Matrix-backed Rocketlane raises $18M in a Series A

January 19th, 2022. San Mateo, Calif. & India. Rocketlane, a purpose-built customer onboarding platform that helps businesses accelerate their time-to-value, boost customer satisfaction, and reduce churn, today announced that it has closed a $18M Series A funding round. The round has been led by previous Asana investor, 8VC, along with participation from Nexus Venture Partners, Matrix Partners India, and prominent angel investor, Gokul Rajaram. Today's funding announcement comes just seven months after Rocketlane announced its seed funding round, bringing the total capital invested to $21M. The funding will be used to expand product offerings, accelerate marketing, and grow the Rocketlane team.

The idea for Rocketlane grew out of the founding trio's own problems with onboarding customers for Freshchat'”Sri, Deepak, and Vignesh had built Konotor, an in-app messenger that was acquired by Freshworks and relaunched as Freshchat. Rocketlane was the #1 Product of The Day on Product Hunt the day it was launched and has since been growing rapidly.

Srikrishnan Ganesan, CEO & Co-founder, Rocketlane, said, "This funding round follows on the back of very strong early customer growth, and validates the market pull in the category as well as the clear product leadership position we've established. We were also just named a leader by G2 in the client onboarding category.'

"The Rocketlane team is off to a fast start towards establishing category leadership in the customer onboarding domain and has grown at a rapid clip in the last 9 months. We're excited to double down on our investment here and welcome 8VC to the partnership,' said Vikram Vaidyanathan, Managing Director, Matrix India.

"Customer onboarding represents a new two-sided project management problem that simply cannot be addressed by a patchwork of existing project management tools,' said Bhaskar Ghosh, Partner & CTO, 8VC. "Rocketlane has dared to provide a fresh new take to serve this category. They have shown stunning execution to deliver a thoughtful and extensible product that is experiencing rapid adoption.'

"Nexus is thrilled to support the Rocketlane team on their journey to becoming a global category leader in the customer onboarding and services automation space. We are seeing an increase in the number of global software companies looking to use Rocketlane's platform to accelerate their time to value, reduce churn, boost their NPS, and make their customer success function a source of enduring competitive advantage,' said Sameer Brij Verma, Managing Director, Nexus Venture Partners.

Rocketlane has quickly become a global leader in onboarding, with customers such as Chargebee, ParcelLab, Yellow.ai, LinkSquares, Appcues, and Netcore.

"Rocketlane has helped us move from lack of visibility, poor hand-offs, and hit-or-miss go-lives, to a streamlined implementation methodology that every team member adheres to. What we have now is project visibility for management and for customers, smoother onboardings, and accelerated time to value,' said S Balajee, Chief Customer Officer at Netcore.

Rocketlane also runs Preflight, an invite-only Slack community for onboarding, implementation, and CS professionals. Currently serving 1200 members, the community, Srikrishnan said, is a part of Rocketlane's holistic approach to help businesses level up and make their implementation process seamless.

About Rocketlane:
Rocketlane is a purpose-built customer onboarding platform that helps businesses accelerate their time-to-value, boost customer satisfaction, and thereby reduce churn. The platform replaces generic project management and document collaboration tools with a unique, unified workspace that improves communication, collaboration, and project visibility for businesses and their customers. It equips teams with trends and benchmarks across projects, which in turn helps them develop and optimize playbooks and best practices. For more information, visit: https://www.rocketlane.com/

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), DealShare (social commerce platform), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), GoKwik (e-commerce enablement platform), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), MoEngage (intelligent marketing cloud platform), SuperOps.ai (all-in-one MSP platform), Mswipe (mobile POS), and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.