Funnel closes $47M Series B to prepare marketing data for better reporting and analysis

The round led by Eight Roads Ventures and F-Prime Capital, with participation from existing investors including Balderton.

Balderton previously led the company's Series A.  

The Stockholm-based startup offers tech to help businesses make their marketing data "business-ready" for better reporting and analysis.

Funnel will use the funds to continue to fulfil the strong market demand for its platform, particularly from the US where it sees strong demand from enterprises, and to invest heavily into its technical teams.

Funnel provides integrations with over 500 data sources to provide you with all your marketing and advertising data where you want it

Delivering on the promise of digital marketing 

In 2019 digital marketing surpassed offline marketing for the first time. Companies are shifting their marketing budgets online because of the performance promise of digital marketing, but delivering on that promise is hard. It requires a strong reporting infrastructure, which is difficult due to the overwhelming number of marketing platforms and the need to harmonise and integrate the data. Just in the last two years, the number of data sources used by marketing organizations has increased by 50% and there are no signs of this slowing down.

Business users are traditionally dependent on separate technical teams for setup and support of a measurement infrastructure and existing solutions tend to either be inflexible and break when marketing requirements change, or monolithic and not well suited to plug into the existing data and reporting infrastructure of the organization.

Funnel solves this problem by automatically importing all marketing data, making it Business-Ready, and exporting it to existing data warehouse or reporting tools. In contrast to raw data, Business-Ready data has been cleaned, normalised and integrated and can instantly and correctly be used for reporting and analysis.

Funnel users get instant access to their prepared data with no downtime when requirements change. This also allows technical teams to focus on high-value activities. The result is empowered, accountable marketing teams that can finally deliver on the performance promise of digital marketing.

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. Today we have over 800 customers in 43 countries, relying on us to make budget decisions on over $20 billion of annual advertising spend.

Fredrik Skantze, Funnel CEO and co-founder

2019 was a year of strength for Funnel with a large number of enterprise companies coming onboard and annualized recurring revenue more than doubling. During the year the team grew from 73 to 140 and the company signed new office space for a total of 400 people across Stockholm and Boston, setting up a platform for continued rapid expansion.

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