of inaccurate sales forecasts and stagnant pipeline has become even more acute. Kluster provides clients with a clear view of what sales performance will look like, which is critical to both short term survival and longer-term success.
Kluster’s client list is rapidly expanding with new logos including Cision, Saba Software and Salary Finance. This week, GoCardless joined the company as its latest customer.
Simon Gilks, Director of Global Sales Operations at GoCardless said: “We’re excited to work with Kluster, as we look to develop a sophisticated and predictive forecasting system that will help fuel our ambitious growth”
Kluster CCO, Rory Brown, added: “Our mission and its importance are clear. Now more than ever, every business needs best-in-class revenue reporting if they are to be predictable, to grow and to survive.”
Newable, in partnership with B2B specialist VC SuperSeed were excited to complete the $1m investment – even given the challenges of the overall economic climate.
Mads Jensen, Managing Partner at SuperSeed comments: “From the moment we met Dan and Rory, we completely bought into the problem that they were trying to solve. As former SaaS entrepreneurs ourselves, we have experienced the perennial challenges of sales forecasting, and have previously used Kluster’s competitors to try to address these. Finally, there is a solution which gets it right”.
Avantika Gupta, Newable Ventures Investment Manager meanwhile believes that the long-term prospects for Kluster are strong; “For Newable to have invested at this challenging time for the UK economy is reflective of our belief that Kluster’s business model and technology are capable of weathering economic downturns”.
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Co-founders Dan Thompson and Rory Brown founded Kluster in 2016 with a clear mission. Every business should have best-in-class revenue analytics that deliver clarity and confidence when making growth decisions. They initially met at university, and after careers in actuarial science and sales management, decided it was time to solve the challenges faced by corporate sales teams using data visualisation and AI.
Since then, the London-based SaaS provider has helped scaling companies across Europe and North America grow their revenue.
Newable Ltd was established in 1978 with the aim of fostering entrepreneurship in the City of London. Newable provides Advisory, Lending, and Equity Investment services to UK SMEs.
Newable Ventures Limited (NVL) formally known as London Business Angels is currently the longest standing angel network within UK, with 500 engaged angel investors. Newable invests in early stage technology-led companies across a range of sectors. Due to our history and the wider business eco-system, Newable are able to provide our investees support through advice, flexible office space and finance.
SuperSeed backs ambitious, technical founders of B2B software companies and supports them in building global winners through a world class marketing & sales model. The London based VC fund was launched by Mads Jensen and Dan Bowyer in 2018. The team began investing in 2019, and has since backed 8 companies to date in areas of enterprise and industrial automation, smart cities and healthcare data.
For questions, contact
Dan Thompson, CEO
+44(0)7939 880 992