Bellwethr, a Wamego, Kan.-based machine learning-powered customer conversion, and retention platform, raised $2.5m in seed funding.
The round was led by Royal Street Ventures, with participation from Greenway Capital, KCRise Fund, SaaS Venture Capital, Stout Street Capital, Beth Ellyn McClendon, Karen and Paul Fenaroli (Minerva Fund), amongst others.
The company intends to use the funds to bolster their engineering and sales teams while offering new products and services.
Led by Matt Moody, founder and CEO, Bellwethr uses a form of machine learning known as reinforcement learning to help companies continuously decrease CAC (customer acquisition cost), increase conversion rates, and increase customer retention. While the technology can be applied to virtually any industry, the team is focused on B2C companies with monthly recurring revenue, such as SaaS platforms and subscription services.
Retention Engine handles the cancelation of consumer accounts/subscriptions by resolving issues and offering alternatives to cancelation.
The company graduated from Techstars in 2018.