UK-based Revenue Intelligence vendor Kluster closed on a £4 million ($5 million) Series A round led by the Foresight Group. Other investors include SuperSeed and Cognism CEO James Isilay. The round raised total funding to $6 million.
Kluster helps sales teams monitor sales data and trends. Kluster’s AI aids sales managers in building quarterly and annual roadmaps that include hiring plans, targeted call counts, prospects to reach, and opportunities to generate. These KPIs provide a set of plans and objectives for the upcoming period. Kluster then monitors performance against the plan, updating the forecast, and recommending actions to reach objectives.
Kluster also supports stress testing, executive dashboards, and scenario modeling.
The funds will be deployed towards establishing an American presence and building out its go-to-market and executive teams.
“It has never been more important to plan and execute revenue strategy than it is today,” said Kluster CEO Dan Thompson. “With the recent VC bubble, the metrics that mattered went from growth, burn, and margins to growth, growth, and growth.”
Continued Thompson, “The bubble burst, and companies have now rediscovered the importance of rigorous planning, robust strategy, and comprehensive revenue reporting. Which is why I am delighted to partner with Foresight and deepen our relationship with SuperSeed, to bring our solution to this problem to the global market.”
The AI boom helped Kluster “get through the door,” said Thompson. “AI is pretty buzzy, but fundraising is always tough, and it was definitely more rigorous than it would be in the past.”
Kluster has grown to 30 employees since its 2016 founding. Half of its revenue comes from the US and Canada. It claims to have a net revenue retention rate above 100% and strong word of mouth, with referrals generating 40% of its income.
“They (Kluster) have a strong product-market fit, and I’m relieved to see a platform that enables companies to forecast revenue more accurately,” remarked Foresight MD Jack Eadie. “Kluster’s team is shaping the future of sales, and I am eager to see what they develop next.”