Conversational commerce platform, Yalo, announced on Wednesday that it has raised $50 million in a Series C round led by existing investor B Capital Group, a venture capital firm co-founded by Facebook founder Eduardo Saverin.
The company will use the freshly raised funds to increase its presence in Latin America and Southeast Asia, while funding new product development, including conversational marketing and payments solutions.
The six-year-old startup helps businesses in emerging markets do commerce on top of the messaging apps. The Yalo platform provides companies the ability to run their sales and customer service workflows on top of messaging.
“Yalo has become the leading conversational commerce company, revolutionizing the way large enterprises engage with their customers and enabling them to transact through chat applications. We have been impressed with their execution and are very pleased to expand our relationship with them by leading their Series C round,” said Saverin, who previously co-founded Facebook.
At present, Yalo’s clientele includes Unilever, Nestle, Coca-Cola, and Walmart.
In Latin America alone, the startup is helping companies with a consolidated customer base of 350 million and a sales volume of $81 billion.
Javier Mata, founder and chief executive officer of Yalo said, “Conversational commerce is rapidly becoming e-commerce 2.0 by enabling brands to connect critical business systems with consumers on messaging apps, where they already spend 84% of their phone time, particularly in our core markets of Latin America, India, and Southeast Asia. We will use this round of financing to fund the development of new conversational commerce products and add further value for our global customers.”
Yalo claims that its technology is platform-agnostic and can be embedded in any messaging app, making it very convenient for businesses to be where customers are.
Yalo’s conversational commerce platform, which includes marketing, helpdesk, and payments solutions, enables businesses to manage their most critical operations, such as sales, on top of messaging apps. With Yalo Studio, the company also enables non-developers and partners to design their own conversational-commerce applications.
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