Cresta, the leader in real-time intelligence for contact centres, today announced the closing of its $80 million Series C financing round, giving the company a $1.6 billion post-money valuation, quadrupling its value in a year. Over the past year, the firm has tripled its revenue and delivered a Net Revenue Retention (NRR) of 210%.
The round was led by Tiger Global, with Genesys, Five9, J.P. Morgan, CarMax and Zoom also investing, demonstrating their belief that Cresta can help deliver superior customer experiences. Previous investors Sequoia Capital, Greylock Partners, Andreessen Horowitz, and Porsche also participated.
“We are honored to welcome lead investor Tiger Global and industry leaders Genesys, Five9, J.P. Morgan, Zoom and CarMax,” said Cresta CEO and Co-Founder, Zayd Enam. “The contact center is the front door of your business. One conversation can make or break your brand,” continued Enam. “Those conversations are the critical untapped resource across all contact centers. Cresta unlocks that resource, turning insights into actions enabling agents and managers to improve customer experience across their entire organization in real-time.”
Cresta has been recognized as a leader in Artificial Intelligence and winner of the CX Award for Most Innovative Product and Intelligent Applications Top 40 award. The firm also recently welcomed Ping Wu, the co-founder of Google Contact Center AI, as its Vice-President of Engineering and Product.
Contact centers are embracing AI as they seek to improve every customer interaction. Customers using Cresta see an increased CSAT on average by 15%, reduced ramp time by 3X, and agents saving 3-5 hours in repetitive tasks every week.
The firm provides three solutions for contact centers.
- Cresta for Agents – Cresta Agent Assist takes the best practices of top performers and amplifies those across the entire team with real-time, AI-driven assistance and coaching. This includes identifying emotion, hints, smart responses, knowledge base look-ups and automatic note taking.
- Cresta for Managers – Cresta Director provides managers with unprecedented real-time visibility of agent performance and behavior. This includes alerting as well as enabling real-time online coaching and workflow optimization, which are critical to help work-from-home (WFH) agents improve their customer interactions.
- Cresta for Business – Cresta Insights delivers executive-level customer and agent insights on overall contact center interactions and performance, identifying hot topics, sentiment, and competitive issues at scale, enabling a smarter and more responsive customer experience.
Investment Quotes
Tiger Global: “At Tiger Global, we back bold entrepreneurs with market-leading products. Zayd and the Cresta team have proven they’re the winner in this category. With Cresta, brands can both improve front-line customer experience and deliver real-time insights to management so they can set strategy and drive better outcomes. Cresta’s AI expertise and proven real-time offerings differentiate them from all others in the market.” said Tiger Global Management Partner, John Curtius.
Genesys: “There is a shift in the industry toward embracing the strategic value employees play in the customer experience,” said Olivier Jouve, executive vice president and general manager of Genesys Cloud. “When AI enables real-time conversational insights and personalized coaching, we begin to see the vast potential in enhancing the relationship between contact center agents and customers. Our investment in a leader like Cresta exhibits our commitment to a growing ecosystem of companies with a shared vision for improving the experiences for all.”
Five9: “Five9 is committed to investing in AI and automation solutions that help optimize customer engagements whether through self-service or through assisting live agents,” said Rowan Trollope, CEO, Five9. “This means investing in our own AI and Automation platform and portfolio and working with partners like Cresta who want to build on top of our platform to bring additional use cases to customers. Together this allows us to up-level the overall customer and employee experience.”
Customer Quotes
CarMax: “CarMax has built a world-class omnichannel experience for our customers, and our contact centers play a vital role in delivering that experience. We believe Cresta has developed best-in-class technology in this space and are excited to partner with them as a customer and investor going forward.” – Terence Rasmussen, AVP of Corporate and Business Development, CarMax
Blue Nile: “Cresta was a real game changer for us, very differentiated to anything else that we had seen on the market. It delivered better customer satisfaction, more purchases, higher conversion, and more sales bonuses.” – Michael Hopkins, Senior Vice-President, Sales and Service
Holiday Inn Vacation Club: “Cresta’s real-time coaching has been a game changer. Having the new technology has allowed us to cut down on call times & really be there for the customer. The manager-facing solution has been invaluable.” – Crissa Graham, Director of Marketing, Holiday Inn Club Vacations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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