Glassbox, a developer of tools for companies to analyze their customers’ online experiences, announced it has raised $40 million in a Series C funding round.
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Software-focused investment firm Brighton Park Capital led the financing, which brings total funding to date for 10-year-old Glassbox to $70 million. Existing investors Updata Partners, Ibex Investors, Gefen Capital and CEIIF also joined in the round.
Glassbox plans to use the funding to expand teams globally, as well as invest in product development. Headquartered in London, the company maintains offices in New York and in Israel, where it was founded.
The new investment follows record-setting annual revenue for Glassbox in 2019. Revenue was also up in the first quarter of the year. The company declined to disclose total sales but did note that annual revenue was in the tens of millions of dollars in 2019.
Coming months, needless to say, will be challenging times for the global economy. But although more customers will be in cost-conservation mode, Glassbox sees some areas of stepped-up demand for its products. As more consumers and business customers shift once offline activities online, service providers will need tools to gauge and improve their digital experience.
Historically, Glassbox’s tools have been used by medium to very large enterprises mostly in the financial services and insurance industries. However, the company says its offerings can cater to a wide range of industries including health care, telecommunications, travel, hospitality and business services.
Illustration: Li-Anne Dias