Mixpanel, a product analytics solution powering nearly 6,000 of the world’s most innovative digital companies, has secured a USD200 million Series C growth investment from Bain Capital Tech Opportunities. The funding was raised at a USD1.05 billion valuation.
To date, USD277 million has been invested in Mixpanel, including its previous USD65 million Series B investment led by Andreessen Horowitz in 2014.
The investment will be used to accelerate product development and expand Mixpanel’s reach to new digital-first businesses, which already include customers like Discord, Monday.com, Noom, and Xero. Mixpanel plans to scale its team in North America, EMEA, and Asia-Pacific over the next 12 to 18 months, with an emphasis on go-to-market, product, and engineering.
“Digital products are reinventing how we live our lives. From last-mile deliveries to fintech, to modern media businesses, we’re seeing an explosion of innovation,” says Amir Movafaghi, CEO at Mixpanel. “Mixpanel is an enabler of this change. We help product development teams rapidly understand what matters to the users of their products and services, so they can build better digital products centred around the customer experience.”
“This investment enables us to partner with an experienced global technology investor in Bain Capital Tech Opportunities, and is a validation of our long-term product-led growth strategy,” Movafaghi says. “With this investment, we have the backing we need to win the massive product analytics market.”
“Mixpanel is at the forefront of bringing the analytics revolution to product development teams across the globe. The business has a hyper-focused strategy to continue investment in its core product analytics solution, and the management team is maniacally focused on delivering maximum value for customers — that’s a winning combination,” says Dewey Awad, a Managing Director at Bain Capital Tech Opportunities. Bain Capital Tech Opportunities has deep, firmwide experience in enterprise software, having invested in and scaled a wide range of global software companies including A Cloud Guru (acquired by Pluralsight), Buildertrend, BioCatch Ltd, Hudl, and When I Work.
“I’ve managed a lot of software vendors over the years. Most of them were products that people used because they had to, but Mixpanel is one of the few that people actually love using,” says Steve Davis, Former Senior Vice President & General Manager of Data & AI at Expedia Group and current Chief Technology Officer at Babylon Health.
“We have surveyed and spoken to hundreds of Mixpanel customers. The feedback has been palpable on the depth of the analytics and the ROI that engineering, product, and design teams achieve from leveraging Mixpanel to make data-driven decisions,” adds Scott Kirk, a Partner at Bain Capital Tech Opportunities.
