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Exclusive: Software startup TheyDo nabs $34M

Mar 14, 2024
Illustration of a hundred dollar bill folded like a roadmap with navigation points dropped around it.

Illustration: Aïda Amer/Axios

TheyDo, a software provider helping companies map customer journeys, raised a $34 million Series B, CEO Jochem van der Veer tells Axios exclusively.

Why it matters: Mapping customer journeys can drive repeat customers, but the process is often done manually and in silos.

Zoom in: The latest financing round was led by Blossom Capital, with participation from Arches Capital and Innovation Quarter.

  • Entrepreneur Steven van Belleghem, HighSage Ventures and 20Sales also participated.
  • The Netherlands-based company has raised about $50 million to date.

With the funds, TheyDo will build a customer-facing team on the ground in the U.S., van der Veer says.

  • The company also wants to build a model with "actual business metrics," and use AI to process unstructured data that could be useful, he says.
  • "There is a big push for data to connect the dots in a way that is useful," and that's what AI will be used for, he says.

How it works: The company helps facilitate internal workflows and connect teams to strategize, plan and execute.

  • For example, if a company picks up increased chat volume around a certain topic, they can identify that and route it to the appropriate teams, van der Veer says.

What's next: The investment gives TheyDo two paths by the end of the year, van der Veer says.

  • If the fundraising market is strong, TheyDo could push for another year of growth and go after another round of capital, he says.
  • Alternatively, TheyDo could ride it out and go for profitability.
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