Penny

Penny AI operates as a software-as-a-service (SaaS) provider with a platform specifically designed for the direct sales and social commerce industry. The company was founded in 2017 by David Abbey (CEO) and Chris Noble (CTO) and is headquartered just outside of Vancouver, in Squamish, British Columbia. The inspiration for the company came from the firsthand experience of David Abbey's wife, who struggled to manage her growing direct sales business, highlighting a need for a specialized tool to handle customer service and team management efficiently.

The firm's core offering is an AI-powered virtual assistant that serves direct sales consultants. This platform provides tools for contact management, customer care, and prospecting, aiming to streamline and automate daily income-generating tasks. It consolidates contacts from various social media platforms, notebooks, and spreadsheets into a single interface. Key features include an auto-generated daily to-do list that prioritizes time-sensitive tasks, automated reminders for customer follow-ups, and tools for every stage of the customer journey, from initial outreach to checking in after an order. For corporate clients, Penny AI offers a data-driven platform that provides insights into field performance, content effectiveness, and market trends, helping to bridge the gap between customer discovery and transaction. Revenue is generated through partnerships with direct sales companies that deploy the platform for their consultants.

The platform includes a learning and onboarding module with micro-learning content and a gamified experience to help upskill sellers. It also provides AI-generated scripts that can be adapted for various sales scenarios. Since its inception, Penny AI has expanded its reach significantly, supporting sellers in over 60 countries and 25 languages. The company has secured substantial funding to fuel its growth, including a $27 million Series B round in 2022, led by PSG, bringing its total funding to over $32 million USD.

Keywords: sales enablement, direct sales, social commerce, CRM, AI virtual assistant, SaaS, contact management, prospecting tools, sales automation, learning platform