Funding Allows Company to Double Down on Growth
Oxx, the growth capital firm focussed on B2B software companies, is pleased to announce that it has led an $8 million growth equity investment in Stockholm-based Funnel, a software company delivering automated data collection and transformation software to advertising and marketing business users.
Existing investors, including Balderton, Industrifonden and Zobito also participated in the round. The investment will help Funnel to continue its rapid growth and continue to expand internationally, including in the United States, where the company opened an office in 2016 and has since seen strong demand. The company’s strong traction with enterprises, including some of the worlds largest brands, and excellent metrics, evidence of the value provided by Funnel’s product to its customers, was a key driver of the Oxx investment.
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Funnel, founded in 2014, is headquartered in Stockholm, Sweden, and also has an office in Boston, MA. Funnel’s customers include ecommerce companies, media agencies, consumer brands, B2B software companies and mobile apps and gaming companies, whose businesses see significant benefit from timely, accurate and highly automated reporting of advertising and marketing data. With software integrations to over 400 advertising and marketing data sources, and having developed powerful data mapping tools, Funnel allows business users to collect, transform and feed accurate data into any selected data warehousing, business intelligence or visualisation software in a highly automated fashion. One thing that sets Funnel apart is ease of use. Funnel allows business users to perform data tasks that would otherwise require a developer or analyst. Since its 2017 fundraising, the company has expanded its industry-leading advertising data connectivity to include many types of marketing data (including CRM, ecommerce, SEO, email and payments), offering an enterprise-grade data connectivity suite to its customers.
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With the average marketing organization reporting using 15 data sources, up from 10 data sources two years ago, and with half of the worlds advertising now digital and measurable, the market for Funnel is expanding rapidly. Customer interest in Funnel keeps accelerating and the Board is extremely opmitistic about the company’s prospects.
Mikael Johnsson, Oxx General Partner, said: “We are very excited to be investing in Funnel, a business with a fantastic team and product, as well as great momentum. I have had the pleasure to work closely with Fredrik and the team for several years in my capacity as Funnel Chairman, and know well that Funnel’s strong growth and excellent customer feedback is the result of a great product that solves a significant challenge for many businesses: reporting accurate marketing data in a timely way. Funnel is exactly the type of business we at Oxx are looking to back: a high-performing B2B software business solving a significant problem, with global potential.”
Fredrik Skantze, Funnel CEO, said, “At the stage of rapid growth and international expansion that Funnel is now in, it is valuable to work with a specialised and experienced B2B software investor like Oxx, that can help take the company to the next level. Mikael Johnsson has already provided us with valuable advice and guidance for a number of years and we are pleased to now further cement the relationship with this investment by Oxx.”
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