The fresh funds will be used to expand the Berlin-based company’s product and engineering teams and accelerate product development.
Founded in 2014, ChartMogul offers a subscription analytics software, a nicely growing segment within the broader analytics and business intelligence category. Its solution helps more than 1,000 subscription businesses – ranging from global SaaS companies to monthly gift box subscriptions – centralize and analyze their critical business data to extract decisioninforming insights. ChartMogul offers more than 25 integrations to help customers import, enrich, segment and export their data. In September 2017, the startup launched its Revenue Recognition product, which helps finance teams automate much of the work needed to comply with new ASC 606 revenue reporting requirements.
ChartMogul launched its paid product in 2015, and has been growing more than 100% year over year. In July 2017 the company introduced a free tier of its product for early-stage companies with under $10,000 in monthly recurring revenue.
Nick Franklin, the CEO and founder of ChartMogul stated: “This infusion of capital will enable us to grow our product and engineering teams and double down on product development. We have a really exciting product roadmap, so we’re eager to make these additional investments and accelerate our journey toward realizing our broader vision: to build the first truly democratized SaaS analytics solution.”
The young company is also exploring location options for its first international office, which will be located in North America, where more than 60% of its customers are located.
Raffi Kamber, partner at the Paris-based VC firm Alven Capital, stated: “It has become crucial for businesses to understand, nurture and leverage their repeat customers; however, the required analytics tools still remain out of reach for a significant slice of the market due to a lack of time and technical resources available internally. We believe ChartMogul is in a prime position to address this market by offering an all-in-one analytics products to empower these companies to start extracting deep insight from their data.”