Simon Data raised $30 million in its Series C round, smaller than the average funding round for a company at this stage this year ($46 million for all Series C rounds since January 1, 2019, per Crunchbase data), but still among the higher rounds for startups operating in its sector.
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The New York-based startup, which consolidates companies’ data from different marketing tools to increase sales and retention, competes with the likes of the Boston area’s Evergage ($26.3 million in total funding), London’s Exponea ($38.9 million) and San Francisco’s Leadspace ($56 million).
Simon Data, which counts Equinox, Venmo and WeWork among its customers, has doubled its client count in each of the past two years, according to the company.
The new round, which was led by Polaris Partners, brings the company’s total funding to $59 million, according to Simon Data. Simon Data’s $30 million round was preceded by a $8 million Series A in December 2015 and a $20 million Series B in July 2018. Polaris also backed its Series B.
Overall, the marketing stack for a typical SaaS startup is increasingly complicated. Modern marketing departments are expected to juggle multiple advertising channels (social media, email, and outdoor advertising) as well as a multitude of data stores from Google Analytics to customer relationship management platforms. To manage these services cohesively, and accurately, is no small task and often requires development resources—an expensive ask. Those startups that make organizing and siloing marketing data into one platform could win big, likely justifying investor interest in the space.
“There’s a massive opportunity for businesses of all sizes to drive better customer experiences through data,” Simon Data CEO Jason Davis said in a statement. “Yet so many businesses today—in particular those at scale—are unable to leverage the heavy investments they’ve made in data science and infrastructure. We built Simon in partnership with high-growth, data savvy businesses that are defined by their ability to create amazing customer experiences. Our enterprise partners are now realizing the benefits of that approach.”
Perhaps. But to the CEO’s credit, Simon’s customer growth helps make his prediction seem reasonable. More when a company in the space raises again.
Illustration Credit: Li-Anne Dias