Colabo has raised a $7 million A round of funding from venture capital firm, Marker LLC, together with Kaedan Capital and existing investors including Paul Maritz, Raghu Raghuram, Ray Rothrock and The Hive.
Colabo’s Automated Sales Engagement platform is the first to harness the power of infinite dynamic web sources instead of relying on phone and email to engage with potential customers. By doing so Colabo enables sales teams to increase response rates from leads by over 10 times when compared to phone and email based systems.
“Our early customers are seeing Colabo’s huge positive impact on their bottom line and now Colabo’s ROI is a no-brainer sale. Sales teams can no longer afford to have their backend CRM systems disconnected from where the sales process is actually taking place which is on Linkedin, Meetups and other forms of online professional groups” said Yoav Dembak, CEO and Co-Founder of Colabo. “We raised this round to expand our sales team and grab the timely opportunity as the sales world is shifting from phone and email to the “internet of customers””
“We are very proud to lead this funding round in Colabo. We believe that the entire $36B CRM space is changing drastically. Sales professionals today work in two completely separate environments, the backend CRM is where data is stored and revenue is forecasted and the newer sources such as Linkedin or Meetup is where sales people actually engage with their prospects. Colabo is the only technology platform that can connect these two worlds to help sell more and forecast better at the same time. Based on our past experience with the team at Colabo, we are confident that they will be able to bring this meaningful change to the CRM market,” said Ohad Finkelstein of Marker LLC.
Colabo harnesses the power of new customer engagement channels like Linkedin and Meetup to automatically select the best channels and messages for achieving optimal response rates that can be higher than email and phone. The company is headquartered in San Carlos, California and has an R&D center in Herzliya, Israel.
Colabo was started in 2011 with the goal of helping enterprise sales adapt to the new ways enterprise buyers are evaluating and buying solutions. Its goal is to fill the gap between the old world of CRM, cold emails and phone calls and the new world of Linkedin groups, Meetups and Quora. Colabo’s co-founders are Asaf Wexler, Naama Halperin and Yoav Dembak. Their previous start-up, B-hive, was acquired by VMware in 2008.