Funnel, a no-code platform that helps marketers handle their disparate data, announced this week that it raised $66 million in what it has described as a “pre-IPO” funding round. The investment was co-led by The Fourth Swedish National Pension Fund (AP4) and Stena Sessan, and rounds out several years of growth.
Founded in 2014, Funnel is tackling a problem that is decades in the making. Over the years, marketing has become a massively digitized space, trading in print and television ad campaigns for social media and pop-ups. Today, the startup says about 60 percent of companies’ marketing spending goes toward digital, which means it is incredibly important that it gets properly tracked.
That’s where Funnel comes in. The platform’s pre-built connectors gather all the data marketers need so they can easily analyze the performance of any given ad campaign with the help of visualization tools. It also automatically curates the data so marketers and analysts can get real-time insights without having to know how to code or lean on IT teams.
“Back in 2014 it was mostly e-commerce and app companies that cared about measuring digital marketing performance. Now, it is top of mind with virtually every marketing organization, something that is evident with our customers and has driven our strong growth,” Funnel co-founder and CEO Fredrik Skantze said in a statement. “With AP4 and Stena Sessan we are bringing two large public market investors onboard, and we look forward to working with them as we prepare to take the company public.”
Funnel says this will be its last round of private funding before it makes an initial public offering in its home country of Sweden. The startup has about 200 employees across its HQ in Stockholm and office in Boston. It also has about 1,200 customers, some of which are major U.S. brands like Home Depot and Sketchers.
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