Manychat, a startup focused on automating conversations across multiple messaging platforms, raised $140 million led by Summit Partners to expand its operations. With around 1.5 million customers globally, including major brands like Nike and the New York Times, Manychat has shown significant growth since its inception. CEO Mike Yan highlighted that the funding will be used for R&D, particularly in AI, as well as improving sales and marketing. The company operates near break-even profitability, having raised a total of $23 million since 2015, despite a growing valuation.
CEO and co-founder Mike Yan stated that Manychat sends "billions" of messages annually across various platforms, indicating its scale and relevance in modern communication.
Despite being a startup, Manychat is mostly profitable, with CEO Mike Yan mentioning, "We always operate on the edge of being kind of break even," highlighting its business strategy.
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