Clozd Raises $52M Series A
Clozd announced on May 25, 2022 it has raised a $52M Series A funding round led by Greycroft (New York) a seed-to-growth VC firm that has raised over $2 billion in capital and invests in technology, mobile and internet startups. Other investors in this round include Madrona Venture Group (Seattle, WA) and Album VC (Lehi, UT).
Clozd provides real-time, win-loss analysis technology for corporate sales teams. The company delivers clients a continuous stream of win-loss insight based on direct feedback from recent prospects to highlight the specific actions a company should take to increase win rates. Clozd serves clients in several industries, including enterprise software, business services, healthcare, financial services, manufacturing, transportation, telecom, etc.
Clozd was founded in 2017 in Lehi, Utah by Andrew Peterson and Spencer Dent, who formerly worked in senior sales, marketing, and operations roles at Qualtrics. They are serving as co-CEOs at Clozd.
"Getting accurate, real-time insight about why you win and lose is critical for any enterprise that wants to increase win rates and revenue. Unfortunately, many companies are undisciplined and inconsistent about this analysis, often basing their conclusions on the subjective feedback from sales reps," says Andrew Peterson, pictured left. "Clozd helps business leaders generate a continuous, automated stream of insight about why they win and lose that is based on the direct feedback of prospects and customers. The Clozd approach is becoming a de facto standard for B2B enterprises."
The demand for win-loss analysis among corporations across industries is well-documented. A joint study with The Pragmatic Institute revealed that 100% of companies that spend $100,000 or more per year on win-loss analysis plan to maintain or increase their level of investment. Clozd brings key information to business leaders in aggregate enabling targeted changes to increase revenue and build customer programs that positively impact the top line. Clozd's technology also complements integrations with popular CRM solutions including Salesforce with direct feedback from customers and recent prospects.
"Clozd is setting the standard in the nascent, highly coveted win-loss analysis category of business intelligence," says Mark Terbeek, Partner and Enterprise Software Head at Greycroft. "The Greycroft Enterprise team is always on the lookout for those rare early-stage companies that are not only building a compelling product, but are also a first-mover in a promising new market. We believe Clozd is doing all the above."
Since it was founded in 2017 Clozd has acquired over 150 B2B enterprise customers, including dozens of Fortune 1000 customers.
Album VC co-founder and general partner, John Mayfield posted insights about the Series A raise on LinkedIn: