Sendoso, a San Francisco-based rewards platform, announced Tuesday that it raised $100 million in a fresh financing round led by SoftBank Vision Fund 2.
Sendoso bills itself as an end-to-end corporate gifting platform. The company aims to provide sales teams with a way to stand out by engaging with clients at strategic points throughout a deal. By sending things like branded swag and eGifts, Sendoso’s customers typically see an increase in conversion and retention rates, according to the company. The company’s tech isn’t just limited to sales teams though. Sendoso can also be used to send gifts to corporate employees.
The platform, founded in 2016, has been on the rise following the onset of the pandemic. In an era of shutdowns and social distancing measures, businesses have been forced to find more creative ways to engage with both their customers and their employees.
“We believe Sendoso offers the most comprehensive end-to-end gifting platform in the market,” Priya Saiprasad, a partner at SoftBank Investment Advisers, said in a statement. “[It] serves as the backbone to enterprises’ engagement programs.”
Sendoso offers more than 30,000 gift options with several warehouses located across North America and Asia. Following the latest raise, the rewards platform has its sights set on expanding overseas.
Sendoso expects to open its new European headquarters in Ireland by the end of the year. The advanced facilities will be outfitted with its own logistics and supply chain operation to better serve the company’s global users.
Sendoso also plans to go on a hiring spree to account for all of its newfound growth. The 500-person company plans to grow by 30 percent by the end of the year. The rewards platform is now hiring for dozens of in-person and remote-based roles across its customer success, engineering and marketing teams, to name a few.
Comcast, Nasdaq and eBay are just a few of the more than 20,000 businesses that have signed on to the rewards platform.
Sendoso’s total funding exceeds $152 million, according to the company.
Additional investors Struck Capital, Stage 2 Capital and Craft Ventures participated in the round, among others.
The latest raise marks the second time SoftBank has made headlines today for an investment in a Bay Area-based company. The venture firm also announced that it led a $125 million round for Pacaso, an SF-based proptech startup.
