Marketing tech startup Supermetrics has raised €40 million for its Series B round, the company announced late Monday.
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Highland Europe led the Series B round, which converts to roughly $47 million and included participation from IVP. Other investors in the round include OpenOcean, with participation from Datadog Chief Product Officer Amit Agarwal, and Supercell CEO Ilkka Paananen.
Supermetrics, which is based in Finland, pulls data from various sources into one place so that marketers can get a fuller picture of performance. The company counts businesses like Warner Brothers, L’Oreal and Nestle among its customers.
This company is a bit different from the startups we usually cover for another reason—it says it’s profitable, with margins above 30 percent.
“This is another European B2B software company. I think you’re starting to see an emergence of great European entrepreneurs and founders who are focused on the enterprise, and I think that’s only going to continue,” IVP partner Alex Lim said in an interview with Crunchbase News.
IVP discovered Supermetrics after investing in other companies in Helsinki, including Supercell, and hearing from its portfolio companies that they were using Supermetrics for their own work, Lim said. IVP met with the company in Finland during the first week in March—the last business trip for the venture capital firm before COVID-19 effectively shut down international travel from the United States.
Supermetrics’ performance metrics were impressive, and there’s plenty of opportunity for the company to expand, according to Lim.
“Marketers are transitioning from a brand world to a very, very data driven world,” Lim said. “So I think there’s plenty more products they can build to help marketers with those problems.”
Supermetrics last raised money with its €3.5 million Series A in November 2017, per Crunchbase.
Illustration: Li-Anne Dias
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