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Here are 1-3 brief analogies for Klaviyo (KVYO):

• Klaviyo is like Mailchimp for scaling e-commerce businesses.
• Klaviyo is like HubSpot for direct-to-consumer (DTC) marketing automation.
• Klaviyo is like a specialized Salesforce Marketing Cloud for e-commerce brands.

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• Klaviyo Marketing Automation Platform: A software-as-a-service (SaaS) platform designed for e-commerce and retail businesses to automate and personalize customer communication across multiple channels.
• Email Marketing Service: Enables businesses to design, send, and automate highly personalized email campaigns, flows, and newsletters to their customer base.
• SMS Marketing Service: Provides tools for companies to engage customers through targeted and timely text message campaigns and automated messaging.
• Customer Data and Segmentation Service: Unifies customer data from various sources, enabling deep segmentation and the creation of highly personalized marketing strategies and targeted communications.

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Klaviyo (symbol: KVYO) primarily sells its marketing automation platform to other companies, specifically e-commerce businesses.

According to its public filings, no single customer accounted for more than 1% of Klaviyo's revenue in recent periods. This indicates a highly diversified customer base rather than reliance on a few major clients. Therefore, it is not possible to list specific 'major customer companies' with their symbols, as no individual company represents a significant portion of Klaviyo's revenue.

Instead, Klaviyo's customer base consists of a broad range of e-commerce brands across various sizes and industries. The primary categories of companies that utilize Klaviyo's services are:

• Direct-to-Consumer (DTC) Brands: These are companies that sell their products directly to consumers online, bypassing traditional retailers. They often rely heavily on personalized email and SMS marketing for customer acquisition, retention, and loyalty, which is Klaviyo's core offering.
• Small and Medium-sized Businesses (SMBs) in E-commerce: A significant portion of Klaviyo's customer base comprises SMBs that are building and scaling their online presence. Klaviyo's platform is designed to be accessible and effective for businesses that may not have large marketing teams or budgets.
• Growing E-commerce Enterprises: While accessible to SMBs, Klaviyo also serves larger, established e-commerce companies that require sophisticated segmentation, automation, and analytics for their complex customer engagement strategies.

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• Amazon.com, Inc. (AMZN)

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Andrew Bialecki, Chief Executive Officer

Andrew Bialecki is the co-founder and Chief Executive Officer of Klaviyo, a role he has held since 2012. Prior to co-founding Klaviyo with Ed Hallen, he gained valuable experience in various technical roles, including Lead Engineer at Applied Predictive Technologies, Senior Engineer at Performable, and Chief Technology Officer at RockTech. Bialecki holds a Bachelor of Arts degree in Physics, Astronomy, and Astrophysics from Harvard University. He notably bootstrapped Klaviyo for its first three years, making the company profitable before seeking outside investment, and maintained significant control, owning 38% when the company went public in 2023.

Amanda Whalen, Chief Financial Officer

Amanda Whalen has served as Klaviyo's Chief Financial Officer since May 2022. Before joining Klaviyo, Whalen held the position of Executive Vice President and CFO of Walmart International, where she was responsible for finance across eight international markets with over $90 billion in revenue. Her career also includes roles as CFO and Chief Administrative Officer for DaVita Rx, part of DaVita Inc., and various strategic and finance leadership positions at companies such as C&S Wholesale Grocers, Saputo Dairy Foods, and Dean Foods. Whalen began her career at Bain & Company and earned her Bachelor's degree from Princeton University and an MBA from MIT's Sloan School of Management.

Ed Hallen, Co-Founder and Chief Product Officer

Ed Hallen is a co-founder of Klaviyo and serves as its Chief Product Officer. He co-founded Klaviyo with Andrew Bialecki in 2012. His professional background includes experience at Google, Accel-KKR, and Applied Predictive Technologies. Hallen holds an MBA from MIT Sloan School of Management and a BS in Systems Engineering and Government from the University of Virginia.

Steve Rowland, President

Steve Rowland has served as President of Klaviyo since July 2023. Prior to Klaviyo, he was the Chief Revenue Officer of Okta, Inc. Rowland also held roles as Vice President, Americas at Splunk Inc., and President of DataStax, Inc. He brings extensive experience in sales and field operations to his role.

Surabhi Gupta, Chief Technology Officer

Surabhi Gupta has served as Klaviyo's Chief Technology Officer since September 2024. Before her current role, she was Senior Vice President, Head of Engineering, Vice President, Head of Engineering, and Vice President, Product Engineering at Robinhood Markets, Inc. Gupta also previously served as a Director of Engineering at Airbnb, Inc.

