This morning, Heap, a company that works in the analytics space, announced it has raised a $55 million Series C. The round, led by NewView Capital, brings Heap’s tally of outside capital to a total of $95.2 million.
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In a phone interview with Crunchbase News, CEO and co-founder Matin Movassate revealed that the six-year-old company doubled its revenue “over the course of the past year,” but declined to say if the company was yet profitable. He also noted that Heap has twice the number of employees today (150) as compared to one year ago (75).
The new funds will be used in part to continue expanding the company’s team. Heap intends to “roughly double” its staff to 300 over the next 18 months with new hires in its product, engineering, and go-to-market departments. The company is based in San Francisco but has offices in New York and Salt Lake City. It also plans to use its new capital to expand internationally. In particular, Heap is looking to build a presence in Europe later this year.
The company aims to let users quickly import their usage data into Heap, and have its own code create a regular drip of insights, as noted by EIC Alex Wilhelm at the time of the company’s last raise. Movassate started the company based on his experience in analytics at Facebook, which he left in 2012.
The benefit of Heap is the speed at which its customers can collect, manipulate, and analyze data. Rather than wait weeks for engineers to instrument the application, “write a bunch of tracking code,” and then analyze it, Heap’s self-serve interface “allows a PM to go in and set up events so they can immediately analyze and get insights themselves,” Movassate told Crunchbase News.
Today, Heap has over 7,000 customers ranging from small startups to Fortune 500 companies. Most are either financial services, SaaS or ecommerce companies, noted Movassate. They include: Twilio, WeWork, Microsoft, Esurance and Amazon, among others.
Ravi Viswanathan, managing partner of NewView Capital, has been involved with Heap since NEA made its initial investment in the company in 2015. Late last year, NEA spun out New View, and Heap marks one of the first new investments he made out of the new firm. New investors Deutsche Telekom Capital (DTCP), Maverick Ventures, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, and SharesPost participated in this latest round as well as existing investors NEA, Menlo Ventures, Initialized Capital, and Pear VC. (The Y Combinator-backed company raised $2 million in 2013, $11 million in 2016, and $27 million in 2017.)
“When first investing at NEA, we had been looking at this whole trend of data, analytics and insight,” Viswanathan told Crunchbase News. “We found that there wasn’t really a lot of mixed generation solutions out there. But there was this fundamental shift taking place in how customers think about their data, and wanting insight as fast as possible. Then, we found Heap.”
Viswanathan joins Heap’s board as part of the investment.