Customer Data Platform RudderStack Raises $56 Million Series B Funding
The investment will help the platform further develop its data stack technology to help marketers better understand their customers.
RudderStack, an industry-leading platform designed to help brands build customized customer data stacks, has announced it has raised $56 million in Series B funding. The investment was led by Insight Partners with additional participation from Kleiner Perkins and S28 Capital.
The new investment, which brings the company’s total funding to $82 million, will be used to accelerate company growth and fuel product innovations.
“The rise of the cloud data warehouse has made it, in theory, easier than ever to collect, process, and analyze customer data. However, in practice, engineering teams are struggling to support their organizations as they seek to derive more value from their data,” said Soumyadeb Mitra, CEO of RudderStack.
“At RudderStack, we enable data engineers to build future-proof customer data infrastructure. We are uniquely positioned to support companies that are simply looking to collect data from their website or application and send it to downstream SaaS destinations or those looking to employ predictive machine learning models to better serve their customers.”
Since the company was founded in 2019, RudderStack has provided users with a single platform for managing customer data pipelines. Its comprehensive solution features real time customer data streaming and integrations that help brands sync and manage their insights. In 2021, the company revenue and customer base grew by more than 300 percent.
Around the world, more than 13,000 enterprise brands such as Anhueser-Busch, Allbirds, Hinge, Tonal, and Crate & Barrel trust the platform to collect, upgrade, and activate their customer data.
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“What makes RudderStack unique is its end-to-end data pipelines for customer data optimized for data warehouses. This best-in-class architecture enables data engineers to eliminate data silos across teams and accelerates their ability to build data pipelines to unlock advanced analytics and machine learning use cases,” said Praveen Akkiraju, Managing Director at Insight Partners.
“We are thrilled to lead this round and join Souymadeb and his team as they build an amazing customer data platform and company.”