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The key risks to Klaviyo (KVYO) are:

1. Intense Competitive Landscape: Klaviyo operates in a fiercely competitive market for B2C CRM and marketing automation platforms, particularly within the e-commerce sector. The company faces competition from a range of rivals, including established players like Adobe, Salesforce, and Mailchimp, as well as various innovative startups. This competitive pressure could lead to pricing pressures, necessitating continuous innovation, and potentially result in a loss of market share if Klaviyo fails to adapt to evolving market trends or customer demands. As Klaviyo expands into new verticals and international markets, it may encounter increased competition from local providers or larger, more diversified software companies.
2. Reliance on Third-Party Platforms and Evolving Data Privacy Regulations: Klaviyo's business success is partly contingent on its ability to integrate seamlessly with third-party e-commerce platforms, notably Shopify, with which it has a pivotal partnership. This creates a concentration risk, where Klaviyo's revenue growth could be disproportionately affected if Shopify expands its own marketing tools or begins to champion competing solutions. Furthermore, Klaviyo is subject to increasing data privacy and compliance requirements, such as GDPR and CCPA. Adhering to these evolving regulations may require significant investment in data security and legal resources, which could impact its ability to maintain competitive pricing and margins.
3. Customer Retention and Impact of Pricing Model Changes: Klaviyo's shift to an active profile-based pricing model has introduced a risk to customer retention, as it has the potential to increase costs for some customers. This change has already been associated with some customer churn, and a continued or accelerated trend could negatively affect Klaviyo's revenue growth and overall market share. While Klaviyo's Net Revenue Retention (NRR) rate was 108% as of December 31, 2024, this represents a decline from 119% a year prior, which some analysts view as a concern regarding the company's ability to upsell existing customers or retain high-value accounts.

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Klaviyo (KVYO) operates in a significant addressable market across its core products and expanding services.

The company identifies its global market opportunity at $68 billion. Within its core vertical of retail and e-commerce marketing automation for small and medium-sized businesses, Klaviyo estimates its serviceable addressable market (SAM) to be over $16 billion. Furthermore, the opportunity outside of these core verticals is estimated at $34 billion globally.

For the United States alone, the total addressable market (TAM) opportunity for Klaviyo's platform across all verticals is estimated at $34 billion. Klaviyo is also expanding its addressable market by evolving its platform from solely marketing automation into a broader B2C CRM and customer service platform. This expansion is driven by new AI-first products, including Conversational Agent, Helpdesk, and advanced analytics.

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1. Expansion of Multi-Product Platform and Increased Adoption: Klaviyo is actively expanding its multi-product offerings and demonstrating strong adoption of new services. The company's new service product line, which recently reached general availability, has shown the fastest adoption rate of any of its products, including text messaging, according to recent earnings calls. This multiproduct expansion is identified as a core engine for Klaviyo's long-term growth, reflected in its Net Revenue Retention (NRR) rate, which accelerated to 109% in Q3 2025.
2. Growth in Mid-Market and Enterprise Customers: Klaviyo is strategically focusing on and successfully expanding its footprint within the mid-market and enterprise customer segments. The company reported a record number of net additions to its cohort of customers generating over $50,000 in Annual Recurring Revenue (ARR), with this segment growing 36% year-over-year to 3,563 customers in Q3 2025. This demonstrates a strong move upmarket, capturing larger businesses.
3. International Expansion: International markets represent a significant growth opportunity for Klaviyo. The company has seen accelerated international revenue growth for six consecutive quarters, with EMEA and APAC regions contributing 43% revenue growth in Q3 2025. Klaviyo is actively serving over 183,000 customers in more than 100 countries.
4. Adding New Customers: Klaviyo continues to grow its customer base, consistently adding thousands of new customers each quarter. In Q3 2025, the company added 7,000 new customers, bringing its total to over 183,000. This ongoing acquisition of new businesses, ranging from entrepreneurs to larger enterprises, forms a fundamental driver of revenue.
5. Advancements and Integration of AI-driven Products and Services: Klaviyo is heavily investing in and leveraging artificial intelligence to enhance its platform and offerings. The company views AI as a "force multiplier" and is implementing a multi-pronged AI strategy, including the introduction of Agentic AI and marketing agent workflows. The launch of AI-powered tools like the Customer Agent and Marketing Agent is expected to significantly enhance service offerings and drive future growth by enabling more sophisticated and automated customer engagement.

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Share Repurchases

Klaviyo has not had any significant share repurchase programs or authorizations over the last 3-5 years.

Share Issuance

• Klaviyo completed its Initial Public Offering (IPO) in September 2023, offering 11,507,693 shares of Series A common stock at $30.00 per share, generating gross proceeds of approximately $345.2 million.
• The total shares offered in the IPO, including those sold by certain selling stockholders, amounted to 19,200,000 shares at $30.00 per share, resulting in gross proceeds of $576.0 million. Klaviyo did not receive proceeds from the shares sold by selling stockholders.
• Share issuances have led to an increase in outstanding shares, from 0.23 billion in 2022 to 0.285 billion in Q2 2025.

Inbound Investments

• Klaviyo raised $320 million in a Series D funding round on May 18, 2021, with Sands Capital as the lead investor.
• The company secured $200 million in a Series C funding round on November 17, 2020, led by Accel and Summit Partners.
• Klaviyo also received a $100 million corporate investment in August 2022, with Shopify participating.

Outbound Investments

• Klaviyo has made one investment in Recurate and acquired Gatsby and Napkin.

Capital Expenditures

• Klaviyo's capital expenditures are primarily focused on maintaining and expanding its business operations and remaining competitive, including product and platform investments.
• Capital expenditures as a percentage of current assets were 0.76% in 2023, 0.63% in 2024, and are estimated at 0.52% for 2025.
• Capital expenditures as a percentage of EBITDA were 5.49% in 2023, 4.55% in 2024, and are estimated at 3.98% for 2025.