Limitless raises £5 million in Series A funding
- Funding round has been led by AlbionVC, Downing Ventures and Unilever Ventures
- Will allow us to continue disrupting the customer service industry by further developing our SmartCrowd technology and expansion across Europe, North America and Asia.
- Currently used by global corporations including Microsoft, Unilever and Vodafone
We are delighted to announce that we have successfully raised £5million in Series A funding.
The funding is led by AlbionVC, with participation from all existing investors including Downing Ventures and Unilever Ventures. It will now enable us to continue successfully disrupting the customer service industry as we further develop our SmartCrowd platform.
SmartCrowd uses AI and crowdsourcing to help businesses transform their customer experience by turning their most loyal customers into freelance customer experts and rewards them for providing on-demand support. Since launching in 2018, it now consists of four solutions to help businesses meet their various customer experience and insight needs - CrowdService, CrowdCoach, CrowdAdvise and CrowdFeedback.
Limitless enables any brand to connect to its SmartCrowd platform in four simple steps:
- Build a qualified crowd of powerful Customer Experts, in any language or market through a unique digital onboarding process.
- Connect the SmartCrowd platform to the brand's existing digital channels to maintain a single customer view.
- Use SmartAI to deliver the perfect automated response or route the task to the best Expert for a fast and helpful response.
- Rewarding freelance Customer Experts for resolving support queries - with Experts having the flexibility to earn on their own schedule and in their local currency.
Globally, over 100 brands are already using our SmartCrowd technology to deliver amazing customer experiences. This includes international and multi-product support for global enterprises such as Unilever, Microsoft, Daily Mail Group, National Express, Wargaming, Northumbrian Water and Amazon.
Brands which adopt SmartCrowd have seen a significant reduction in costs by up to 50%. They are also seeing a dramatic increase in customer satisfaction thanks to the benefit from having an "always open" 24/7 customer service operation, in any language, due to a flexible talent pool of Experts.
With the new funding, we will further develop our core SmartCrowd technology to help businesses access diverse, agile and flexible talent in any language across the world. The investment will also be used to enhance our machine learning technology, which sits at the heart of our SmartAI solution. Limitless also intends to use the capital to aggressively grow our sales and marketing efforts in the UK and US and expand our operations in India.
Robert Whitby-Smith, Partner - AlbionVC comments, "There is an opportunity for brands to transform their customer service by leveraging the power of the crowd. Creating a customer community which engages and rewards customers for helping other customers is the future - it is better, faster and cheaper. However, executing this at scale needs a rare combination of tech savvy and deep domain expertise - which Team Limitless have in spades from the previous business they built. We are proud to support Roger and Megan achieve their exciting vision."
Stan Sthanunathan, Executive Vice President - Consumer & Market Insights at Unilever says: "Today's consumers want more insightful and faster responses and Limitless offers us a way to provide this by leveraging the knowledge and enthusiasm of some of our biggest brand advocates.
Today, we've rolled out Limitless in 5 of our global markets and we're on track to expand this freelance service model across 19 of our global markets this year.
Unilever Ventures is passionate about investing in young and promising technologies, helping support their growth by providing access to our global network and expertise. The future looks exciting for Limitless and we are thrilled to be on this journey with them."
Roger Beadle, CEO and co-founder of Limitless says, "We are delighted to have secured this round of funding with our investors, which will help us take our promise of "an on-demand, flexible talent pool of Customer Experts" to more businesses around the world.
Morgan Stanley predicts that within 10 years 50% of US workers will be freelancers. This growth is being driven by millennials who will account for more than a third of the global workforce by 2020 according to EY, and businesses need to embrace their new attitudes and approaches. Limitless is perfectly poised to help enterprises embrace this change, whilst boosting their customer service efforts. We firmly believe that crowdsourcing, together with AI, will become an integral part of an ecosystem of technologies that will fundamentally change the future of customer engagement."
Megan Neale, COO and Co-founder concludes, "Limitless harnesses the combined power of brand lovers, marketplace technology and good gig principles to help our clients transform customer service into a truly valued customer experience. Our vision is to completely redefine a multi-billion-dollar industry by delivering exceptional experiences for everyone. We are privileged to share that vision with Albion Capital, Downing Ventures and Unilever Ventures and look forward to a partnership that will enable Limitless to scale globally in the next 2 years."