B Capital Group has led a $15 million Series B round in Yalochat, an artificial intelligence-based customer relationship management (CRM) platform, with participation from existing investor Sierra Ventures.
With this financing, the total funding raised by Yalochat stands at $25 million, the company said in a statement on August 20, adding that the proceeds will fuel its rapid growth in Latin America and Asia.
“Conversational commerce has become mission-critical to companies looking for ways to engage with potential customers on their preferred messaging channels. From the beginning, B Capital has been extremely impressed by the Yalochat team, products, and growth path,” said B Capital Group co-founder and managing partner Eduardo Saverin.
“This is also B Capital’s first investment in the Latin American region and I am personally looking forward to helping them create new, meaningful connections between Latam, Asia and the US, where Yalochat can help companies bridge the gap between existing software solutions and the vast world of messaging apps,” he added.
Yalochat said its mission is to build a platform to enable enterprises to digitally engage and delight their customers over messaging, and the recent pandemic has continued to fuel their purpose.
San Francisco-based Yalochat has offices across Latin America and India and a global presence through partnerships in other emerging markets. The platform now powers conversational commerce for leading global enterprises such as Walmart, Amazon, Pepsi, Dominos, and Unilever.
“Over the past few months, the COVID-19 pandemic has proven the importance of conversational workflows. We donated our technology to the governments of Mexico and Colombia, so they could handle the spike in demand for healthcare by advising and even providing COVID diagnosing to their citizens in an easier, faster, safer way through WhatsApp,” said Yalochat founder and CEO Javier Mata.
In March last year, Yalochat bagged $8 million in funding from Silicon Valley-based venture capital firm Sierra Ventures to expand in India.
Founded in 2015, Yalochat allows companies to carry out end-to-end relationship management with their respective customers through popular chat platforms such as WhatsApp. With Yalochat’s AI-based platform, companies no longer need to build apps as they can offer the same services via WhatsApp.
Meanwhile, in June this year, B Capital Group has closed its second global fund for B2B growth-stage investments at $820 million, bringing its total assets under management to nearly $1.44 billion.