TheyDo raises $34M to end the need for multi-million dollar transformation programs

TheyDo, the leading journey management platform, announced an additional $34 million in funding today (14th March 2024). Blossom Capital led the round, supported by other existing investors Arches Capital and Innovation Quarter and joined by global customer experience evangelist Steven van Belleghem, Highsage Ventures and 20Sales. The round will enable TheyDo to continue leading the journey management movement at scale; increase R&D, focus on AI and data ingestion; and build out its customer-facing team in the United States. 

TheyDo was founded in 2019 out of the need for a solution to move beyond mapping customer journeys in large static documents to a live platform that enables a bias for action. Today, TheyDo has an impressive roster of customers on a path to making the journey the most powerful business tool. With TheyDo businesses are able to do journey strategy, planning and execution all in one place and align the silos with the one thing that they all understand: the customer journey. TheyDo’s customers are embarking on their last transformation, moving from management by dashboard to management by journeys.  

“What’s most exciting about our growth is we’re not just building a company or a product – we’re fostering a movement of journey-centric companies. We've simplified the biggest business problem of the last century: working customer-centric at scale. With journeys at the heart, we're bringing an operating model that is agile and customer-centric,” said TheyDo CEO and Co-Founder Jochem van der Veer, adding, “Executive teams are feeling the pressure to deliver more value for customers with less, especially in this economic climate, and what we’re seeing is a growing recognition that journey is the most powerful business tool that they have at their disposal to do that. ” 

The new funding round brings the total investment to just under $50 million. It follows another year of triple-digit year-on-year growth that is seeing TheyDo beat the established A16Z ‘triple twice, double three times’ model for SaaS growth. The growing list of enterprise customers includes Cisco, Ford, Johnson&Johnson, Home Depot, and Polestar.  

Ophelia Brown, Blossom Capital, commented: “TheyDo’s acceleration has been very impressive. Since our initial investment, there’s been very clear acceleration in market demand by large enterprises. TheyDo has pioneered this category and its product only compounds in value as they are fast adding new features. Given the clear opportunity ahead, we were keen to double down on our investment and continue supporting the team in their ambitious plans. We are proud to champion this trailblazing European startup as it continues its expansion locally and across the Atlantic.” 

Notable new investors are Highsage Ventures, renowned for strong enterprise expertise, and 20Sales, a new VC comprised of eight go-to-market leaders with experience in cloud-100 companies. With experience at Amplitude, OpenAI, and Notion, the 20Sales team has lived and breathed the problem TheyDo solves and is well-equipped to help take its growth strategy to the next level. 

Steven van Belleghem, customer experience evangelist and investor, commented: “Every business wants to be customer-centric, but for most, it’s the pot of gold at the end of the rainbow they can’t quite reach. The challenge for most businesses is not ‘what do we need to do?’, but rather ‘how are we actually going to achieve it?’.  I look forward to partnering with TheyDo with its go-to-market strategy, expanding into North America and creating the enabler of customer-centric growth for companies of all sizes.” 

Over the last year, TheyDo has launched several new features and accelerated partnerships with leading experience management platforms like Qualtrics, deepening integration capabilities to deliver more value for customers. The Netherlands-based firm now boasts a team of 70 worldwide and is expected to reach 100 before the end of the year as it prioritises quality hires to help drive its growth, especially in the United States.