Funnel, a Swedish platform for marketing data analysis, has raised a $47 million Series B round led by Eight Road Ventures and F-Prime Capital, with support from existing investors Balderton Capital, Oxx, Zobito, and Industrifonden, as well as Kreos Capital.
With so many data sources available to digital marketing teams, the Stockholm-based startup set out to create a single source of truth of marketing, sales, and other business data. The platform automatically imports marketing data to the user’s data warehouse, or reporting tools such as Tableau or Google Data Studio. Funnel’s plug-and-play solution is flexible enough to fit changing marketing requirements, and does not require an in-house team for development or maintenance.
Fredrik Skantze, CEO and co-founder, explained: “Per Made and I founded Funnel after many years of being frustrated by ineffective reporting getting in the way of unlocking the power and promise of digital marketing. We soon discovered that we were not alone in our frustrations, with explosive inbound demand that has seen the business double or more every year.”
The duo founded the company in 2013. Funnel now has 800 customers including well-known names like Klarna, trivago, Discovery, Appsflyer, Skyscanner, Scandinavian Airlines, and media agencies such as Havas Media, Ogilvy and DAC Group.
Alston Zecha of Eight Roads Ventures, who is joining the Funnel board, said: “Funnel solves a critical pain-point for a growing number of marketers, from midsize companies all the way to very large enterprises. There was no stronger validation for us than the fact that several of our portfolio companies are already amongst its many delighted customers. We have been really impressed not only by Funnel’s world-class technology, roster of clients and rapid growth, but also by the inclusive, transparent and customer-centric culture of this great team."
Commenting on the funding, Skantze said: “We are really pleased to have Eight Roads Ventures and F-Prime Capital onboard. With teams in the US, UK, China, India, Singapore and Japan they are truly a global platform that we can lean on for support in our aspiration to keep building a category-defining company that empowers organizations with business-ready data for reporting and analysis.”
The Series B funding will help grow the startup’s technical teams and also accelerate its expansion into the US, where enterprise demand is high.