Sales teams often get caught in a trap that leads them to only focus on the top of their funnel with the belief that this will lead to them closing enough targets to hit their sales target. Instead, this often leads to over-reliance on reaching the wrong prospects with canned outreach. This has been exacerbated by automated tools. Crono is an AI-powered tool that integrates with the major CRMs (Salesforce, Pipedrive, and Hubspot) and tech platforms (LinkedIn and Gmail) to help sales teams manage prospecting end-to-end. The platform leverages data to build customized outreach strategies that identify the most suitable prospects and the most appropriate channels in order to increase the number of booked meetings to maximise conversion rates. Crono also automates data entry by eliminating manual entries as well as information gathering on prospects.
London TechWatch caught up with Crono CEO and Cofounder Lorenzo Tiberi to learn more about the business, the company’s strategic plans, recent round of funding, and much, much more…
Who were your investors and how much did you raise?
We secured a pre-seed funding round of €500,000 from prominent investors such as SFC Capital, Aticco Ventures, Digital Magics, and Startup Wise guys.
Tell us about your product or service.
Crono is a data-driven sales engagement platform that focuses on optimizing B2B sales team outbound. Our startup aims to revolutionize sales processes by leveraging the power of data and AI. Through seamless integration with CRM systems, Crono analyzes data, offers valuable insights, and delivers customized messages to enhance sales efforts.
What inspired the start of Crono?
Our founding team has extensive experience in B2B Sales at companies like Microsoft, Veeva, Salesforce, and fast-growing startups. During our time there, we recognized the challenges faced by sales teams, such as limited time for actual selling and inadequate data analysis skills. We saw a gap in the market for a data-driven sales engagement platform that leverage AI and data to enhance sales team performance.
How is it different?
Crono stands out seamlessly integrating with leading CRM systems, effectively analyzing data, and providing actionable insights to sales teams. Leveraging AI technology, Crono empowers companies to design impactful actions for engaging potential customers, personalize sales approaches, and boost conversion rates, thereby driving revenue growth.
What market you are targeting and how big is it?
We are targeting the global Sales Engagement market, which is experiencing rapid growth. Even during times of crisis, companies are increasingly investing in tools to enhance sales productivity and effectiveness. The market is expected to exceed $20 billion before 2030.
What’s your business model?
Our business model follows the typical software subscription model, with a monthly price per user. We directly reach out to customers through our sales team and are actively building the Crono brand.
How are you preparing for a potential economic slowdown?
As we were founded during a slowdown, we maintain an efficient and agile team while managing expenses prudently. This approach ensures that we are well-prepared to navigate through extended periods of economic downturn or capitalize on emerging opportunities.
What was the funding process like?
We embarked on an extensive research phase to understand the new market conditions and engaged with numerous individuals in the startup ecosystem. Subsequently, we established relationships with venture capitalists and business angels who aligned with our proposition.
What are the biggest challenges that you faced while raising capital?
Being established during a slowdown, it was challenging to comprehend the evolving market conditions and adapt accordingly. Additionally, we underestimated the extended time required to secure funding. However, we managed to overcome these obstacles and successfully raised capital.
What factors about your business led your investors to write the cheque?
Investors were particularly impressed by our team’s strong experience and enthusiasm, as well as the big potential of our target market.
What are the milestones you plan to achieve in the next six months?
Over the next six months, we have two significant goals. First, we are launching an exciting new version of our platform. Second, we aim to expand our customer base and establish a presence throughout Europe.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Companies in London without immediate access to capital should take the time to gain a deeper understanding of market conditions and be prepared to exert extra effort compared to two years ago.
Where do you see the company going now over the near term?
In the near term, we envision Crono becoming the leading and most loved sales optimization platform in Europe. Our goal is to establish ourselves as industry leaders, consistently driving innovation and success for our customers.
What’s your favourite outdoor activity in London?
I enjoy exploring different vibrant areas of the city on foot. However, whenever possible I love to spend time climbing and doing yoga.
