Investment Notes: Lexer
We are excited to be leading the AU $33.5M Series B round in Lexer.
We are excited to be leading the AU $33.5M Series B round in Lexer, a SaaS business with a customer data platform (CDP) that allows brands and retailers of all sizes to better understand their customers and then use that data to drive growth.
We love investing in companies that are defining a new world or shaping a new category, rather than just being a shinier version of a pre-existing business. The team at Lexer is looking to redefine customer engagement, just as Canva has redefined content creation.
Solving the problem of “SaaS Spaghetti”
Lexer has set out to solve the holy grail of all business problems: to give retailers the perfect view of their customers, and a clean record of all of the interactions they have ever had with them. The product consumes customer data from over 120 integrations and unifies that data for retailers to understand, measure and action.
Lexer is the central record of customer data, which then makes that data actionable across a suite of analytics and workflow tools. Brands can see which customer demographics are most attractive and adjust their strategy accordingly. They can see trends and results of marketing, bringing together all a customer’s touch points with the brand over multiple on-line platforms as well as physical stores. They can see data down to the individual customer, allowing effortless personalised customer service.
Brands can then use this data to build audiences and send them back to their marketing campaigns to action and measure afresh.
To say the marketing-tech space is competitive is an understatement, but there is a clarity in the Lexer product which cuts through this noise and is what we fell in love with.
For most of their careers, each of Lexer’s three founders have gravitated towards helping companies orient their businesses around customers. Dave Whittle (CEO) and Aaron Wallis (CTO) spent their early careers at M&C Saatchi, where Dave was instrumental in starting and then leading M&C Saatchi’s efforts to have their clients adopt digital marketing. Chris Brewer (CFO) and David Chinn (CRO) both come from Experian Hitwise.
Together, they make for a strongly cohesive senior team, who have toiled through the early days of Lexer and put their everything into it.
Foundations for the Next Phase of Growth
Lexer has really found its stride over the past 12 months. After years of iteration to find the right product, the Lexer team has found their product and customer fit. The Series B funding will enable Lexer to add 50 people to its team over the next 12 months, and to accelerate product development.
Lexer has many of the things we love about SaaS businesses: a beautiful product, solving a real problem in a big, growing market and allowing people to do their jobs in new ways. The vision and ambition is contagious, and we are excited to back Dave, Aaron, Chris and their team to take enterprise to everyone and power the new retail industry. SaaS is still delicious, and we’re excited to help Lexer achieve its ambition.
Lexer are currently hiring, so if you’re as inspired by their vision as we are, learn more here.
Investment Notes: Dovetail
We’ve finally found a product just for UX researchers in Dovetail.