From The CEO: Churnkey Raises $1.5M in Growth Equity
Churnkey raises $1.5m in growth equity to further accelerate its retention automation platform for high-volume subscription companies.
I’m excited to announce that Churnkey has secured $1.5M in growth equity from CreativeCo. This investment will fuel our continued expansion, enable us to double our team, and help us execute our ambitious product vision for 2024.
Churnkey has been mostly bootstrapped since our inception in late 2020. That's brought a number of benefits: instilling a culture of discipline in what we build, where we spend our time, and how we allocate capital. Thanks to this approach, we've grown to serve hundreds of customers, consistently demonstrated positive net revenue retention, and achieved seven-figure revenues.
In just the past year, our small, yet mighty team not only responded to overwhelming market interest but also launched a series of significant innovations, including:
- A/B testing to optimize retention strategies during the cancellation process
- Precision Retries to improve payment recovery rates without any customer-facing intervention
- Reactivations to win back past customers, using sentiment analysis to target the right segments
- Customer Health & churn risk scoring to manage retention proactively
Looking ahead, we're dedicated to pioneering the next generation of retention automation tools. Our 2024 product roadmap is bursting with ambition: platform-wide machine learning enhancements, deeper billing integrations, and an expansive suite of new capabilities aimed at fostering healthier relationships between subscription businesses and their customers.
Choosing to partner with CreativeCo for our first significant funding was a strategic decision influenced by their philosophy and track record. Based in Charlotte, NC, CreativeCo invests in fast-growing, capital-efficient B2B software companies. Their track record aligned perfectly with our disciplined approach to growth and innovation, and their commitment to supporting businesses that maintain high standards of capital efficiency and market responsiveness makes them an ideal partner as we continue to expand and evolve.
Our commitment to being "default alive" is central to our business philosophy. We've consistently focused on profitability and capital efficiency. We engage in fundraising only when it can significantly accelerate our growth, when we have clear, effective plans for deploying the capital, and when we ensure we do not raise more than necessary. The new capital from CreativeCo comes at a pivotal moment, aligning perfectly with current market opportunities and our strategic vision.
We're thrilled to embark on this next phase of our journey: fully equipped to enhance our product offerings and serve our customers with even greater effectiveness.
