Jiminny is a sales call analytics and scaling tool. Its development began in 2016, and on 11th of August 2022 it announced that it was raising its Series A round. The company drew my attention due to the fact that despite its success, it has not raised a lot compared to other tech companies.
It also raised a round in August 2022, as private equity firms tighten their belts and spending, meaning they were impressed by what Jimminy and its team had to offer.
This case study takes a look at what this tool is, how it is set up in terms of its team, marketing & product/market fit. Lastly the question will be asked, whether it is likely to eventually unseat the king of sales – Salesforce.
- Founded in 2016 by Tom & Shelley Lavery, and James Graham.
- 2017 – first Beta version of Jiminny is released.
- The software breaks down sales teams’ conversations, allowing for faster learning and growth of sales teams and their results.
- The name comes from one of the characters in “Pinocchio” – Jiminny Cricket. Pinocchio’s conscience, he is there to guide and support Pinocchio along the way.
- 2018 – a year after the release of Beta, the company raises $2mln (£1.6mln) of seed funding.
- 11th of August, 2022 – Jiminny raises $16.5mln, led by growth equity firm, Kennet Partners.
Here are some of the basics when it comes to Jiminny. The software goes through your recorded conversation with the client. After the conversation is finished, you get a transcript where some of the most important moments are highlighted, using metrics such as: Monologues, Talk-to-Listen ratio and listening skills. This allows a sales manager to identify which approach works best. One can identify when clients were most likely to convert, and whether the script or the approach of other team members needs to be changed.
The conversational intelligence space has been one of the “trendy” niches in the past few years. For example Observe.ai recently secured $125mln in financing, while Gong raised $250mln in its Series E, with a valuation of $7.25bn.
Forming the team and marketing
With companies such as Jiminny, it helps to establish how they got to where they are today.
The founding members: Tom Lavery (CEO), James Graham (CTO) and Shelley Lavery (COO) seem to compliment each other’s skills quite well. Interestingly enough, although the Laverys are husband and wife, the co-founders also previously worked in the same company. Whenever someone asks how to find the right co-founder, the answer can be – look at your co-workers. All three of them were at Reward Gateway (HR Tech SaaS) for a few years.
Jiminny focuses primarily on sales and with Tom’s and Shelley’s background it is unsurprising – together they have over 25 years in sales experience prior to launching the business.
Unsurprisingly, the team already had the starting network to reach out to, where sales teams’ managers jumped at a chance to test out the new software. The client list of Jiminny over time grew to include big names such as: Cision and Just Eat, Pleo and… Reward Gateway, the founders’ old company.
Website lead generation and sales
Unsurprisingly the sales software website is set up to bring in leads in any shape or form possible. The classic “Book a demo” button draws the attention when you just join the website.
The live chat option also cleverly draws the user in, to establish level of intent, guide them to the right page, and eventually – convert them.
In addition to this, the team is actively reaching out to companies with big sales teams. It is now aiming to add 30 more staff members, who could contribute to the outreach post-latest raise.
Apparently the new war chest will also “be used to accelerate Jiminny’s recruitment, including its expansion in international markets, and ambitious product development plans. The company will double its R&D budget to continue driving innovation in the nascent conversation intelligence market.”
With the platform optimised for over 30 languages, the potential remains huge for the 6-year old “youngster”.
Any sales software could be said to be stealing away a piece of the pie from Salesforce with the view to overtake it in the future…or sell to it. It is unclear what Jiminny’s strategy might be at this stage, but of course, it still has a long way to go.
While the hustling of its founders is impressive, further raises might be the key to taking over a highly competitive market. As per the above, the niche is very hot at the moment, riding on top of the machine learning mania. Who wouldn’t want to save time optimising processes by having an AI do it for you?
At $188.7bn capitalisation as of August 2022, Salesforce is beyond the reach of many of its enemies/acquisitions-to-be. However, a death by “many cuts” is a possibility for the giant that has been criticised by many for being inflexible and outdated.
Whether Jiminny can be one of such cuts remains to be seen, but the company is worth keeping track of.
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