$100M/year Lovable for email marketing
Jan-Erik Asplund
TL;DR: After hitting a Sacra-estimated $100M in annual recurring revenue (ARR) in September 2025 with 111% net dollar retention, Customer.io now has the opportunity to build the "Lovable of email marketing". For more, check out our full report and dataset.
We first covered Customer.io in May 2021 at $20M ARR growing 70% year-over-year, and we followed up in August 2023 at $50M ARR and in November 2024 at $70M ARR.
Key points via Sacra AI:
- Circa 2013, as early technical marketers & growth teams began piping user engagement data into data warehouses like Redshift via CDPs like Segment, Customer.io found product-market fit enabling apps to send timely & personalized email & in-app messages to drive engagement and convert & upsell customers—an approach that has become a best practice over the last 5 years following Customer.io lighthouse customers like Notion ($500M ARR in August 2025)
- Through 2x growth in revenue scale from $50M to $100M ARR, Customer.io has held the line at ~35% YoY growth for the past three consecutive years with Sacra estimating that Customer.io crossed $100M in annual recurring revenue (ARR) in September 2025 behind net revenue retention steadily increasing to 117% (from 111% in 2023) on less than $40M in total funding raised (Spectrum Equity, $38.8M raised).
- While multiproduct as separate lines of business haven’t taken off, its Design Studio (visual/code editor launched May 2025) and Data Pipelines (CDP launched July 2023) products give Customer.io the building blocks to create the “Lovable of email marketing”—where AI dramatically expands Customer.io’s TAM to any marketer, technical or non-technical, to code email templates, define formal logic for segments, wire up intricate workflows and launch campaigns into production without requiring engineering support.
For more, check out this other research from our platform:
- Customer.io (dataset)
- Klaviyo (dataset)
- Iterable (dataset)
- Customer.io passes $70M ARR
- Customer.io's path to $100M
- Colin Nederkoorn, founder & CEO at Customer.io, on the CDP layer in messaging
- Customer.io: The $400M HubSpot of Product-Led Growth [2021]
- Eoghan McCabe & Des Traynor, CEO and CSO of Intercom, on the AI transformation of customer service
- Klaviyo: the $665M/year HubSpot for ecommerce
- Startup CMO on the data models underpinning CRMs
- Intercom (dataset)
- Attentive (dataset)
- Drift (dataset)
- Postscript (dataset)
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