Strigo Secures $8 Million Series A for its Customer Training Cloud After Tripling Customer Base During COVID-19

TEL AVIV, Israel, Sept. 30, 2020 /PRNewswire/ -- Strigo today announced that it has tripled its customer base since the outbreak of the COVID-19 virus and closed an $8 million Series A financing round. The new investment was led by Velvet Sea Ventures and existing investor Greycroft with participation from Hanaco, the company's lead seed investor.

Companies including Elastic, Mirantis, NCR, VMWare, Sage, and Zenika have adopted Strigo's unified platform to deliver remote instructor-led, on-demand and third-party training.

Strigo's Customer Training Cloud drives growth and retention by empowering customers throughout their relationship with the product knowledge and skills they need to maximize customer success. Customer training has become a critical business driver and software companies are making significant investments to scale and improve the quality of their training. With many software companies working remotely for the foreseeable future, Strigo has become an essential tool to drive customer success.

Strigo's clients are using the Customer Training Cloud to continually empower their customers by creating an ecosystem of hands-on training experiences that can be delivered in any format and at any time to best fit the needs of each customer. The platform centers around the product and eliminates the hassle of juggling various online applications by merging communication, content sharing, collaboration tools and product environments into a seamless experience.

"We are excited to lead the software industry toward our vision around the Strigo Customer Training Cloud. Our platform enables companies to deliver and scale impactful customer training to thousands of customers each month. We are especially proud of our ability to help companies quickly pivot to remote training since the outbreak of COVID-19," said Nevo Peretz, CEO of Strigo.

Today, efforts to effectively train customers often fall short as companies must patch together a number of tools that are not intended for customer training in order to deliver instruction. This results in poor training experiences and limits the ability to reach more customers. In addition, they lack data and insights to measure the effectiveness of their programs. These challenges have become more acute since the outbreak of the COVID-19 virus which has eliminated the opportunity for in-person training.

In addition to achieving high growth, Strigo is attracting top talent at every level of the organization. The company has hired Michael Jaindl as Chief Customer Officer to build out its customer success team globally. Prior to joining Strigo, Michael was VP Customer Success at Salesforce, which he joined after serving as Buddy Media's chief client officer before its sale to Salesforce for $800 million in 2012.

"Strigo is building a new category in the software industry with its Customer Training Cloud," said Michael Lazerow, partner and co-founder of Velvet Sea Ventures. "There is nothing more important for software companies than turning customers into power customers and Strigo is the first platform I have seen to do just that at scale. The market has already begun to embrace its vision for using a unified training platform that delivers the best training experience available and gives companies the flexibility and agility to provide a broad range of offerings in every format to empower their customers."

The company will use this round to scale up product development and its go-to-market strategy to meet rapidly increasing demand and to accelerate customer growth.

"As Strigo has further expanded into the market, there is a recognition that the company's innovative approach is helping software firms transform their customer training into a growth driver," said Will Szczerbiak, partner at Greycroft.

"We saw Strigo's great potential during the seed round, and Nevo and the rest of leadership has succeeded in making their vision into a reality," said Pasha Romanovski, co-founding partner at Hanaco and existing board member.

Read Strigo's latest blog: Customer Empowerment in the Age of SaaS.

About Strigo
Strigo transforms customer training for software companies, offering a new way to empower customers and drive growth and retention. Strigo's Customer Training Cloud enables companies to enhance their customers' product knowledge with hands-on training experiences that can be delivered in any format at any time to best fit the needs of each customer.

Leading venture capital firms, including Greycroft, Velvet Sea Ventures and Hanaco Ventures and back Strigo. Visit www.strigo.io

About Velvet Sea Ventures
Velvet Sea Ventures is a multi-stage venture capital firm that helps entrepreneurs turn their visions into reality. With more than 80 years of combined experience as founders and venture investors and more than $2.2 billion invested, the firm provides seed-to-growth stage capital investments coupled with strategic support across all sectors. Velvet Seas partners' past investments include such notable companies as Twitter (TWTR), Square (SQ), SpaceX, Snap Inc. (SNAP), Facebook (FB), Pinterest (PINS), Domo (DOMO), Scopely, Buzzfeed, Namely, Eaze, Braze and Map Anything (CRM).

About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build transformative companies. The firm has deep experience in both consumer and enterprise technology, with a portfolio that spans the globe. Greycroft values building enduring relationships with founders and understands that they want more from investors than just capital. Greycroft manages more than $1.5 billion in capital with over 200 investments, including Acorns, App Annie, Axios, Bird, Braintree, BetterCloud, Bright Health, Buddy Media, Huffington Post, Icertis, Lightricks, Openpath, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo.

About Hanaco Ventures
Hanaco Ventures backs early-stage technology companies with bold, visionary and passionate Israeli entrepreneurs, wherever they are across the globe. Hanaco was founded by Alon Lifshitz, Lior Prosor and Pasha Romanovski in 2017. For more on Hanaco, visit http://hanacovc.com

SOURCE Strigo

Related Links

https://strigo.io/