InsightSquared has secured USD8m in series B funding from new investor DFJ and existing investor Atlas Venture, which seed-funded the company and led its series A.
Combined with previous funding rounds, InsightSquared has now raised a total of USD13.5m. The additional financing will allow InsightSquared to accelerate further development and reach of its Software-as-a-Service (SaaS) sales and marketing analytics product.
InsightSquared has added Court Cunningham, chief executive of Yodle, to its board of directors, and Mark Roberge, senior vice president of sales and services from HubSpot, to its board of advisors.
Within the last year, InsightSquared has achieved record results since its inception in 2011. By the end of 2012, annual revenue grew by six times compared to 2011. Hundreds of companies and thousands of users around the world now use InsightSquared to maximise sales performance, increase team productivity and drive more sales. The company has also increased its employee headcount to 50.
"We have rapidly increased our market share in sales analytics due to a disruptive and breakthrough product, exceptional workforce, reliable partners and loyal customers," says Fred Shilmover, co-founder and chief executive of InsightSquared. "The additional round of funding will help us expand even faster on all fronts as we continue to be the No1 provider of Salesforce Analytics for small and mid-sized businesses."
"It’s a transformative time for business management. Executives need fast and efficient data interpretation to implement programmes that drive the bottom line, yet legacy tools are complex, expensive and require specialised data scientists to operate," says Andreas Stavropoulos, DFJ managing director. "InsightSquared is disrupting the enterprise by simplifying data and making metrics actionable for all small and medium-sized businesses."
