Heap Raises $55 Million in Series C Funding
Amid Rapid Revenue Growth, Company Will Use Funds to Grow Its Team and Expand Internationally
SAN FRANCISCO, July 23, 2019 /PRNewswire/ -- Heap Inc. today announced it has raised $55 million in Series C financing led by NewView Capital, increasing its total funding to $95.2 million. Ravi Viswanathan, NewView founder and managing partner, will join Heap's board.
This round also includes new investors DTCP, Maverick Ventures, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, and Sharespost, as well as existing investors NEA, Menlo Ventures, Initialized Capital, and Pear VC. The new funding will be used to support international growth and expand Heap's product, engineering, and go-to-market teams.
"We're laser-focused on helping Product Managers get deeper insights on their users," said Matin Movassate, CEO and co-founder of Heap. "This rapid growth is a strong signal that product managers and engineers are tired of wasting their time with the manual parts of analytics instrumentation. We're excited to build more in 2019 to eliminate even more analytics friction for our customers."
Heap automatically collects and organizes customer behavioral data, allowing businesses to analyze customer experiences and create more valuable products without the typical costs associated with analytics implementations.
In addition to its revenue growth, the company has maintained a unique company culture, as evidenced by its Glassdoor recognition as the #1 Best Place to Work in 2019 among small and medium-sized businesses in the U.S.
"Heap offers an innovative approach to automating a company's analytics, enabling a variety of teams within an organization to obtain the data they need to make educated and, ultimately, smarter decisions," said Ravi Viswanathan, managing partner of NewView Capital. "We are excited to team up with Heap, as they continue to develop their cutting edge software, expand their analytics automation offerings and help serve their growing numbers of customers."
Heap's approach to data capture frees companies from the tradeoff between data-driven decision-making and business agility. Flexibility should be one of the most important aspects of a company's analytics strategy.
"Mobile app and website developers must continuously evolve the product design and the user experience to attract and retain new and existing users. When it comes to understanding customer behavior, Heap delivers a comprehensive analytics platform that features advanced automatic user data gathering. This saves planning time and eliminates guesswork for product decision-makers," said Jack Young, DTCP Partner and Head of Venture Capital. "The growing list of Heap customers and their glowing feedback are really impressive, and we are happy to be part of the team supporting global growth."
About Heap
Heap's mission is to power business decisions with truth. We empower product teams to focus on what matters — building the best products — not wrestling with their analytics platform. Heap automatically collects and organizes customer behavioral data, allowing product managers to improve their products with maximum agility. Over 6,000 businesses use Heap to drive business impact by delivering better experiences and better products. For more information visit https://heap.io
About NewView Capital
NewView Capital is a venture firm based in Burlingame, California. In 2018, NewView Capital spun out of New Enterprise Associates (NEA) and has developed a new model in venture capital to drive sustainable growth for entrepreneurs, venture capital firms, and limited partners in this changing venture landscape. www.newviewcap.com
About DTCP
DTCP is an investment management group with c. $1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. It operates and invests in Europe, the US, and Israel. To learn more about DTCP, visit www.telekom-capital.com or @TelekomCapital on Twitter.
SOURCE Heap Inc.
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