Skipping the Series C raise and gunning straight for the listing, Stockholm-based Funnel has raised $66 million in a pre-IPO round. The company develops software that helps marketers automate the collection of data and reporting, and will be using the new shekels to continue its rapid expansion.
Funnel wrangles the umpteen number of data from far too many sources to count (I pity the person that actually counted this), and solves the age-old bain of marketers: accurate measurement and campaign performance optimisation. Now, add the benefits of real-time knowledge of what is working and what isn’t, and the words Holy and Grail start to magically appear.
“The market has matured substantially since Per Made and I founded Funnel. Back in 2014, it was mostly e-commerce and app companies that cared about measuring digital marketing performance,” comments CEO and co-founder Fredrik Skantze. “Now, it is top of mind with virtually every marketing organization, something which is evident with our customers and has driven our strong growth.”
Funnel is in use by over 1,200 digital marketing teams around the globe at some of the biggest names in commerce including Home Depot, trivago, Skechers, Samsung, Vodafone, Logitech, Skyscanner, SAS – Scandinavian Airlines, and leading media agencies Havas Media, Ogilvy and DAC Group.
The Pre-IPO round was led by The Fourth Swedish National Pension Fund (AP4) and Stena Sessan, with participation from existing investors, including Balderton Capital, Eight Roads, F-Prime, Oxx, and Industrifonden.