RepsMate

Business Overview
Location
Bucharest, Romania
Category
Telecomunications
Campaign Summary
Target amount to raise
€100.000 - €350.000
Equity
10%
Valuation
€3.500.000
Minimum investment
€100
Days left
0

RepsMate is a multi-award-winning tech startup, that focuses on generating insights and transforming them into a personalized interaction for each customer by helping customer-facing representatives (sales, customer support departments).

€353.300 of €100.000 raised

353.3%

RepsMate is a multi-award-winning Romanian Tech Start-up that integrates AI & Data Analytics technologies to understand customers’ needs and behavior, in order to assist speech-based interactions. We aim to have a global presence by 2024!


Business Mission

RepsMate’s mission is to unlock business value for its clients by enhancing the interactions between them and sales and support representatives. We are developing a real-time virtual coach for agents that will be available to help increase the quality of interactions, sales performance, customer satisfaction, improve retention and reduce the overall operational costs.


32% of customers will leave a brand that they love after one bad experience” – according to PWC


Problems identified

The main challenges that Organizations with Sales and Customer Support are facing can be classified into four classes:

1.     For more than 40 years, quality assurance (QA) has been a foundational part of enhancing agent performance, ensuring compliance, and improving the customer experience. QA procedures suffer from inefficiencies across entire organizations:

·       only 1-2% of conversations are analyzed;

·       the process is entirely manual, meaning, evaluators use multiple systems and spreadsheets just to quality check a single call;

·       the analysis is subjective up to the evaluator;

·       the training teams cannot effectively tailor coaching programs relevant to individual agents because they cannot make data-driven decisions.


2.     Destructive Agents Attrition Rate. When a company agent leaves the company, it becomes very costly to replace, the cost comprising recruiting fees and onboarding costs but also the potential lost revenue from missed deals. Recent studies indicate that onboarding a new agent cost approximately three times his/her salary. The agents typically hit top performance after their first year and their peak quota attainment typically occurs between years 2 and 3. The average sales agent tenure was 1.5 years in 2018, down from 3 years in 2010.


3. Lengthy and Expensive Onboarding/Training Processes - Today’s products and services are more and more complex and acquiring a good knowledge about their functionalities and ways to operate requires time. The average training time of new-hire agents can go from 2-3 weeks to more than 6. Even more, the sales training courses cannot cover the whole list of scenarios that agents could face. Studies showed that up to 87% of sales training content is forgotten within one month of the training and only 24% of the agents are top performers.


4. Low Customer Retention and Satisfaction conducting to behaviors such as consumers deciding to stop transacting with a business after a poor service experience. Using surveys in which only a small percentage of customers respond, they are also making a concerted effort to find out their customers' opinions and needs. However, they believe the customers who do not answer are happy, not that they will never use their service or products again.


The problems listed above are caused by the agents' issues such as call reluctances syndrome, the need for constant training, and the appreciation or even the motivation that the supervisor/manager should spread across the team. No systematic solution to address these issues directly exists. The advancements in Machine Learning and Artificial Intelligence technologies, in general, are game-changers in this field and RepsMate exploits them to provide better tools that are able to adapt to particular needs.


Customer perspective:

Q: Why do organizations ignore my opinion as a customer and I always feel like they don't care?

A: It is always their goal to improve their business processes, but they lack the tools to hear you!


Agent perspective:

Q: Why does my manager always pick the worst calls for the feedback sessions, and never trust me when I know what to do?

A: Despite being your ally, your manager lacks the right tools to find your weaknesses and help you develop!


Manager perspective:

Q: Why does my team not hit targets and they always leave?

A: While they are always striving to improve themselves and hit their targets, they lack the tools that can assist them in doing so.


C-Level perspective:

Q: What causes customers to be unsatisfied and complain all the time? What is the reason for our customer-facing representatives' low attrition rate? Do we need to keep spending money on hiring and onboarding new employees permanently?

A: Because your organization lacks the proper tools to permanently improve your customer-facing representatives, they perceive their job as being harder than it actually is, so they are leaving. Having only employees with little or no experience means that your customers will always think that you don't care about them.



Solution

RepsMate aims to address the human communication limitations caused by the lack of information about the interlocutor, by developing the necessary technologies and infrastructure, using Machine Learning and Artificial Intelligence for Speech Analysis, Behavior & Emotion Segmentation, and Benchmarking & Coaching in order to deliver the best customer interaction with minimum effort and cost. Instead of just providing all the insights gathered from the interactions to the managers as our competitors do, we deliver them directly to the agents through answers and action suggestions.


RepsMate stakeholders and their benefits are:


  1. The Call Centre Agents will permanently increase their performance by auto-developing themselves because they will always have a trustworthy coach that will assist them in every possible situation during and after the conversations. RepsMate will also eliminate agents' reluctance by providing them with the best possible answers to help them to attain their quota.
  2. The Call Centre Managers will gain instant visibility across 100% of representatives’ conversations and will make informed decisions regarding customer needs. 
  3. The Call Centre will reduce the overall cost by decreasing KPIs such as Average Handling Time, First Call Resolution, Agent Attrition Rate and will increase revenue by increasing customer satisfaction and agents' performance.
  4. RepsMate is developing a SaaS solution that integrates AI & Data Analytics technologies in order to understand customers’ needs and behavior, to assist companies’ agents (representatives) in their communications with customers. RepsMate aims to provide companies’ representatives with automated and tailored guidance, simulating a real-time, always-available virtual coach for agents. By using the RepsMate platform the call center managers are gaining instant visibility across 100% of representatives’ conversations and are able to make informed decisions regarding the conversations.


All those modules expose robust API interfaces and the communication is done using HTTP and GRPC communications frameworks enabling RepsMate to bring intelligence to business by leveraging the power of artificial intelligence.


Business Model

We have a B2B and B2E SaaS business model, where we charge our clients, a monthly fee based on the number of agents that we process conversations – €110 cloud / €85 on-premise – price list per agent per month.

Other revenue streams:

  • PoC
  • Initial Setup
  • AI model customization
  • Business & Technical Support for customized features


Business highlights & achievements

-> Business Accelerators:

·       InnovX by BCR

·       Commons Accel

·       Bucharest.AI

·       Advancing AI by Techcelerator

·       Launch


-> Awards:

·       Special Startup Award by Romanian Contact Center Awards 2021

·       2nd Place @X-Awards by Startup Grind Bucharest

·       1st Place @Demo Day by Commons Accel 

·       Pre Seed Investment Readiness @Demo Day by BeAI 2020

·       Advancing AI finalist @Demo Day by Techcelerator

·       Google for Startups

·       3rd Place @Spotlight by How to Web

·       Microsoft for Startups


-> 1 Patent-pending application at EPO & OSIM


Campaign Details

Investment Instrument: Agreement for Future Equity Acquisition

• Current round (Bridge): 100.000 – 350.000 Euro

• Lead investors: Cleverage VC and 10 other Angel Investors

• Valuation Cap (pre-money): 3.500.000 Euro

• Discount: 30%

• Latest date for next liquidity event: 30.09.2023

• All the relevant terms and conditions are detailed in the Key Investor Information Sheet


Business traction

  • 3 paying clients - €50,000 ARR – from 150 agents, scalable up to €180,000 ARR
  • 5 corporate clients in the implementation process;
  • other 20 potential clients, showed interest in using RepsMate after the demo meetings, and they are in different implementation stages;
  • Strategic Partnership with NexTip for Romanian and Italian Market;
  • €4,200 Monthly Recurring Revenue

Social links:

Facebook: https://www.facebook.com/repsmate 

Linkedin: https://www.linkedin.com/company/repsmate/