Pendula expands into Europe and ASEAN

Pendula to hire 10 staff across new London and Singapore locations to drive international adoption

Pendula, the leading provider of customer retention technology, has today announced the completion of a A$14.5M raise. The funding round saw UK-based primary investor Octopus Ventures join long-time Pendula investor MA Growth Ventures. 

Pendula’s innovative customer retention software utilises advanced analytics and generative AI that will help companies navigate a projected downturn in the global economy by reducing churn and maximising customer lifetime value. The company plans to use the raised funds to expand its operations globally, with new international offices in London  and Singapore, driving growth in both the ASEAN and European markets. 

The international expansion comes off the back of a bumper year, which saw Pendula’s proprietary software managing 85m customer conversations for its clients. The company welcomed brands including Mate Telecom, Brighte, Peak Commerce to a roster that also includes Amaysim, BizCover, and Nobleoak.

The newly raised funds will be put to immediate use, with Pendula acquiring international offices in Singapore and the United Kingdom. Its UK headquarters will be at Aviation House, 125 Kingsway, London with an initial team of  four staff. In addition, the company will look to further invest in its sales and go-to-market teams to a total of 10 across both locations, aiming to  drive significant increases in year-on-year growth in the ASEAN and Europe markets by the end of FY2024. 

Commenting about the most recent 12 months, CEO of Pendula, Alex Colvin, said: “The past year has exceeded my expectations for the business. Securing funding from Octopus Ventures alongside additional investment from MA Growth Ventures, is indicative of the dedicated work of the team. By listening to our clients and helping them navigate changing economic conditions, we have been able to hit heights far bigger than we expected, as well as being able to diversify our offering and drive greater return for our customers. 

Pendula has recently integrated generative AI technology across its platform, offering significant marketing automation and customer retention capabilities that go beyond any other solution available today. The market is hungry for solutions like ours that can reduce costs and keep customers both happy and loyal. After a year of strong growth locally, we now have the capital to truly begin international expansion, which is incredibly exciting.” 

Adam Said, Investment Manager at Octopus Ventures said, “Many businesses are facing significant challenges when it comes to proactively establishing deep connections with their end customers, often due to outdated and disjointed systems. Pendula addresses these pain points by empowering companies to become more proactive in building personalised and automated workflows, utilising best in class automation and AI capabilities for various types of customer communications, including onboarding, support, and promotions. By leveraging Pendula’s platform, businesses can not only save valuable time and resources but also enhance customer satisfaction and drive engagement.

At Octopus Ventures we have been following Pendula for a number of years and we were particularly excited by the technology offering they have built. We were also impressed by Pendula’s highly capable team and their capabilities to scale internationally. The demand for Pendula’s services is rapidly growing worldwide, particularly in the UK, where businesses of all sizes are actively seeking ways to enhance customer experiences and establish meaningful connections during critical moments. Our investment, alongside prominent Australian investors, will facilitate Pendula’s expansion into the UK market, forging a stronger partnership between the two regions through the new Australia-UK free trade agreement.”

 

Will Botha, Executive Director at MA Growth Ventures spoke about reinvesting in Pendula, noting, “We have been incredibly impressed with the supercharged growth that Pendula has achieved in such a short time. The team has delivered strongly on the promises made during our previous investment round. The business’s unique and considered offering has been a huge success with its clients - both old and new. We’re excited to see what Pendula does next and to support them on this journey”. 

Now over seven years old, Pendula is an Australia-based scale-up organisation that has built the first-ever generative-AI powered proactive retention platform. Based on the insight that a robust retention strategy will reduce churn and drive up the average revenue per user, Pendua has created a platform enabling brands to make intelligent data-driven decisions using customers’ ‘Moments of Truth’. These are defined as actions, events and/or triggers that define a customer's behaviour.

Visit the website: https://www.pendula.com/