Countable Raises $12M for Virtual Brand Communities

Countable Secures $12 Million in Series A Funding

Countable, a company focused on enterprise engagement, has successfully raised $12 million in a Series A funding round. This capital injection will enable brands to cultivate more meaningful connections with their customer base, and to transparently communicate their values and positions on relevant issues.

Investment Details

Canaan Partners, a previous investor, spearheaded the funding round, with participation from Ulysses Management and Global Catalyst Partners. According to Bart Myers, CEO of Countable, the company has now raised approximately $16 million in total funding since its inception in 2014.

Company Evolution

Initially, Countable began as a solutions-based journalism platform, concentrating on content related to communities and individuals striving for positive change. A strategic shift occurred in 2017, prompting Canaan Partners to invest in a seed round and support the company’s transformation into an enterprise Software-as-a-Service (SaaS) provider.

The Changing Landscape of Social Media

Myers highlighted the evolving challenges within social media. He noted a growing trend towards increased toxicity and diminished user trust regarding safety and security. Furthermore, brands are experiencing a reduction in organic reach and are increasingly reliant on paid advertising to connect with their audiences.

Countable’s Approach to Authentic Engagement

Countable is developing technology that mirrors the positive aspects of social media, fostering genuine communication and driving both business and societal impact. Myers likened their work to Shopify’s role in simplifying online shopping, stating they aim to do the same for community engagement.

How the Platform Works

The company collaborates with brands to customize the appearance of their engagement platforms, defining objectives, timelines, and feedback mechanisms. Following launch, brands can effectively manage interactions with employees, customers, and partners.

• The platform facilitates actions beyond simple “likes”.
• It leverages Countable’s network of over 190 million individuals through its “Causes” initiative.

Analytics and Community Features

Countable provides brands with detailed analytics on community growth and valuable insights into driving revenue, customer retention, and innovation. Community members can actively engage with the brand, submit video testimonials, and participate in events centered around shared causes.

Notable Clients

Countable has successfully implemented its platform for over 120 brands, including prominent names like Starbucks, which utilizes it for employee engagement, Uber, Patagonia, Levi’s, and PG&E. PG&E employs the platform to deliver essential tips and resources to homeowners and businesses regarding emergency preparedness.

Empowering Brands and Measuring Results

“We equip brands with substantial capabilities to stimulate engagement and accurately assess its effectiveness,” Myers explained. Brands can solicit feedback, encourage content sharing, and incentivize participation through rewards programs.

Significant Growth

Over the past year, Countable has experienced remarkable growth, with revenue increasing by nearly 300%. Annual recurring revenue (ARR) rose by 277%, and both customer acquisition and platform usage have more than doubled.

Future Plans

To sustain this momentum and expand its operations, the new funding will be allocated to product development, go-to-market strategies, international expansion, and third-party integrations. Countable is also positioning itself as a platform for social token community exchange.

The Value of Direct Customer Conversations

“Brands are increasingly recognizing the importance of direct conversations with their customers, and this approach consistently yields positive results,” Myers concluded. “Establishing a dedicated community unlocks opportunities for incentivization, allows for quantifiable value assessment, and provides customers with avenues to deepen their engagement with the brand.”