Thoughtexchange raises $10 million in Series B extension


The British Columbia-based startup has raised $10 million from its Series B investors, which include Information Venture Partners, Yaletown Partners and Voyager Capital, as a result of “surging growth”: it said its platform, which crowdsources answers to questions and then uses machine learning to organize the responses, has seen a 600 per cent increase in usage since March. (The Logic)

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Talking point: Thoughtexchange’s new raise comes six months after the company announced its $20-million Series B. Its SaaS platform is used by companies like McDonald’s, Allstate Insurance and American Airlines, and has seen new interest amid the pandemic from leaders seeking “new and dynamic ways to connect and scale virtual conversations with their teams and communities.” Many school boards across Canada and the U.S. have used the platform to get feedback on reopening plans. CEO Dave MacLeod told BetaKit the 140-person company plans to use the new funds to “fuel expansion and innovation.”