Stockholm-based SaaS scaleup Funnel is a data platform for marketing. Today, the company has announced that it has closed a Pre-IPO investment of $66M (nearly €57.1M) of primary capital to fund the continued rapid expansion of the business.
The investment 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. The closing marks the last round of private funding before Funnel’s planned initial public offering (IPO) on Nasdaq Stockholm.
Founded in 2014 by Fredrik Skantze and Per Made, Funnel is a marketing data platform that offers business-ready data to marketers to help them measure and optimise performance. Its aim is to do away with the dated approach of manual reporting using spreadsheets, still used by many organisations.
Its pre-built marketing connectors gather the data marketers need, and also allows them to analyse performance through visualisation tools. The company claims that with its automatic curation and data harmonisation, marketers and analysts get real-team insights to make better decisions, with no coding or technical teams required.
“The market has matured substantially since Per Made, and I founded Funnel. Back in 2014, it was mostly ecommerce and app companies that cared about measuring digital marketing performance. Now, it is top of mind with virtually every marketing organisation, something which is evident with our customers and has driven our strong growth. With AP4 and Stena Sessan, we are bringing two large public market investors onboard, and we look forward to working with them as we prepare to take the company public,” says Skantze, CEO and co-founder of Funnel.
According to the company, its platform is used by over 1200 digital marketing teams, including Home Depot, trivago, Skechers, Samsung, Vodafone, Logitech, Skyscanner, SAS – Scandinavian Airlines, as well as leading media agencies Havas Media, Ogilvy and DAC Group.