Landbot has today announced it has raised an $8M Series A to scale its team and reach more customers around the world. The Landbot platform has turned bot building into a game of LEGO, enabling marketing, sales, and customer service teams of companies of all sizes to easily design and build automated conversations via its no-code solution. Customers can run and analyse digital communications with end-users via multiple communication channels like websites, WhatsApp or Facebook Messenger, in real-time.
The investment round has been led by the Spanish-Israeli Venture Capital firm Swanlaab, alongside Spanish national innovation agency CDTI, with previous investors Nauta Capital, Encomenda and Bankinter, completing the Series A.
Unlike conventional chatbots that fail to connect and engage, Landbot can be built by anybody, regardless of technical knowledge. It uses a drag and drop solution to design an immersive web page experience filled with gifs and visual elements to capture the attention of the end user. The product can be integrated with marketing tools such as Mailchimp and Salesforce, databases such as Airtable and Google Drive, and communication platforms like Slack and WhatsApp.
One key use case for Landbot is providing its conversational interface to capture and process complex data, taking over the form builder market with its communication automation solution. Enhancing data exchange between company and customer, providing a frictionless experience. The service is available via a freemium and premium subscription.
The company is already supporting over 50,000 users, ranging from SMEs to specific teams and products within larger organisations. Notable customer names include Nestlé, MediaMarkt, CocaCola, Cepsa, PcComponentes and Prudential. Landbot is helping businesses in many different industries from marketing agencies to banking and finance, and ecommerce to education, among others.
The product started as an internal experiment to manage its own operations. Launched in 2015 the company first offered consumers a concierge service and pivoted in 2018 when it realised that its internal product could provide value to other companies. Its anti-AI chatbot solution caught investor attention and the company raised a $2.2M seed round that year to further develop the product.
According to a prediction made by research analyst *Forrester, digital customer service interactions will increase by 40 percent in 2021.
Jiaqi Pan, CEO and Co-Founder of Landbot, said, “Increasingly we’re seeing more people use chatbots to communicate with businesses, rather than call them. Speaking to your customer on the channels they use most is crucial and digital channels are winning. But building a bespoke AI solution is costly for most businesses where the precision rate for natural language processing (NLP) solutions remains below 60 per cent, which is unacceptable for most business use cases and can have a negative effect on the customer’s experience. Our solutions means anyone can build an effective conversational workflow in minutes, without relying on AI engineers and huge amounts of data to train the AI system.”
Landbot recently acquired India-based Morph.AI, a chat-based marketing automation tool to help convert social, website and ad traffic into leads. The acquisition will help Landbot further expand into the Asian market. To date 90 per cent of its customers are international and 60 per cent of its customers come from the US, UK and Germany. Since its seed round the recurrent revenue has increased 10x and the team has grown to 40 people.
The investment round will be used to double the Landbot team in 2021, hiring executive members across sales, marketing and engineering.
Juan Revuelta, General Partner of Swanlaab, commented, “the beauty of Landbot is in the drag and drop solution of the product. The simplicity is critical to making this product accessible to everyone across many different types of business. If you’re a small company you don’t have the luxury of time or money to solve issues in customer service or run lavish marketing campaigns. Landbot helps all businesses to have truly frictionless conversations with customers and exchange the data they need to make smarter decisions and scale. The team has had a remarkable 2020, and we’re excited to support them in helping more businesses this year”.
Landbot customer and Founder at Conversational Design, a conversational marketing agency, Mattia Gnemmi, added, “with Landbot as our conversational platform, we can provide our customers with strategies that allow them to stay ahead of their competitors and convert more leads than they ever thought possible”.