Cloud platform Signpost announced Tuesday that it raised $52 million in late-stage financing from HighBar Partners and BMO Bank of Montreal, with participation from previous investors Georgian Partners and Spark Capital.
The new investment will enable Signpost to invest in growing its sales team and partnerships and launching a new self-service product to help smaller businesses drive more reviews and revenue, according to Signpost founder and CEO Stuart Wall.
Signpost is known for supporting smaller businesses and helping them automate campaigns. The company has improved online ratings by 34%. On average, companies have increased their revenue by 14% using the platform, according to company stats.
Signpost’s customer relationship management suite, which is focused on automating data collection and cross-channel marketing, can capture contact information of consumers who call, text, email, or buy something from a business. In return for the information, it sends personalized messages designed to drive feedback and acquire new customers, which helps with product reviews and drives up placement in search query results.
Brian Peters, managing director at HighBar Partners, will join Signpost’s Board of Directors. “He believes the company’s automated technology and their ability to follow through on reviews and prompt customer to engage beyond their first interaction is what sets them apart from other companies.
Technology, especially for small businesses, seems to be Signpost’s niche. In 2017, Signpost began to personify its artificial intelligence technology to take identify targeting to Facebook. The platform, Mia, sent a follow-up message that contained a special offer or discount after a brand served an advertisement on Facebook.
The latest funding follows strong company performance, achieving break-even cash flow in early 2019, ahead of schedule, supported by 43% year-over-year growth in its core product and less than 1% customer churn.
To build on its growth, Signpost plans to move its New York headquarters to Seventh this month and add employees in its New York, Austin, and Denver offices.