Fin, an online platform for work insights, raised $20 million Series A funding. Evan Cummack, a former Twilio executive was appointed its new chief executive officer.
The company, based in San Francisco, captures employee workflow data across multiple applications and transforms it into productivity insights to improve enterprise team work and engagement.
Andrew Kortina (co-founder of Venmo) and Sam Lessin (Fin's former vice president of product at Facebook) founded Fin in 2015. The company started out as voice assistant technology like Alexa, but was powered by machine learning and humans. Later, it expanded to include workplace analytics software and voice recognition software. The link below will provide more information about Fins' origins.
The company restructured in 2020 to become the company that it is today. Coatue led the new round, which also included participation from First Round Capital and Accel. Cummack stated that the original team was talented but not large enough to receive new funding.
Cummack explained to TechCrunch that the company decided to raise money at that point. It also raised $20 million in Series A funding. Analytics was no longer relevant to what the company does.
Fins software provides insight on how managers can optimize processes and coach their employees. It also shows how technology is being used by teams to accomplish their work. Employees can also manage their workflow and identify potential bottlenecks. Cummack stated that all of these factors lead to improved customer experience and operations.
Fins believes that automation will lead to more human work.
He also points out that there were only a few software vendors in the past, especially when it comes to technology. With over 130 SaaS apps used by the average tech company, this allows for many entrepreneurs to adopt best-in-breed applications so that a viable business can start with just a few people and gain large customers.
Cummack said that enterprise customers have to be able to clearly understand the investment and where their money is going. It is imperative to provide a better customer experience and be able to move quickly. Fin allows you to view all 130 apps and see how they are being used, even though many people work remotely.
Fins customers have seen metrics such as a 16% increase team utilization and engagement, 25% decreases in support ticket handling time, and 71% more policy compliance. The company is also doubling or tripling its revenue and customers each year.
Cummack stated that the company has leadership and people in place. However, it had an enormous head start in terms a meaningful business.
Arielle Zuckerberg, Coatue partner, stated via email that she was part a previous company that invested in Fins seed round for a virtual assistant. Fin Assistant was also her customer until its discontinuation.
She was thrilled to hear that the company was moving to enterprise. I believed it was a natural outcome of the prior business. It had lots of potential. I was familiar with the management team and thought highly about them.
She believed that the company's brains revolved around understanding how assistants complete tasks to improve or automate. Zuckerberg understood the importance of agent-facing tools, but it was only after the global pandemic did it make sense.
She said that service teams had to be able to work remotely overnight and that companies didn't have much visibility into the activities of people working from home. We felt that Fins' product was extremely well-suited for managing remote support teams. Over time, the unique data they have on how people use different apps and tools can be used to help business leaders make better decisions about the future of their work. Although we believe contact center agents moving to remote work was inevitable before COVID, COVID was an important catalyst and made Fins' solution a compelling choice.
Coatue views Fin as a process mining business that is focused on service team members. Zuckerberg believes Fin is better equipped to deal with the unique challenges of managing an expanding remote support staff with a fast time-to value.
