A Spanish chatbot builder, Landbot, has just obtained a series A investment fund totaling US $8 million led by Swanlaab (a Spanish-Israeli VC firm) in conjunction with CDTI (a Spanish innovation-driven public agency). This was announced on the 20th of January 2021. Previous investors Encomenda, Bankinter and Nauta Capital also contributed to the investment.
Purpose of the Investment
The proceeds of the round are meant to be utilized in doubling Landbot’s team of 40 individuals currently. The startup plans to hire talents from sales, engineering and marketing backgrounds.
Products & Services offered
Landbot is a messaging SaaS startup that provides a simple program for the development of conversational websites and to improve lead conversion rate. The startup deploys a familiar rich texting interface as a website navigation instrument. This platform was specially made to meet the demands of web users by providing a guide meant to ensure convenience and simplicity when surfing a website. In accomplishing the above, Landbot utilizes an interactive and adaptive messaging thread that adopts conversational choice prompts to deliver relevant, needed information to users.
The startup was originally designed as an internal experiment due to the frustration its makers got from their previous erratic AI chatbots.
Growth & Developments
Landbot has really come a long way since their previous funding in 2018. As at that time, the startup bagged US $2.2 million seed investment and had over 900 users. Today however, Landbot boasts 2,200 paying customers as well as some 50,000 clients patronizing its platform, using both paid and free accounts. The company also stated increasing its recurrent revenues 10 times since its seed investment.
According to the startup, the global pandemic positively impacted the demand for their services. The need for conversational landing pages skyrocketed due to businesses needing better ways of automating higher volumes of digitally inbound user communications. Landbot is able to provide these services thereby saving businesses from major investments in internal IT.
Users and Trends
Landbot’s customer roster contains individuals, SMEs and specific teams within large companies. Some of their users include Nestle, Coca-Cola, MediaMarkt, Cepsa, Prudential and PcComponentes to mention a few. In the words of Jiaqi Pan, the CEO and co-founder of Landbot, “We are witnessing powerful traction from industries like e-commerce, marketing agencies and financial services. The e-commerce segment has recorded the most growth since COVID-19, where our customer base doubled.”
About the Company
Landbot is a chatbot developer founded in the year 2015 by Antoni Espinosa, Cristobal Villar, Fernando Guirao and Jiaqi Pan. Headquartered in Barcelona Spain, the company is one of the early adopters of the “no code/low code” trend driven by demand for productivity and operation optimization without tech-savvy internal teams to handle IT. The startup has acquired a total funding amount of US $10.2 million in 3 rounds (adding this recent investment). They ultimately seek to help businesses gain frictionless conversations with customers and exchange information needed to make intelligent decisions.
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