Funnel, a Stockholm, Sweden-based-based SaaS martech data platform provider, raised $10m in Series A funding.
The round was led by Balderton Capital with participation from existing investors Industrifonden and Zobito. In conjunction with the funding, Suranga Chandratillake, general partner at Balderton Capital, will join Funnel’s board.
The funding will be used to develop the Funnel product beyond advertising platforms to any type of marketing data and to continue the company’s expansion in the US and Europe.
Led by Fredrik Skantze, co-founder and chief executive officer, Funnel provides a SaaS-based platform that allows marketers to automate their online marketing data from all platforms in real time, so that they can more accurately analyze their online marketing spend.
The platform collects both organic and paid data to a customizable dashboard and allows companies to get a more accurate picture of whether their marketing activity is performing. Funnel connects to 250 different advertising platforms and also works with Google Analytics, Google Data Studio and Google Sheets.
Customers include Farfetch, Made.com, Daniel Wellington, NA-KD, Footway, Article, Northern Brewer, iZettle, CrowdCube and other media agencies.
What sets Funnel apart is that it is compatible with any advertising platform a customer uses. Even if the platform is not currently supported by Funnel, it can be added immediately at no additional cost. Other software products either offer a limited set of supported platforms or offer tools that require a developer or technical person to help with the integration. This means that marketing teams cannot get automated access to their data.
Funnel employs over 30 people in Stockholm and Boston.