Philadelphia-based customer analytics and subscription platform Piano raised an $88 million round — a mix of both equity and debt — after growing revenue nearly 400 percent since the beginning of 2019.
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The new round consists of about $20 million in equity — led by existing investors Updata Partners, with supporting investments from Rittenhouse Ventures and LinkedIn — and approximately $68 million in debt from Sixth Street. The company has raised a total of $65.9 million in equity and $68.5 million in debt.
Piano’s platform is used by more than 400 media brands to help with the monetization of consumers through subscriptions and advertising. While about 80 percent of the company’s business is from media companies, CEO Trevor Kaufman said Piano has started to expand into verticals such as health care, financial services and transportation as all businesses look to use consumer data better to help drive revenue growth.
“First-party data about customers is more important than ever before, and how you act on it is also more important than ever,” Kaufman said.
Part of the company’s growth has been courtesy of recent deal-making. Piano raised a $22 million Series B in January 2019 ahead of buying Norway-based data management platform Cxense. Then in March of this year, Piano acquired France-based analytics platform AT Internet.
Kaufman said part of the new round went to help with the AT Internet transaction and the 630-person company also plans to use some of the proceeds to continue to add capabilities to the product as it faces off with large tech giants like Google and Adobe in the web analytics market.
Jon Seeber, general partner of Updata Partners, said while there may be large competitors in the space, Piano is the only one focused on the market and the enormous opportunity it presents.
“We are solving a very different and specific set of problems and the others do it in such a broad way,” he said “This opportunity is just so expansive.”
Illustration: Li-Anne Dias.
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