In February 2016 we received our first round of venture funding of $6.6M. Currently, the inSided community engagement solution is used in more than 15 countries by well-known brands such as Sonos, TomTom, Philips, T-Mobile, SoundCloud, BNP Paribas and many more to improve customer engagement and collaboration. inSided has reached European market leadership as a pure community engagement solution provider, and is now aiming for an equal market position in North America, in which we have already landed our first customers.
CRM and customer experience management related SaaS, which includes community engagement, currently grows at a yearly rate of 34%. The US take up the biggest chunk of this growth, with analysts projecting a growth to at least 60% ($67.2B) of all SaaS spend in 2019 in that region. As founders, we have been following this market growth in detail and made it part of our strategy to expand our company into the US after setting up our cloud infrastructure, reaching product market fit and making strategic hires.
With the recent emergence of SaaS as a natural part of the software market, community engagement platforms are becoming increasingly more important channels for customer service, insights, marketing, e-commerce and other use cases. We have been involved in communities since the 90s (also with our previous companies) and have always been at the forefront of pushing the massive enterprise adoption using real ROI, business cases and tangible and sustainable outcomes. We are confident in reaching the same impact in the US, while growing towards global market leadership in the community engagement space.
The US market for community engagement is far ahead of Europe in terms of market size and maturity. We have been tracking the US market from an early start and have been able to incorporate their market demands into our solution and learnings, resulting in a future proof platform for community engagement and collaboration.
However, to ‘nail it’ in the US it is vital to be physically present there and talk to our North American customers and prospects on a daily basis. One of our company’s core values is to constantly improve by learning, which comes with a mindset that is helping us to quickly adapt where needed. Being active in one the largest and most mature markets for community engagement will help us to reach a better global product market fit over the years to come, and help our European prospects and customers to benefit from the improvements our solution will obtain.
We prefer to be in places that inspire us and drive innovation further for our company. London, Berlin, and Madrid are examples of cities where we have set up satellite offices to grow inSided across Europe. These are places in which we thrive and that support us in growing our impact on brands that want to utilize their customers’ potential to massively improve on their business goals.
New York is a place that brings out the best in us. And given the needed alignment regarding timezones with our EU HQ in Amsterdam and our satellite offices, it is the best choice for us as a company to enter the US market. SaaS in general represents a tremendous challenge in terms of fast paced change in combination with a huge opportunity to align with partners and utilize new markets. We are confident that we will successfully overcome these challenges and become a market leader in the US in the upcoming years.
As inSided is growing, many of our employees take the opportunity to grow with us. A number of our employees have permanently moved to New York. Our growth efforts in North America will have a great lift off by people that know our company and values by heart, and we are extremely proud of them for taking a chance to become part of this incredible journey!
Learn more and the power of conversations via our webinars, case studies and other resources.