Assembled has successfully raised $51 million in a single funding round, with the latest being a Series B in May 2022. The company is building an operating system for support teams, helping brands like Stripe, Betterment, and Everlane deliver responsive and empathetic customer experiences.
Keep reading to explore the intricacies of Assembled's fundraising journey and the investors backing this innovative platform.
What Is Assembled?
Assembled, founded by John Wang, Brian Sze, and Ryan Wang, is headquartered in San Francisco. The company specializes in building an operating system for support teams, aiming to enhance customer service experiences.
Since its inception, Assembled has grown to employ between 51 and 200 people. Their workforce management solutions are designed to help brands deliver responsive and empathetic customer support.
With a focus on modern support operations, Assembled integrates AI and workforce management tools to optimize the efficiency of support teams. Their platform includes features like real-time management and performance tracking.
How Much Funding Has Assembled Raised?
- Series B Round
- Amount Raised: $51,000,000
- Date: May 2022
- Lead Investors: New Enterprise Associates, Emergence Capital, Basis Set Ventures
- Motivation Behind the Round: The funds will be used for product development, including schedule optimization algorithms and HR software integrations, and to launch the CX Scholars initiative, which aims to support continuing education for support workers.
Total Amount Raised: $51,000,000
Current Valuation: $200,000,000 (~estimated)
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a venture capital firm that invests in technology and healthcare companies at all stages of growth. Founded in 1977, NEA has a long history of supporting innovative startups.
- Investment Focus Areas: Technology, healthcare, enterprise software.
- Notable Investments: Uber, Coursera, Robinhood.
- Emergence Capital
- Details: Emergence Capital is a venture capital firm focused on early and growth-stage enterprise cloud companies. They have a strong track record of investing in companies that transform the way businesses operate.
- Investment Focus Areas: Enterprise cloud, SaaS, business software.
- Notable Investments: Salesforce, Zoom, Veeva Systems.
- Basis Set Ventures
- Details: Basis Set Ventures is a venture capital firm that invests in early-stage technology companies, particularly those leveraging AI and automation. They aim to support companies that are building the future of work.
- Investment Focus Areas: AI, automation, early-stage technology.
- Notable Investments: Quip, Scale AI, Workstream.
What's Next for Assembled?
Assembled is poised to capitalize on several significant opportunities. With plans to expand into the Asia-Pacific region and Europe, the company aims to tap into new markets and broaden its client base. The launch of the CX Scholars initiative will further enhance the skills of support workers, positioning Assembled as a leader in customer experience management.
Given the rapid growth and increased revenue, future fundraising rounds seem likely to support continued expansion and product development. However, Assembled will need to navigate challenges such as competition from legacy systems and addressing high turnover rates in the customer support industry. Balancing growth while maintaining product quality will be crucial for sustained success.
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