Chameleon Raises $13 Million Series A to Improve SaaS Product Adoption and Usage With Personalized User Experiences

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Usage-based pricing and product-led growth drives companies to use Chameleon for targeted user onboarding flows, microsurveys, and announcements

San Francisco, CA – September 14, 2022Chameleon, the deepest product adoption platform for modern software companies, today announced $13 million in Series A funding to help SaaS companies personalize and customize their UX, and thereby improve feature discovery and user engagement. The round was led by Matrix Partners, with General Partner Ilya Sukhar joining the board of directors. Previous investor True Ventures and operators including Kevin Wang (SVP Product at Braze) and Kevin Mahaffey (Co-founder at Lookout) also participated in the round. Funds will be used to scale the team to meet demand and develop new products and features. 

Chameleon’s funding comes as consumerization of SaaS business models continues; more than 50% of SaaS companies now leverage usage-based pricing(1) , which makes product adoption vital to success. Another tailwind driving Chameleon’s growth is the shift towards ‘Product-led Growth,’ where winning companies focus on self-serve UX to drive revenue growth. This has become especially important in the current economic climate as companies seek to improve revenue efficiency. 

“The explosion of SaaS products in recent years has dramatically raised expectations from customers,” said Ilya Sukhar, GP at Matrix Partners. “Everyone wants elegant, easy-to-use software that delivers value fast and doesn’t require a lot of hand holding. The team at Chameleon has built the best suite of no-code tools that SaaS product teams use to create delightful experiences and understand their customers. They’ve reached significant revenue on very little funding, and I’m excited to help them accelerate as the SaaS ecosystem gets focused on efficiency.” 

Co-founded by CEO Pulkit Agrawal and CTO Brian Norton in San Francisco, Chameleon’s no-code product adoption platform enables teams to quickly and easily create, deploy, test, and iterate in-product experiences such as banners, tooltips, modals, walkthroughs, checklists, and more. After raising a seed round, Chameleon bootstrapped to profitability and now its team is comprised of over 35 people, spanning 11 countries in a remote-first operating model. 

“We see a future where SaaS applications look and behave differently for each individual user, leveraging data about background, intent, and activity to provide dynamically adjusted and personalized UX that helps more people succeed,” said Chameleon Co-founder and CEO Pulkit Agrawal. “We are in Act I for this at Chameleon– enabling customers to create targeted in-product announcements, flows, banners, etc. but there is a lot more to come.” 

Product Advances Drive Company Momentum

In addition to funding, Chameleon has launched HelpBar, a free new product that provides a ‘Spotlight Search’ experience within products so users can search across a company’s existing help articles, developer docs, blog posts, and more, all from inside the product. HelpBar was created due to the pattern of CMD+K search being popularized by the likes of Slack and an on-going disconnect between help documentation living far away from the product UX. 

The new product comes on the heels of Chameleon’s successful ‘Microsurveys’ release, which enables teams to collect contextual feedback from users at scale. Across its user base, response rates to these single-question in-product surveys are more than 50x the typical from email surveys, demonstrating the tremendous effectiveness of in-product communication. Using Microsurveys, responses to NPS and other questions can be piped into Slack, Zapier, analytics tools, data warehouses, and more to complement analysis of quantitative data.

These products– and the Chameleon platform– are already being used by product, product marketing, and customer success teams at more than 300 companies including Twilio, Highspot, and Fivetran. These organizations can now finely control which in-product experiences show to which users at which moments, without relying on engineering, allowing them to experiment and iterate at orders of magnitude faster than previously.

“PLG is critical for our success, and we chose Chameleon as our product adoption platform of choice, over alternatives, because of its two-way integration with Heap, deep customization options, and full design control,” said Fivetran Co-founder and Chameleon Angel Investor Taylor Brown. “This offers us the ability to personalize our in-product prompts and guidance, helping onboard our customers with less time from sales and CS.” 

Chameleon integrates with other key tools in the product stack including Segment, Mixpanel, Heap, Amplitude, Fullstory, Hubspot, Salesforce, Customer.io, and more. In addition, unique in-app integrations mean customers can trigger other tools in-app from Chameleon, such as Typeform surveys, Calendly modals, Zendesk chat, and more to bring together the full power of their stack in-app. 

“Chameleon enables teams to test what in-product communication works best, with native A/B testing and synced cohorts to easily target specific groups of users,” said Amir Movafaghi, CEO of Mixpanel. “As both a partner and customer, Mixpanel values how Chameleon can empower a product-led experience.” 

Chameleon has served over 100 million users to date and shown greater than 150 million experiences. Learn more at www.chameleon.io.

About Chameleon

Chameleon is the deepest product adoption platform built to enable modern software companies to personalize and customize their UX. Its no-code Builder allows teams to quickly and easily create, deploy, test, and iterate in-product experiences such as banners, tooltips, modals, walkthroughs, checklists, and more. The remote-first company was co-founded by its CEO Pulkit Agrawal and its CTO Brian Norton, and its growing team spans 11 countries. Chameleon has served over 100 million users to date and shown greater than 150 million experiences, and it publishes an annual report of statistical benchmarks and insights on in-product experiences. The company is headquartered in San Francisco, California. Learn more at www.chameleon.io.

About Matrix Partners

Matrix works with product people from day one to help them win. We’re a team of builders who lead pre-seed through Series A rounds. Recent investments include Afterpay, Apartment List, Canva, Courier, CTRL-Labs, Fivetran, Flock Safety, GOAT, HubSpot, LogRocket, Markforged, Oculus, Side, Steadily, and Zendesk. Founded in 1977, we have offices in San Francisco and Boston. Learn more at www.matrixpartners.com and @MatrixPartners.

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