SMBs and brick and mortars know they have to have an online presence to do business in this day and age. Done and done, but then there’s the problem of marketing and that’s a whole other issue.
Signpost’s product makes everyday business owners world-class marketers by completely automating the process, from sending targeted marketing messages to help drive sales, to referrals and reviews business analytics.
That’s when the job is done and one.
CEO Stuart Wall discusses the service and the funding.
Who were your investors and how much did you raise?
Signpost raised $20.5 million in a Series C round of financing led by Toronto-based Georgian Partners with participation from Spark Capital, OpenView Venture Partners, Scout Ventures, and the Launch Fund.
Tell us about your product or service.
Signpost is automated CRM for B2C firms. Our platform automatically tracks every email, call, credit card transaction and social media interaction between a business and one of their customers. Signpost’s automated marketing engine leverages this CRM data to send email and SMS messages that convert new customers and drive repeat business and word-of-mouth
What inspired you to start the company?
Several years ago, I attempted to help my sister, who runs a corner store pottery, set up an Adwords campaign. After a great deal of time and considerable amount of personal investment, we did not see any new business.
The experience led me to found Signpost, and after listening to what brick-and-mortar businesses are looking for, software that makes them world-class marketers and allows them to focus on running their business.
How is it different?
Signpost’s marketing engine is fully automated. We automatically build a customer list (via email, phone, card transactions and social) and automatically market to customers on behalf of the business. Most software platforms are DIY, where merchants are asked to bring their own customer list and manually send their own marketing messages.
What market you are targeting and how big is it?
There are 27M businesses in the US. Signpost targets the top 5% of SMBs, as well as national franchises and agencies.
Who’s your typical customer?
Our customers range from a single dentist to a national rental car franchise. All of our customers are B2C and have a physical presence.
What’s your business model?
We charge $249 per month.
What was the funding process like?
This was our third round of funding. We had interest right out of the gate because of the growth metrics and the position that our product has achieved in the market.
What are the biggest challenges that you faced while raising capital?
There was significant interest in the round, and we completed the raise quickly. That said, it’s always a challenge to remain focused on the business while the majority of the CEOs time is spent with investors.
What factors about your business led your investors to write the check?
Investors were excited about the vision of the company, the market opportunity, our team and SaaS metrics.
What are the milestones you plan to achieve in the next six months?
We will use the new funding to continue building world-class technology that separates our platform from existing time-intensive DIY CRM solutions, as well as grow mid-market, agency and partner sales channels.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Hiring the right people is often more important and more difficult than raising capital. The first few hires you make will be the most important.
What’s your favorite NY bar, when you need to kick back and relax?
BarSardine. I love the WestVillage and this place has a great feel in the summer. Try the Fedora Burger.