Previously bootstrapped ContactMonkey secures $55M in initial raise

ContactMonkey, a Toronto-based software company specializing in email communications, recently raised $55M in a Series A funding round. The round was led by Updata Partners, and marks ContactMonkey's first funding round, given that the company has been self-funded up until now.

• Profitability and Market Demand: The sizable investment was largely influenced by ContactMonkey's profitability and the increasing market demand for internal email platforms.

• Use of Funds: ContactMonkey plans to use the fresh influx of capital to expand into international markets and double its current 80-person team size. The primary focus will be on enhancing the company's sales and marketing departments, according to the company's CEO, Scott Pielsticker.

• Company's Mission: ContactMonkey was founded to create an attractive, user-friendly product that offered key data for improving internal communications. The software integrates with various platforms, including Outlook, Gmail, Teams, SMS, and HRIS systems like Workday and ADP.

• Feature Highlights: Some of its standout features include facilitating company announcements, alerts, updates, and providing engagement analytics. These analytics help users build segmented employee lists, collect feedback, and view metrics like click-through rates, open rates, and read rates.

In the face of potential market headwinds, Pielsticker is confident that their recent funding will provide the necessary runway to navigate any turbulence. He also noted the company's customer base, currently around a thousand, is steadily increasing.