Stockholm-based Funnel, a software company delivering automated data collection and transformation software to advertising and marketing business users, has raised €7 million. The round was led by Oxx, with participation from existing investors including Balderton Capital, Industrifonden and Zobito also participated in the round.
Founded in 2014, Funnel’s customers include e-commerce companies, media agencies, consumer brands, B2B software companies, mobile apps, and gaming companies which benefit from timely, accurate and highly automated reporting of advertising and marketing data. With software integrations to over 400 advertising and marketing data sources, and having developed powerful data mapping tools, Funnel allows business users to collect, transform, and feed accurate data into any selected data warehousing, business intelligence or visualisation software in a highly automated fashion.
Funnel also allows business users to perform data tasks that would otherwise require a developer or analyst. Since raising funding in 2017, the company has expanded its industry-leading advertising data connectivity to include many types of marketing data (including CRM, ecommerce, SEO, email and payments), offering an enterprise-grade data connectivity suite to its customers.
“We are very excited to be investing in Funnel, a business with a fantastic team and product, as well as great momentum,” said Mikael Johnsson, Oxx General Partner. “Funnel’s strong growth and excellent customer feedback is the result of a great product that solves a significant challenge for many businesses: reporting accurate marketing data in a timely way. Funnel is exactly the type of business we at Oxx are looking to back: a high-performing B2B software business solving a significant problem, with global potential.”
With the average marketing organization reporting using 15 data sources, up from 10 data sources two years ago, and with half of the worlds advertising now digital and measurable, the market for Funnel is expanding rapidly.
Funnel will use the investment to accelerate growth and continue to expand internationally, including in the United States, where the company opened an office in 2016 and has since seen strong demand.
“At the stage of rapid growth and international expansion that Funnel is now in, it is valuable to work with a specialised and experienced B2B software investor like Oxx, that can help take the company to the next level,” said Fredrik Skantze, Funnel CEO. “Mikael Johnsson has already provided us with valuable advice and guidance for a number of years and we are pleased to now further cement the relationship with this investment by Oxx.”
