A tech platform for corporate gifting has closed a £32 million Series B funding round.
Data-driven Reachdesk is growing 600% year-on-year and helps companies capitalise on the opportunities around the sending of personalised products to prospects, customers and employees.
It claims its customers see 42% higher attendance for events, a 212% increase in response rate and 30% higher conversions.
The round was led by Highland Europe with participation from Highland Capital, HubSpot Ventures, and RLC Ventures.
Launched by Alex Olley, Jay Radia, Meelan Radia and Alex Correia-Santos in 2019 to make corporate gifting more personalised, reliable and scalable, Reachdesk says it makes sending gifts to prospects, customers and employees as simple as sending an email.
Its integrations with thousands of leading SaaS platforms mean gifting can be fully automated and integrated, while its curated global marketplace and logistics network across the US, Canada, UK, Europe, Australia and Asia means these gifts are personalised and unique.
“While corporate gifting has long promised to be the solution to generic, spammy marketing, it has not yet matched the needs or standards of today’s companies and consumers. Reachdesk breaks the mould,” said chief revenue officer Olley.
“Our data-led, AI-powered and integrated approach allows us to be there for our customers at every stage, via one single, simple yet powerful and trusted global platform.
“It’s this truly global approach, underpinned by unprecedented reporting, visibility and measurement that has been missing from the industry and is only set to prove even more crucial in the coming months and years.
“Just like every customer has a CRM, marketing automation, and a sales automation platform, we see a world where every business will need a gifting platform like Reachdesk.”
Reachdesk will use the funding to invest further into product development and grow its list of technical integrations, curated marketplace vendors and global warehouse partnerships as the company expands into new regions.
Since 2020, the firm’s team has grown 500% with plans to more than triple by the end of 2022. It currently has offices in London, New York, and Lisbon and looks to expand its presence across the US, Australia, New Zealand and APAC later this year.
“The Reachdesk team truly understands the pain points faced by companies looking to break through to customers with effective marketing campaigns and has built a single solution that acutely addresses these,” said Laurence Garrett, partner at Highland Europe.
“Every team member is passionate about making corporate gifting work for everyone involved, and has a unique take on it, one that is set to capitalize on the potential in this space, and become a clear market leader.”