Morning Report: Heap announced a $27 million Series B today. It comes after the company tripled its revenue in 2016.
This morning Heap, a company that works in the analytics space, announced that it has raised a $27 million Series B. The round, led by Menlo Ventures, brings Heap’s tally to a total of $40 million of outside capital.
In an interview with Crunchbase News, founder Matin Movassate disclosed that the company roughly tripled its revenue last year, but declined to share specifics or other financial metrics.
The new funds will be used, as nearly always, to expand the company’s team. Heap, which currently has around 40 employees, intends to double that figure by the end of 2017. The company is based in San Francisco but does have some remote workers. (If you are a regular reader of these pages, you know how common that setup is today.)
The Y Combinator-backed company raised $2 million in 2013 and $11 million in 2016, the latter of which Menlo Ventures took part in and NEA led. The company’s Series B is the reverse, with Menlo leading and NEA participating.
Heap’s goals, when the company describes them, is interesting. It wants to let users quickly import their usage data into Heap, and have its own code create a regular drip of insights— paraphrasing Movassate from my notes.
I’m old enough to remember a time in which $27 million would have been quite a large Series B. It’s up to Heap to now mature its business enough with the cash to avoid the valuation trap that is all the rage these days.
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