User Replay benefits from injection of $4.7 million
User Replay, a developer of customer experience management (CEM) software in the cloud, has announced funding of $4.7 million secured from leading investors.
Major investors were Longwall Ventures and existing investors Episode 1 Ventures, EC1 Capital and FSE. The funding will be used to support the company’s expansion in the US market and increase the pace of product innovation.
User Replay is a cloud-based or on-premise CEM software solution provider, offering insight into what e-commerce customers actually experience and helps to optimise the online channel by identifying, monetising and fixing barriers to conversion.
In addition to funding from leading investors, User Replay has secured over $350,000 from Innovate UK, the UK’s innovation agency supported by the British Government.
John Thompson, CEO of UserReplay said: “This latest round brings the total amount of funding raised by the company to date to over $10 million. Sales have grown rapidly since our last round of funding and our cash position was already strong, but we chose to raise further funds now to accelerate product development and to build on our growing presence in the US market.
“We expect 2016 to be a key year for the CEM space, and we now have the resources to properly exploit an exploding market.”
Michael Penington, partner at Longwall Ventures, said: “We chose to invest in User Replay for the potential it has to gain sizeable market share in a rapidly growing industry.
“CEM software within the eCommerce industry is set to grow exponentially, and User Replay is at the forefront in creating solutions that address real issues companies are experiencing.”