American Express VC unit backs India's Capillary Technologies

According to The Business Standard, Capillary managed to raise a total of $4 million.

The start-up - which provides customer relationship management (CRM) solutions to retailers - has also entered into a joint marketing agreement with American Express to bring its CRM solutions to select mid-sized US-based merchants.

This follows a year-long pilot run by the two companies whereby American Express introduced Capillary's software-as-a-service (Saas) platform to some mid-sized retailers in Singapore.

Founded in 2008, Capillary's existing venture investors include Norwest Venture Partners (NVP) and Sequoia Capital which led a $15.5 million Series A round of funding in September 2012. Prior to that, the company relied on angel funding before winning the QPrize, a seed competition run by Qualcomm Ventures, which led to its first institutional round.

This latest round - which brings to total amount of funds raised to around $20 million, will be used to fund the firm's global expansion. The company already has a presence across India, Singapore, Malaysia, Greater China, UK, South Africa, the US, Dubai, Australia and New Zealand.

 

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