Berlin-based analytics software company ChartMogul has raised $2.2 million in fresh funding from Alven Capital. Other participants include Point Nine Capital and angel investors.
ChartMogul develops subscription analytics and revenue reporting software for companies to monitor their business data and gain insights. The new injection of cash will be invested in product development and hiring in its product and engineering teams as well as opening its first office in the US, where the majority of its customers are.
“This infusion of capital will enable us to grow our product and engineering teams and double down on product development,” said Nick Franklin, CEO of ChartMogul. “We have a really exciting product roadmap, so we’re eager to make these additional investments and accelerate our journey toward realising our broader vision: to build the first truly democratised SaaS analytics solution.”
The company previously raised $1.5 million in seed funding.
ChartMogul is in a “prime position” to grow in the analytics software market, said Raffi Kamber, partner at Alven Capital.
“It has become crucial for businesses to understand, nurture and leverage their repeat customers; however, the required analytics tools still remain out of reach for a significant slice of the market due to a lack of time and technical resources available internally,” he said.