(Reuters) – Meta Platform Inc’s customer relationship management (CRM) platform Kustomer said on Tuesday it had raised $60 million in financing as it spins out of the Facebook parent.
The Instagram owner has been focusing on its business-messaging offerings, including monetization opportunities for WhatsApp, in a bid to boost efficiency and focus on its fastest-growing segments.
Kustomer sells CRM software for businesses to communicate with consumers by phone, email, text messages, WhatsApp, Instagram and other channels. It had seen usage soar during the COVID-19 pandemic.
The company, whose new funding round was co-led by previous investors Battery and Redpoint, also said it will consider expanding its team and combining new artificial intelligence technologies into its platform.
Last month, Meta carried out another round of job cuts, affecting engineers and adjacent tech teams, as CEO Mark Zuckerberg pushed ahead with streamlining the business in a bid to make 2023 a “year of efficiency.”
Earlier in the day, it sold animated images platform Giphy Inc for $53 million in cash to Shutterstock Inc after agreeing to divest the company on competition concerns.
(Reporting by Akash Sriram in Bengaluru; Editing by Devika Syamnath)