We’re excited to welcome Vymo to the Emergence family! We’ve led their $18M Series B financing to help them on their mission to enable sales teams in financial services to become Trusted Advisors to their clients.
Sales teams in insurance, wealth management, banking and other financial services have unique challenges: they are frequently in the field with a broadly distributed client base and must contend with significant regulatory red tape, all the while trying to build strong, lifelong relationships with their customers. The CRM technology traditionally available to help them do this has been sorely lacking, without features focused on their unique needs. Indeed, horizontal CRM usage in financial services has been amongst the most dismal of any category.
Just as Veeva changed the game for pharmaceutical sales reps, Vymo aims to enable financial sales reps with a platform tailor made for their needs. Vymo is mobile-first, geo-aware, and makes use of contextual data to make targeted suggestions to reps on next best actions like which client or prospect to prioritize.
The results thus far have been spectacular. Vymo is serving 100K sales reps across 50 enterprises, including global leaders like Allianz, AXA, AIA, and Generali. And, perhaps most importantly, Vymo has become a critical part of the day-to-day lives of these sales teams. Over 75 percent of Vymo’s registered users login and take action in the product every day. This is over 3x the usage rate of horizontal CRMs in financial services and nearly double the usage rate of best-in-class SaaS apps like Slack.
Over 75 percent of Vymo’s registered users login and take action in the product every day. This is over 3x the usage rate of horizontal CRMs in financial services and nearly double the usage rate of best-in-class SaaS apps like Slack.
Many of our best performing investments at Emergence have started with a highly engaged user base, so we were really excited to see these levels and talk to the customers behind them. But Vymo is a particularly special investment for us because it sits squarely in the overlap of all three of our priority theses: Industry Cloud, Deskless Workforce, and Coaching Networks. The rare Emergence Trifecta :)
And the team behind this Trifecta is extraordinary. Co-Founders Yamini Bhat and Venkat Malladi have strong founder/market fit. Yamini spent years serving financial services clients at McKinsey and realized that their sales challenges could be best addressed with smart, focused technology solutions. She teamed up with her college friend Venkat, who had worked on the Mobile Maps team at Google to develop a geo-aware solution for these customers. Yamini and Venkat have since recruited experienced, passionate leaders across the globe to help build and deliver it.
We’re thrilled to partner with them to help make their vision of enabling their customers to become Trusted Advisors a reality.
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