A chatbot software firm with Communitech ties is the latest tech pony to join the growing herd of Canadian unicorns.
Toronto-based Ada Support, a graduate of Communitech’s Rev accelerator and co-winner of the top prize at Rev’s 2017 Demo Day, has announced a US$130-million Series C financing that brings the company’s total funding to US$200 million, with a valuation of US$1.2 billion, the company said.
As the newest Canadian unicorn – a privately held company valued at $1 billion or more – Ada joins three other unicorns with ties to Waterloo Region: edtech startup (and fellow Rev grad) ApplyBoard, cybersecurity firm Arctic Wolf Networks and wholesale platform Faire.
“This investment comes on the heels of a record year of growth and the biggest product launch in Ada company history,” said Mike Murchison, CEO and co-founder. “We are revolutionizing the way brands interact with their customers at scale. We enable a new paradigm: the ability to speak to your customers more – not less – as you grow.”
In a news release, Ada said it will use the latest infusion of capital for R&D that improves all aspects of their product. It also plans to more than double its workforce to 500-plus employees to support global expansion.
The Series C raise was led by Spark Capital, with participation from Tiger Global. Existing investors Accel, Bessemer, FirstMark, Version One and Burst Capital also participated.
“Ada has carved out an entirely new category in automated customer experience,” said Spark Capital General Partner Yasmin Razavi. “An easy-to-deploy, no-code automation tool such as Ada is game-changing for any business that aims to offer real-time brand interactions across all channels, products, geographies, and at all times.”
Launched in 2016, Ada was chosen in 2017 to participate in Communitech’s former Rev accelerator, a six-month program that provided executive coaching and tailored programming to help growth-stage companies establish firmer footprints.
Ada said its CX platform enables fast-growing category leaders such as Zoom, Facebook and Square to consolidate personalized brand interactions within one platform. Ada automated more than 1.5 billion customer interactions for hundreds of brands, the company said.
Ada ranked 15th on Deloitte’s 2020 Technology Fast 500. The company was chosen by the Canadian Innovation Exchange as a Top 10 Growth Company, and placed number 11 of 400 on the Globe and Mail’s 2020 list of Canada’s Top Growing Companies.
