Churnkey, the leading provider of subscription retention automation software, raised $1.5 million from Charlotte, NC-based CreativeCo, to accelerate its growth. The Churnkey platform provides a wide range of retention products, including personalized cancellation flows, failed payment recovery, precision credit card retries, and host of customer-centric subscription optimizations.
In the next year alone, as estimated by UBS Global, customers of subscription-based businesses will spend nearly $1.5 trillion on subscription-enabled products. With this new funding, Churnkey will leverage its immense dataset of tens of millions of data points to unlock a new era of strengthened customer relationships for the subscription economy.
“While Churnkey is a profitable and growing business, we are seeing incredible market demand that needs to be served beyond our current capacity,” Nick Fogle, CEO and co-founder of Churnkey, said. “This fundraise from CreativeCo’s early growth equity fund will help us land key executive hires, expand our market share, and continue our rapid pace of innovation.”
For high-volume subscription companies, poor retention can change the trajectory of an entire business. Churnkey’s platform introduces a new paradigm, offering powerful in-app tools to manage cancel flows, execute reactivation campaigns, and optimize retention efforts at every stage of the customer journey. From there, the platform helps make sense of all the data—whether it’s uniform or freeform—and tracks the revenue impact of every touchpoint.
“Churnkey leads the retention automation space with a platform that automatically and intelligently runs retention strategies throughout a customer subscription—from trial through post-cancellation,” Travis Parsons, CreativeCo Managing Partner, said. “The platform’s ability to integrate directly with payment platforms and leverage product usage data enables a growing suite of retention automation offerings that generate concrete ROI.”
SOURCE: PRNewsWire