Supermetrics, the data management and analysis tool for marketers, has raised €40 million in new funding.
Leading the round is Highland Europe, with participation from IVP, while the injection of capital will be used by the profitable Finland-based company for further expansion, including bringing data warehousing to the marketing sector.
Founded in in 2013 by Mikael Thuneberg, Supermetrics is a SaaS that helps marketers compile data in a “ready-to-use format” that is compatible with their data crunching and reporting tool(s) of choice. The idea is to provide a unified view of various disparate marketing data so that marketing teams and other stakeholders can see what is and isn’t performing — and more easily course correct or double down.
Supermetrics is also designed to be used by non-engineers, and without the need to add another codebase to a company’s IT stack.
“The problem is the growing amount of data that marketing teams have to work with and the fact that data is increasingly scattered across a growing number of platforms, channels and tools,” Thuneberg tells me. “It is hard to get a comprehensive view of the overall marketing performance, managing all that data becomes hard work. Many marketers still rely on manual processes like copy-pasting to collect their data together and to update reports. It is time-consuming, error-prone and boring”.
To remedy this, Supermetrics automates data transfers from more than 70 marketing data sources to tools like Google Sheets, Google Data Studio, Excel, data warehouses and various business intelligence tools.
“We build tools that take away that pain with automated data transfers and help marketers extract valuable insights from unified data,” says Thuneberg. “Using Supermetrics is very simple and you can get started with just a few clicks, not needing a lengthy setup process. We believe everyone should be able to get their hands on relevant data and use it to do their jobs better”.
In addition, about a year ago, Supermetrics expanded to data warehouses by launching its “Supermetrics for BigQuery” product. “Many of our customers are struggling with the volume of data they need to manage, and setting up a data warehouse can really help them solve many issues. We wanted to make that better available and more accessible to all marketing teams. Although setting up a marketing data warehouse with Supermetrics requires a little more technical know-how, we have stayed true to our philosophy and made it as simple and effortless as possible”.
Meanwhile, Supermetrics is disclosing that the company now has over 14,000 clients, from Fortune 500 companies to marketing agencies. It claims to be “highly profitable” and says it has consistently achieved profit margins of over 30%. Customers include Nestle, Warner Brothers, L’Oreal, Hubspot, and iProspect.
Thuneberg cites Supermetrics’ main competitors as Funnel.io, Adverity, Fivetran and Stitch (part of Talend). “There are also lots of smaller companies addressing the same general problem of marketing data fragmentation,” he adds.