The Spanish Startup FROGED, focused on improving user retention and support for SaaS businesses has attracted not only its customers but also several funds by capturing $500k in investment.
This round (Seed) is led by BStartup (Bank Sabadell) and also involves national and international Venture Capital such as Athos Capital, Chile Ventures and well-known Business Angels from Spain.
Its founders met at an event, hosted by Demium, an international incubator, and soon after they realized how many SaaS businesses were having the same issue, a high churn or abandonment rate. Because of that, they built a software that gives companies not only the visibility of their users’ behavior, but also the tools to communicate, analyze and support them.
"At FROGED we are simplifying the processes of Onboarding, Retention and Support, allowing companies in the Mid Market to access these services that were previously exclusive to Corporates, and thus nurture their users’ entire lifecycle" says Emily G-Cebrián, CEO of the company.
This investment will help FROGED to increase its international footprint and invest more in its product and brand. "In such a competitive industry, we have to be fast and offer the best possible product to our customers”.
A booming sector
FROGED is reaching SaaS and subscription-based platforms that need to retain customers and offer them proactive support to scale their business models. This market got a boost by the arrival of "forced" digitalization in the face of the current situation, and the need to avoid customers from churning.
At the beginning of 2020, FROGED launched its product on the American platform Appsumo, where it gained its first few hundred clients.
Growth in customers and team
At the beginning of 2019 the three founders began their journey, and today they are a team of 12 people with customers in more than 50 countries. They plan to close 2021 with 6 more additions in the team.
"This human reinforcement will collaborate in the development of a better product with more functionalities that will help our clients", says their CIO Juanjo.