Heap, an analytics infrastructure company, announced it has raised $27 million in Series B financing, increasing its total funding to $40.2 million. The round was co-led by Menlo Ventures and NEA, with participation from Initialized Capital and Pear VC, all of whom were existing investors in the company.
Heap is building a fundamentally new approach to analytics that aims to automate as much as possible. Unlike other analytics platforms, Heap automatically captures all app and website user interactions upfront, eliminating the need for manual event tracking. Every team within a company -- product, marketing, engineering, data science, customer success, sales -- can self-serve to get the data they need to make smarter decisions.
"Existing analytics tools require too much tedious effort. Using them looks more like manual work, not data science. If we can automate away the annoying parts of analytics, then we can make data useful for many, many more people. This has big second-order effects on how businesses get run," said Heap Co-Founder and CEO Matin Movassate.
The company saw 3x revenue growth in the prior year and will use the new funds to continue growing the team, investing in scaling its infrastructure, and building out its product roadmap.
Founded in 2013, Heap serves over 6,000 companies in ecommerce, SaaS, fintech, retail, media, and beyond, including Zendesk, Twilio, Lending Club, App Annie, Optimizely, Morningstar, Monotype, and Casper.
Read more about Heap's vision and the funding at: blog.heapanalytics.com/heap-series-b.
About Heap
Heap is analytics infrastructure that serves as the single source of truth for customer data. Heap automates away the annoying parts of analytics, so that people can focus on making smarter business decisions. For more information, visit heapanalytics.com.
About Menlo
Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm's market-driven analysis has led to the identification of opportunities and successful investments in innovative technology markets. Notable areas of investment have included Marketplaces (Uber, Rover.com, Breather, Realty Shares, Getaround), Consumer services (Tumblr, Betterment, Poshmark, Machine Zone, Roku, Siri), Smart cloud infrastructure (Dropcam, 3Par, Avi Networks, Avere Systems, eero), Security (Cavium, IronPort, BitSight, vArmour, Dedrone), and SaaS (Carbonite, Signifyd, Clarifai, Overops, Usermind). Menlo's portfolio includes more than 70 public companies and more than 100 mergers and acquisitions. Menlo Ventures has $4.65 billion under management and is currently investing Menlo Ventures XII, a $400 million fund with $15 million allocated to the Menlo Talent Fund for fast seed funding, and the Menlo Opportunity Fund, a $250 million fund that targets solely early growth investments. For more information, visit www.menlovc.com.
About NEA
NEA is a global venture capital firm partnering with entrepreneurs to build transformational businesses across multiple stages and sectors, with more than 200 IPOs and 320+ acquisitions since the firm's founding in 1977. For additional information, visit www.nea.com.
