Supermetrics, a Finnish data integration company, has raised 40 million euros in funding. Highland Europe with participation from IVP.
Helsinki, Finland, August 25, 2020 — Supermetrics – the world leader in data integration which is used and trusted by Fortune 500 leaders and elite marketing agencies – has raised €40 million, led by Highland Europe with participation from IVP, to fund its next major phase of expansion, including bringing data warehousing to the marketing sector.
Designed by marketers for marketers, Supermetrics is an out-of-the-box, software as a service data management and analysis tool built to give professionals the answers they need to run effective, impactful campaigns.
Instead of having to rely on manual input, managing, analysing and converting masses of data from multiple marketing sources – a task that takes up a staggering third of the average marketers’ working week – Supermetrics streamlines the process. It offers a single source from which to analyse, report on, and extract insights from the often overwhelming wealth of information produced by enterprises today.
Supermetrics is a SaaS tool that helps marketers compile data in ready-to-use format to their favorite data crunching and reporting tools. Marketers and their teams can see what is and isn’t performing, at a glance, and pull data from multiple platforms together to gain an overall unified view. At the same time, it facilitates effortless, automated reporting. Implementing Supermetrics can be done by non-engineers and without having to add yet another, a separate platform to a company’s IT stack.
Since its launch in 2013, Supermetrics now has in excess of 14,000 clients, from sector-agnostic Fortune 500 companies to elite marketing agencies, which each use the tool as their go-to program to understand their marketing initiatives. Turnover has doubled each year and the highly profitable company has consistently achieved profit margins of over 30%. Customers include Nestle, Warner Brothers, L’Oreal, Hubspot, and iProspect. New customer acquisition has grown 100% annually since 2018.
Supermetrics was created by former marketing analyst Mikael Thuneberg who created the tool that he needed as an analyst in the marketing industry. With marketing data increasing drastically in volume, the Finnish company has launched data warehousing tools in a market projected to be worth $18 billion by 2021. By working with Supermetrics for data warehousing, marketers can efficiently secure ownership of their historical data, create capacity for larger amounts of data storage, and analyse larger datasets without friction.
The €40 million in funding is led by Highland Europe and supported by IVP, OpenOcean, with participation from Amit Agarwal, chief product officer at Datadog, and Ilkka Paananen, chief executive of Supercell.
Mikael Thuneberg, chief executive and founder of Supermetrics, said: “Many of our customers are struggling with growing amounts of data and data sources they need to integrate. Data warehousing would solve many of their problems, but it has not been as accessible as it could be for the masses. We are changing that with our Supermetrics for BigQuery product and this funding will accelerate our ability to bring data warehousing to a much wider audience.”
“In the current economic climate, it is a huge sign of faith in our long-term ambitions to have such distinguished investors inject this capital into our next stage of growth. The doors have been swung open for us with these backers. We fully intend to utilise all of their knowledge, contacts and expertise to expand our product, team, and marketing capabilities beyond what I ever could have envisioned when I started the company a decade ago.”
Irena Goldenberg, General Partner at Highland Europe, said: “Mikael and his team truly understand the needs, wants and the pain points experienced by today’s professionals – regardless of the size of their business or the industry they’re in. Supermetrics’ simple, reliable, automated data integration saves time and empowers teams to make better decisions.”
Eric Liaw, General Partner at IVP, said: “At IVP, we look to partner with the best technology companies in the world. While Supermetrics is based far from us in Helsinki, it stands out with its user-first philosophy, rapid growth, and profitable business model. Supermetrics joins a selective list of our European investments and we are thrilled to work with Mikael and the entire team to make Supermetrics a household name around the world.”
Alex Lim, Partner at IVP, said: “We were impressed to see how Supermetrics has grown bottoms-up by building a product that over half a million marketers love to use. Supermetrics was born out of Mikael’s frustration with existing tools – a frustration shared by marketers globally. In the future, we believe that Supermetrics can become the standard for accessing API data for all non-technical users, enabling data-driven decision making across entire organizations.”
Supermetrics primary revenue stream currently comes from self-serve signups via its website, averaging in excess of 10,000 free trials per month. The company has been profitable since founding and while the US continues to be their biggest market and fastest growing region, the funding will help to strengthen expansion plans across existing global markets, including Latin America, Europe and the Asia-Pacific region.
Supermetrics is also beginning to develop tools for other data-intensive sectors including HR and finance and will be looking at some smaller bolt-on acquisitions of tools that can improve the Supermetrics product suite.
Supermetrics automates data transfers from 70+ marketing data sources to tools like Google Sheets, Google Data Studio, Excel, data warehouses and various BI-tools. It is used by marketers all over the world looking to consolidate scattered data to one place for analysis, reporting and storage. Supermetrics was founded in 2013 by data analyst Mikael Thuneberg. The company has just over 100 employees in three offices in Helsinki, Atlanta and Vilnius.
About Highland Europe
Highland Europe invests in exceptional growth-stage software and internet companies. Active in Europe since 2003 as Highland Capital Partners and formally launched in 2012, Highland Europe has raised over €1 billion and has invested in companies such as Adjust, Camunda, ContentSquare, Featurespace, GetYourGuide, Malwarebytes, MatchesFashion, NewVoiceMedia, Nexthink, Smartly.io, WeTransfer, Wolt and Zwift. Highland’s collective history of investments across the US, Europe and China includes 46 IPOs and 19 billion-dollar-plus companies.
With $7 billion of committed capital, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 400 companies with 114 IPOs. IVP is one of the top-performing firms in the industry and has a 39-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics (CSCO), Coinbase, Compass, CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers, HomeAway (AWAY), The Honest Company, Klarna, LegalZoom, Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (Vista), MuleSoft (CRM), Netflix (NFLX), Personal Capital, Podium, Rubrik, Slack (WORK), Snap (SNAP), Supercell (Softbank), Tanium, TransferWise, Twitter (TWTR), UiPath, Yext (YEXT), ZenDesk (ZEN), ZipRecruiter, and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.
OpenOcean is a pan-European VC with offices in Helsinki, London, and Amsterdam, investing in relentless European entrepreneurs building solutions for the data-intensive economy. The OpenOcean team was part of co-founding MariaDB, and were earlier part of founding and operating MySQL, which was later sold to Sun Microsystems (Oracle) for $1 billion.
As investors, OpenOcean is passionate about data software innovations and enabling technologies that are unique and quick-to-love. OpenOcean is also a driving force behind DataSeries, a curated network of thought leaders and experts in the data space. https://openocean.vc/