After two years of building its platform, San Francisco-based Specto has launched with a $3.25 million seed round as it looks to help companies bring a better mobile experience to their customers.
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The round included investment from Susa Ventures, Fuel Capital, Bain Capital Ventures, Liquid2 Ventures, SV Angel1, Mike Vernal and Mary Pimenova.
Specto’s platform aims to give customers data and analytics around their mobile app performance at a granular level — such as startup time, interaction metrics and its ability to perform on new operating systems — helping companies make the most of an exploding mobile market, said founder and CEO Jernej Strasner.
“Mobile spending is so big, companies can’t leave that money on the table,” Strasner said.
To that point, Strasner said, it is estimated mobile spend in the app stores was about $140 billion last year, while mobile advertising spend approached $240 billion.
Strasner spent four years at Facebook, helping the social media giant develop its own in-house mobile performance measurement tools. It was then he realized the importance of such a platform and the lack of mobile-native tools on the market.
Chris Howard, founder and general partner at Fuel, said most tools on the market to measure mobile performance are adapted from platforms that do the same for web applications — which are very different.
“This is specifically for mobile and that was attractive to us,” he said.
Strasner said he looks at a company like Firebase — which was acquired by Google in 2014 — as a company being in the same mobile performance space, but few companies exist that are as mobile-centric as Specto.
Although the company is just launching, it does have “tens of customers” already using the platform, Strasner said. Specto will use the new money to build up its seven-person team and push its go-to-market strategy, he added.
Strasner said he believes the company will likely look for a Series A in about 12 to 18 months, and has even been approached by “large technology companies” showing interest in what the company is doing. However, Specto has no desire to sell and is looking to build on what it believes is a significant market.
“This is a massive opportunity,” Strasner said. “We can build a large company in this space.”
Illustration: Li-Anne Dias.
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