Thankful Raises $12 Million To Help Businesses Boost Their Customer Service Experience

Thankful Raises $12 Million To Help Businesses Boost Their Customer Service Experience

Ted Mico created an automated customer service platform that works with companies like Crate & Barrel and subscription box service FabFitFun because he hated chat bots.

His three-year old company Thankful was born after his own experience waiting two weeks to hear back from customer service and throwing his phone in frustration across the room far too many times.


"When it comes to customer service, suddenly when you add technology you end up with some hideous chatbot experience," he said.

Ted Mico

Ted Mico is Thankful's co-founder and CEO.

Thankful establishes customer relationships through their service platform routing and tagging help desk tickets. A Thankful AI "agent" fields customer queries via text or email. Mico said that Thankful can resolve up to 50% of all help desk tickets without a human.

Among the companies that use his service are MeUndies, makeup brand Morphe and sock-seller Bombas.

"In each one of our average lifetimes we will spend 43 days, dealing with customer service," Mico said. "All those customer queries we can solve without customer service people being involved, then they can be involved in other things and everybody gets better service."

The Venice-based company announced this week they raised $12 million in Series A funding led by Alpha Edison, a capital firm that invests in early-stage companies using AI, data and behavioral science. In addition, Bonfire, TenOneTen, Greycroft, Omega, and Miramar also invested in this round. The funds will be used to develop the product.

As more shopping is done online, more complaints and problems are being resolved through chat bots and other automated systems. It has swelled the ranks of the customer service industry. Thankful competes with other AI-driven companies including Bay Area competitors Netomi and Forethought.

Thankful screenshot

Thankful charges a platform fee based on volume. Though Thankful is not profitable, there are over 50 brands using the platform.

Mico thinks customer service will be regarded as the most viable sales and marketing channel of the future. Despite many outlets like Yelp using the star rating system helping restaurants and businesses learn about customer's comments and complaints, it isn't quick enough. There's an expectation for immediacy which has been fueled by technology and was heightened by the pandemic.

"Customer service is usually the last thought for most companies and we think that within five years, it will be the first," Mico said. "If you actually think of customer service as the most important thing, that customer journey is sacrosanct."

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports
Samson Amore

According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.

Read moreShow less
Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

https://twitter.com/samsonamore
samsonamore@dot.la
​Joby Aviation plane in flight
Photo courtesy of Joby Aviation

Turns out, it’s incredibly expensive to get an air taxi startup off the ground. At least, that’s what Joby Aviation is learning as it claws its way towards an ambitious 2025 liftoff deadline.

The Santa Cruz-based company is one of several vying for a prime spot in the electric vertical take-off and landing (eVTOL, for short) industry race, but it’s also one of the oldest. Formed in 2009, the company went public in August 2021, and valued at $4.5 billion, thanks in part to backing from big-name transport companies including JetBlue, Delta Airlines, Toyota and Uber. Toyota is Joby’s largest outside shareholder; it’s invested roughly $400 million to date.

Read moreShow less
Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

https://twitter.com/samsonamore
samsonamore@dot.la
RELATEDTRENDING
LA TECH JOBS
interchangeLA