Crayon Inc. which is the leading competitive intelligence platform for the enterprise, has closed a USD 22 million funding round by Baird Capital with participation from Baseline Ventures, Bedrock Capital, C&B Capital, and Oyster Funds as announced on May 4, 2021.
It also welcomed Gaingels as an investor in series B as a part of a commitment to diversity, equity, and inclusion. The company has raised its capital to USD 38 million to date. The company has said that it will use the financing to support the growth initiatives. Crayon is aiming to double its team size over the next 12 months which currently is near 100 members and use some of the new funding to build more features for its cloud service and product development. The company also announced Benedict Rocchio from Baird Capital has joined its Board of Directors.
About Crayon
Based in Boston, with Jonah Lopin as the co-founder and the CEO, Crayon is the leading competitive intelligence platform that enables businesses to track, analyze, and act on everything happening outside their four walls. More than 33000 competitive intelligence professionals are dependent on Crayon for a current, holistic view of their businesses to achieve sales, reduce and save time and costs, and have long-term revenue. It is giving power to mid-market and Fortune 500 companies every day by providing valuable insights which can be put into action.
It helps mid-size and large enterprises capture, analyze and act on competitive intelligence to drive better execution and decision making in all the areas of the business. The customers which are dependent on Crayon for empowerment across their sales, marketing, product, and executive teams consist of Dropbox, SurveyMonkey, Intuit, Zendesk.
Crayon’s platform looks both within the organization and externally, generating insights from more than 300 million sources and enabling customers to publish and share intelligence in a variety of formats and frequencies to match stakeholders’ needs. Crayon integrates with CRM, chat, sales enablement, and knowledge-sharing platforms to make sure that the team does not lose an opportunity for competitive development.
About Baird Capital
With headquarters in Chicago, Baird capital makes venture capital, growth equity, and private equity investments in strategically targeted sectors around the world. With investments in more than 320 companies, it partners with entrepreneurs, and using its executive networks, it strives to build exceptional companies. It provides operational support to its portfolio companies through teams on the grounds in the United States, Europe, and Asia.
What does the CEO say?
“It has always been critical that businesses respond with speed and urgency to competitive shifts because competitive intelligence informs everything from product launches to pricing strategies to marketing campaigns. But there’s traditionally never been a good way to pull that off. Traditionally gathering data was a highly manual and time-intensive and expensive process. But today there’s a far better way to compete that’s software-driven. Our platform captures competitive intelligence programmatically in real-time and empowers teams to take timely action towards increased sales and better differentiation in their market.”
What does Benedict Rocchio say?
“Companies are drowning in data today and dedicating more resources – both technology dollars and human capital- to better understand and make use of it. As a longtime active investor in the marketing technology space, Baird Capital saw the clear need for how Crayon’s approach streamlines the vast amount of data with a single source of truth for all the competitive insights. Jonah and the Crayon leadership team have a proven track record of building marketing tools that simplify this level of complexity at scale. They are putting marketers in the enviable position of offense, pursuing ideas they know will work, and mitigating the risk of being blindsided by a competitor.”
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