mParticle, a customer data infrastructure company, has raised USD150 million in Series E funding, led by Permira’s growth fund which backs leading tech-enabled and digital businesses.
The existing investor base also participated in the round alongside new backers including former Adobe CFO Mark Garrett and New England Patriots All-Pro punter Jake Bailey. The funding will support mParticle’s continued global go-to-market expansion, as well as significant R&D investment as demand for customer data infrastructure continues to accelerate. With the round, Daniel Brenhouse, Principal at Permira, will join the mParticle Board of Directors.
Creating truly adaptive, privacy-friendly digital experiences is becoming a universal brand mandate, but companies wrestle with several customer data challenges that inhibit success. Solving challenges around data quality, governance and connectivity are the precursor to making sure that digital experiences are relevant & personalised, as well as privacy compliant.
mParticle enables businesses to easily manage the immense growth of data volumes moving to and from sources, systems, API’s and applications. Using a single API, developers, product managers and marketers can manage customer data along the entire product and customer life cycle while also addressing challenges such as data quality and governance. Additionally, mParticle accelerates the time to value realisation by facilitating real-time syncing of customer data to over 300 analytics and marketing APIs.
“The acceleration of customer data connectivity is helping drive the digital economy to new heights,” says Michael Katz, CEO of mParticle. “These days, teams are trying to do more with less and the brands that are winning are focused on improving the trust quotient with their customers by creating better interactions driven by better data, privacy controls and open ecosystem approach. Our partnership with Permira and the latest funding will help us deliver the solution to these challenges, to more brands, at a rapid global scale.”
In the wake of Covid-19, as digitalisation has accelerated and consumer behaviour has permanently changed, mParticle has experienced rapid growth, helping teams implement and deliver innovative customer data strategies. New ARR grew approximately 50 per cent in 2020 and has accelerated to over 100 per cent year over year in 2021.
Improving data maturity within an organisation has shown to materially impact growth for mParticle’s customers. Household brand names such as NBCUniversal, Giant Eagle, Route, Airbnb, Drybar, Dave and Buster’s and hundreds of other leading brands have all selected mParticle to implement and execute their customer data strategies. mParticle’s customer data infrastructure helps these teams improve personalisation by connecting the right data to the right systems in real-time.
“mParticle is solving a foundational data quality problem facing marketing organisations. We are thrilled to lead this investment as Michael, Andrew and the team look to supercharge their phenomenal track record of innovation in a rapidly expanding customer data platform market,” says Daniel Brenhouse, Principal at Permira. “Many of Permira’s most sophisticated consumer-facing companies are major promoters of mParticle and we are beyond excited to back the widespread adoption of its technology into organisations across sectors and sizes,” he continued.
Chris Caguin, Investment Professional at Permira, says: “mParticle is a pioneer in customer data infrastructure and we’re excited to lead the Series E financing. mParticle is the future of the CDP market with its unique best-in-class platform; enterprise-grade capabilities; and an industry-leading feature set across integration, ingestion, security and governance. We’re excited to partner with Michael and his team to accelerate the company’s product roadmap, growth initiatives, and continued innovation.”
Caguin will join the mParticle Board of Directors as a Board Observer following the transaction.
