Verloop.io, a Bangalore-based automation platform with a presence in Abu Dhabi, plans to expand its services globally after raising $5 million (Dh18.4m) through a Series A funding round.
The round was led by Alpha Wave Incubation (AWI) Fund, the Dh1.1 billion venture fund backed by Abu Dhabi's state holding company ADQ that aims to invest in start-ups from across Asia and helps them set up regional bases.
“This investment, especially during Covid-19 times, is an endorsement of our machine learning capabilities,” Gaurav Singh, founder and chief executive of Verloop.io, said in a statement on Tuesday. “We are now looking to hire top talent and build further traction for the business globally."
Verloop.io, which helps businesses to automate customer support functions across various channels, will expand its footprint across the Middle East, Singapore and the US in the coming months, the company said.
Founded in 2015, its technology is currently used by more than 5,000 brands globally, such as Decathlon, Cleartrip, Fetchr, Livpure and Adani Capital.
ADQ launched the venture fund in May to invest in early-stage Indian and Southeast Asian start-ups and help them establish a regional base in Abu Dhabi’s Masdar City.
Run by US-based Falcon Edge Capital, the AWI Fund will help budding Asian businesses gain market access to the UAE and the broader Middle East region.
“With rapidly changing consumer behaviours, brands are now looking to enhance their customer support experience,” Navroz D Udwadia, co-founder and partner of Falcon Edge Capital, said.
“We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth,” said Mr Udwadia.
Verloop.io said part of the investment will be used for product development that will include hiring top data science and engineering talent.
The company, which says it has grown at a rate of 200 per cent over the past two years, has more than 100 million unique users and can automate up to 60 per cent of operations within 30 days.
Last week, ADQ agreed a partnership with the Abu Dhabi Investment Office (Adio) that will see the state holding company take responsibility for a Dh535m Ventures Fund, while Adio will focus on the management of incentives and other forms of support.
Set up in 2018, ADQ's portfolio of assets includes several large industrial and manufacturing companies in non-oil sectors such as transportation, metals and power. Its portfolio includes Abu Dhabi Ports, Etihad Rail, Emirates Steel, Abu Dhabi Media, twofour54 and the Abu Dhabi Securities Exchange.
