LatamList – Yalochat, a leading conversational commerce platform in emerging markets, recently announced a $15M Series B round led by B Capital Group, with participation from existing investor Sierra Ventures. With this financing, Yalochat has raised a total of $25M to expand its messaging-based CRM platform.
Through its unique technology, the platform helps large enterprises manage their digital workflow for critical operations in sales and customer service through mini applications that run on top of messaging apps, allowing customers to get what they want of businesses in a personalized way.
The company focuses on emerging markets, including Latam, India, and SE Asia, with global clients like Amazon, Unilever, and Walmart.
Since the beginning of the COVID-19 pandemic, Yalochat’s platform has seen a 10-fold increase in message volume, as companies connect digitally on WhatsApp.
MarketsandMarkets valued the Conversational AI Software market at $4.2B in 2019 and projected growth to $15.7B by 2024. The increasing demand for AI-powered business automation, omni-channel deployment, and reducing AI development costs is driving its growth.
“From the beginning, B Capital has been extremely impressed by the Yalochat team, products and growth path… This is B Capital’s first investment in the Latam region and I am personally looking forward to helping them create new, meaningful connections between Latam, Asia and the U.S., where Yalochat can help companies bridge the gap between existing software solutions and the vast world of messaging apps,” said Eduardo Saverin, the co-founder of B Capital Group.
In emerging markets, users spend more than 84% of smartphone usage time on messaging apps but relevant applications have been overlooked by traditional CRM companies.
“We decided to partner with B Capital in this round because of their global presence and experience. We will continue to invest in our priority: making our customers extremely successful through our conversational workflows and building a true CRM for the messaging era. We’ll continue to expand into the Asian market, while consolidating our presence in Brazil and Spanish-speaking Latam,” said Javier Mata, the CEO and founder of Yalochat.
In addition to the new round of funding, Yalochat appointed Adam Bosworth, CRM veteran and the former Vice President at Google, Salesforce, and Amazon as an advisor.
