Infobip, Customer Engagement Startup, Reaches $1 Billion Revenue Following Acquisition

By Bruce Harpham Sunday, February 14, 2021

Helping companies interact with customers at scale is a booming business. Building chatbots, text message campaigns, and beyond is helping businesses stay connected to their customers. Infobip, a high growth startup business based in Croatia, is rapidly expanding globally by serving B2B customers with messaging.

Person using a chatbot app on a smartphone.

How Infobip Launched Moments in 30 Days

Many startup business owners have to think creatively to achieve their growth goals. Infobip launched Moments, a messaging app for customer engagement, with a 30-day campaign. “We implemented a “30 Days of Awareness” campaign internally to get the word out to existing and potential users, in addition to a press release and push to media in the telecoms and CX spaces,” Silvio Kutic, CEO of Infobip, said in an interview.

Moments is a new messaging solution that engages customers through text messaging (SMS), email, voice, WhatsApp, and other channels. As a result of the launch, the startup business is now working with more than fifty enterprise customers. Infobip's customers include Uber (stock ticker NYSE: UBER), Sberbank (MCX: SBER, a Russian bank), Burger King (stock ticker TSE: QSR), and Strava.

Infobip has also helped Unilever (stock ticker: LON: ULVR) increase product sales by 14 times in Sao Paulo with a WhatsApp business chatbot. The chatbot was promoted by distributing 1,000 posters around the city. Additionally, the chatbot offered a 50% off coupon to convert users into customers at the end of the chat session.

Who Invested $200 Million in the Startup?

Infobip raised $200 million in Series A funding from One Equity Partners, a private equity firm. One Equity Partners is a New York-based investor with $6 billion in assets under management. The funding played a critical role in supporting Infobip’s expansion into the United States.

Joining the Billion Dollar Club Through Acquisition

Infobip took the fast route to launch into the US market by buying OpenMarket. Infobip paid $300 million to acquire OpenMarket in late 2020.

“The goal of the OpenMarket acquisition was to solidify Infobip’s place in the US market. By combining our tech stack with OpenMarket, we are now processing more than 14 billion monthly customer interactions. Combined, our companies have a combined revenue run rate of more than $1 billion,” said Silvio Kutic, CEO of Infobip to Startup Savant.

Starting Business in Croatia

Infobip started in Croatia by creating a virtual community. “The very first project was focused on providing information about what was happening in the community (e.g., local sport clubs, schools, neighborhood alerts, etc.) that was difficult to receive unless it was published in the local newspapers,” explains Kutic.

Following that project, the startup business expanded to offer SMS (text messaging) capabilities for retailers and schools in Europe.

Infobip’s Growth Plans For 2021

The company is expanding by hiring across the globe. In South America, the startup business is hiring sales and partnership employees in Croatia. In the United States (US), Infobip is hiring for marketing. In addition, the business is adding new employees in Toronto, Johannesburg, London, and Moscow.

About the Author


Headshot for author Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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