Experience Relationship Management (ERM) company AnyRoad has announced the closing of a $47m (£35m/€41m) Series B funding round.
AnyRoad was founded in 2013 and works with a number of brands and franchises including the NBA’s Golden State Warriors (pictured), to aid the offering of experiences, and draw insights from data to connect with fans and customers.
The funding round was led by funds and accounts managed by investment company, BlackRock, with the participation of Andreessen Horowitz, Runa Capital and Kaiser Permanente.
Existing investors Rally Ventures, Precursor Ventures and Day One Ventures, as well as new investors Commonfound and Corner Ventures, also participated in the round.
AnyRoad said that the funding comes amid a boom for the experience economy, with brands dedicating more of their budget on events and experiences. Its platform will enable these companies to build stronger relationships with customers through data.
Jonathan Yaffe, co-founder and chief executive of AnyRoad, said: “We are living in an era in which a majority of consumers prefer to spend their money on experiences versus things. Car ownership is declining. Retail brands are shutting down weekly.
“Marie Kondo has built a global brand telling us to throw away the hard-earned possessions that no longer bring us joy. ‘Things’ have become commoditised.”
Yaffe added: “The top brands in the world know that their future depends on creating impactful experiences, but understanding customers requires more than just transactional surveys and loyalty programs. AnyRoad is finally helping companies build transformative experiences, grounded in analytics, that capture the hearts of their customers.”
AnyRoad has recently signed a number of new brands to work on virtual, in-person and hybrid events and experiences, including beverage company Diageo. AnyRoad worked with Diageo to personalise experiences at 18 of its brand home locations, including Johnnie Walker Princes Street, a new whiskey tourist attraction in Edinburgh.
David Ulevitch, general partner at venture capital firm Andreessen Horowitz, added: “More and more brands are using live, virtual, and real life experiences to connect with consumers to build loyalty and grow revenue.
“AnyRoad is uniquely positioned to empower these brands with the technology and insights they need to grow their investment in experiences, whether they are online or in-person.”
Image: Christian/CC BY-SA 2.0/Edited for size