Customer data and marketing platform Contlo is in talks to raise $12-15 million in a new round, two sources aware of the development told Entrackr. This will be the third round of funding for the Bengaluru and Delaware-based startup since January last year.
Contlo enables e-commerce marketplaces and D2C brands to increase their sales, drive customer loyalty and retention using omnichannel customer engagement including email, text, push, Facebook, Google, WhatsApp and even physical direct mails.
“Premji Invest will put in around $5-7 million in a Series A funding round which is expected to close anywhere between $12 to 15 million. A new investor along with existing backers will also participate,” said one of the sources requesting anonymity as talks are yet to be public.
The company raised $800,000 in-pre seed funding in January last year followed by a $3.5 million seed round in December. Its existing investors include Kae Capital, Better Capital and Titan Capital.
As per sources, the talks have reached into an advanced stage and the deal is likely to get finalized in a few weeks. “Due diligence has been completed and Contlo received the term Sheet from investors early this month,” said a second source who also wished not to be named.
Queries sent to Contlo and Premji Invest did not elicit an immediate response. We’ll update the post in case they respond.
Launched by Ishaan Bhola and Mukunda NS, Contlo offers marketing solutions for Shopify businesses. The subscription-based platform offers post-purchase campaigns of the existing customers by directing complementary products or recently viewed items.
Premji Invests has backed a bunch of startups in 2023. Earlier this month, it led a $33 million Series B round in jewellery startup GIVA. In March, business-to-business (B2B) supply chain financing platform Mintifi scooped up $110 million while contract lifecycle management solution provider SpotDraft raked in a $26 million round led by the same investor.
