Our Investment in Quiq
by Chris Moody
We are pleased to announce our investment in Quiq. Foundry Group Next 2018 led the $12.5M Series B equity financing the company is announcing today. Quiq is revolutionizing customer communications for the enterprise from its offices in Bozeman, Montana. They plan to use the funding to continue building their engagement platform, adding bots and AI, integrating a messaging-based shopping cart, and executing on the next phase of their go-to-market plan.
Quiq was founded in 2015 by a group of RightNow Technologies alumni. RightNow, acquired by Oracle in 2012 for $1.6 billion, was a leader in customer experience, so the team has deep knowledge of their market space and longstanding relationships in the enterprise world. Mike Myer, CEO of Quiq, was RightNow’s CTO. We were introduced to the company by Will Price at Next Frontier Capital.
Quiq believes that the future of commerce and service conversations between companies and customers will be asynchronous in nature and occur primarily over digital channels like messaging and chat. They are the enterprise market leader in asynchronous customer service over SMS/Text, web chat, in-app messaging, and social platforms. Their customer base includes Overstock, Pier 1, Office Depot, and Men’s Wearhouse.
Quiq falls into our Glue theme along with companies like Help Scout, Mapbox, and Pantheon that deploy software to smooth communication between disparate systems over diverse platforms. Quiq is a product-driven company with a proven leadership team. We are excited to partner with them.