Former USTAR Grant winner DemoChimp raises $4.2M Series A, rebrands as CONSENSUS
In a move that will allow for a strengthening of a brand while opening inroads to future growth, DemoChimp, a B2B demo automation software founded in 2013, has announced they have rebranded as CONSENSUS. With the rebranding, the company has also completed a $4.2 million Series A round of funding to support expansion led by Peak Ventures with participation from CEB and super angel Nobutaka Mutaguchi.
In 2014, the company received a USTAR Go To Market (G2M)* grant, which helped then DemoChimp fine-tune the rigor around its early product/market fit validation. CEO and founder Garin Hess said the company was already doing a lot of the right things, but the additional training and collaboration with other startups helped illuminate ways to improve their process, which he said ultimately led to a much better minimum viable product when they went to beta.
“USTAR helped us hire our first hires when cash was getting low,” Hess said. “Having to prepare data validation for the grant helped us further codify our product-market-fit validation conversations into a more rigorous process, which helped us get a solid early start.”
Now, two years later, the company is ready to continue to grow and expand their offerings and with that came a need for a new brand. “DemoChimp has been a fantastic brand name for where we were when we started,” said Hess. “When we founded this company we believed this solution was going to appeal mostly to small businesses and that it was going to be focused just on automating demos, but as we have developed and grown so has our vision and our solutions.”
Hess explained that many of the worlds largest companies have unsolved B2B (business to business) gaps. These companies are now finding and using CONSENSUS to find agreement across the stakeholders in their buying groups. Companies using CONSENSUS include Microsoft, HP, Instructure and Tripwire.
“CONSENSUS describes our customers’ needs and the value we deliver, all in a single word,” said Hess. “We’re delivering powerful and scalable automated tools for sales and marketing professionals that overcome buying dysfunction and drive the agreement they need to get profitable deals done quickly.”
As a solution, CONSENSUS intelligently automates product demonstrations so salespeople can spend less time demo-ing and more time closing sales. A patent-pending personalization engine configures the demo for each prospect’s unique interests, similar to how an expert salesperson would. The personalization engine not only increases customer engagement, but also allows the salesperson to gather analytics on how the prospect interacts with the demo feed.
The Series A round of financing brings the total amount CONSENSUS has raised to $7 million, including original investments from Peak Ventures, Select Venture Partners, Albion Financial and Seed Equity, along with the initial seed investment from Hess.
CONSENSUS has acquired more than 200 customers in less than 24 months while growing their year over year revenues 235 percent in 2015. The capital injection enables CONSENSUS to expand adoption of its buying CONSENSUS solution among mid-market and enterprise companies. CONSENSUS will also use the funding for additional product innovation.
“CONSENSUS not only describes the core benefit our technology delivers to B2B sales and marketing teams, it also gives us an umbrella large enough for our future product roadmap,” said Hess.
* The G2M program has been discontinued. USTAR now offers grants through the Technology Acceleration Program (TAP).< Back to All Articles