Finnish martech company Supermetrics has announced that it has raised €40m in a Series B funding round to expand into data warehousing and grow use of its products globally.
The funding round was led by growth-stage investor Highland Europe, with additional investment in Supermetrics coming from late-stage venture capital firm IVP, as well as OpenOcean, Datadog chief product officer Amit Agarwal and Supercell chief executive Ilkka Paananen.
Founded in 2013, Supermetrics provides marketers with the ability to consolidate data and automate reports, enabling them to use analytics to gain key insights for campaigns.
It has already grown to be a leading player in the space, with over 14,000 clients, including Fortune 500 companies and top-tier marketing agencies. Customers include Warner Brothers, Nestle, L’Oreal and Hubspot. Notably, it has been profitable since launch, with profit margins over 30%.
Supermetrics funding sees company move into data warehousing
The funding will enable Supermetrics to build on its success by expanding its capabilities to data warehousing, enabling marketers to store larger amounts of historic data, as well as bigger overall data sets, and use them to inform decisions.
This comes as the amounts of data being generated are higher than ever before, growing demand for data warehousing solutions in martech.
“Many of our customers are struggling with growing amounts of data and data sources they need to integrate,” said Mikael Thuneberg, chief executive and founder of Supermetrics.
“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 addition the company plans to expand further globally, focusing on Latin America, Europe and Asia-Pacific, as well as develop tools for other data-focused sectors, including HR and finance.
These combined plans have drawn considerable support from investors.
“We were impressed to see how Supermetrics has grown bottom-up by building a product that over half a million marketers love to use,” said Alex Lim, partner at IVP.
“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 organisations.”