Stockholm-based SaaS startup Funnel raises €42.6M to help marketers perform better

Currently, marketers use a manual process and a spreadsheet to report their marketing results. By automating their data collection, marketers can be focused on analysis and take better decisions that can improve their performance.

Stockholm-based SaaS startup Funnel changes the way marketers think about data and interact with it. The company does this by taking siloed data from more than 500 platforms and generating business-ready data that can be fully harmonised and instantly refreshed data automatically.

Funnel is already used by 800 organisations across industries such as Klarna, Skyscanner, Discovery, trivago, Ogilvy, and many others. After raising funds in 2019, the company signed a new office space for 400 people across Stockholm and Boston and is eyeing for continued expansion at a rapid pace.

Secures €42.6M funding

Now, Funnel announced that it has closed a series B funding round raising €42.6 million. This funding round was led by Eight Roads Ventures and F-Prime Capital along with participation from existing investors such as Oxx, Balderton Capital, Industrifonden, Zobito, and Kreos Capital.

What does Funnel do?

This Stockholm-based startup was founded in 2014 by Fredrik Skantze and Per Made with business users in mind. The platform empowers marketers to make faster and better decisions and this will drive the business further.

Besides this, Funnel also provides them enough flexibility to send the data to any destination such as Google Data Studio or Tableau. The marketing teams that have used the platform have been able to deliver promising performance.

Ambitious plans to scale up

With the recent funding pumped into it, Funnel plans to accelerate its plans in the US where there seems to be a strong demand from enterprises. The company is all set to invest heavily in technical teams to realise its vision of creating a single source of truth of marketing, sales and other sorts of commerce data.

Besides the funding, Alston Zecha from Eight Roads Ventures has become one of the Directors of the Funnel Board. Zecha 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.”

Main image picture credits: Funnel

Stay tuned to Silicon Canals for more European technology news.