Capillary Technologies

Capillary Technologies was founded in August 2008 by Aneesh Reddy,^[4] Krishna Mehra, and Ajay Modani and initially headquartered in Bengaluru, India.^[5][6][1] In 2009, Capillary received $100,000 from the QPrize Business Plan Competition by Qualcomm.^[7]

In September 2012, Capillary raised $15.5 million from Sequoia Capital, Norwest Venture Partners & Qualcomm.^[8] In 2013, Capillary Technologies was used as a case study for "reverse innovation" published in Harvard Business Review.^[9] In February 2014, Capillary received $4 million from American Express.^[10][11]

Capillary acquired the e-commerce software platform MartJack in September 2015, supported by a $45 million funding led by Warburg Pincus.^[12][13][14]

The company began expanding operations into China in July 2016.^[15] In October 2016, Capillary acquired SellerWorx, an e-commerce services and technology company.^[16]

In December 2016, Rajan Anandan, who at the time was Google's Vice President for Southeast Asia and India, joined Capillary's board of directors.^[17][18]

In February 2018, Capillary announced it raised $20 million in several tranches in 2017 and 2018 from existing investors Warburg Pincus and Sequoia Capital.^[19] In September 2019, Capillary partnered with Veda Holding, a Saudi investment holding company,^[20] to operate a Saudi-specific entity called Capillary Arabia.^[20][21][22]

In 2021, Capillary acquired Persuade, a U.S. loyalty platform provider.^[23]

Co-founder Aneesh Reddy operated as chief executive officer (CEO) of Capillary Technologies until 2022.^[24] In September 2022, Capillary Technologies announced that Sameer Garde would take over as the company's CEO and Reddy would transition to managing director.^[25]

In April 2023, Capillary acquired acquired Brierley+Partners (known generally as Brierley), a loyalty agency and platform provider based in Frisco, Texas.^[26][27] In May 2023, Capillary raised $45 million from Avataar Ventures along with its limited partners (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.^[28] In June 2023, Capillary announced it had acquired the Digital Connect technology assets of Tenerity, a US-based engagement and rewards platform provider.^{[29][30][31][32]}

In February 2024, Capillary raised $95 million in secondary deals.^[33][34][35] Garde resigned as CEO in March 2024 "due to personal reasons," and Reddy returned to the company's role as CEO.^[36]

Capillary Technologies' primary product is its cloud-based SaaS platform Intelligent Loyalty, which includes modules with features for loyalty programs, customer engagement, and data analytics.^[29][30]