Mixpanel, a service that offers analytics for websites, apps and other products and services, said it has raised $ 200 million in a Series C funding round, bringing the company’s valuation to $ 1.05 billion.
That makes Mixpanel a “unicorn” or a startup worth over $ 1 billion. The funding comes at a time of explosive growth in analytics used by companies to measure the user experience. As the pandemic continues, more companies need to rely on digital channels for their business, and customer experience has become a key to success.
The idea behind Mixpanel is that product teams can identify the paths and features that users take. The product seeks to help companies retain users and increase conversion.
Funding to drive UX development
The investment was led by Bain Capital Tech Opportunities and is intended to help Mixpanel accelerate product development, the company said.
“Digital products reinvent how we live our lives. From last-mile deliveries to fintech to modern media companies, we are seeing an explosion of innovation,” said Amir Movafaghi, CEO of Mixpanel.
To become a leader in the product analysis market
The product analytics segment is in a state of growth, with researchers expecting the size of the global analytics market to reach $ 29.7 billion by 2027, rising by a CAGR of 20%, according to Research and Markets. Other key players in the market include Amplitude, Heap, Pendo and ImpactProduct.
MixPanel was early on offering a simple and user-friendly solution designed to enable non-technical users to gain operational insight, as opposed to a tool like Amplitude designed for data scientists who can handle complex configurations.
At the same time, Mixpanel is trying to differentiate itself from tools like Heap, which lacks features like push notifications, as well as other products that try to implement closed ecosystem integrations.
Movafaghi said companies do not want to log on to monolithic platforms trying to supply the entire technical stacks of the market. The best players integrated with each other can deliver more value, faster, Movafaghi said, and Mixpanel aims to be the preferred product analysis tool.
Mixpanel has the answers
Today, Mixpanel says it answers 70 million product questions a month about how users interact with their sites and apps. This number has grown significantly since the start of the pandemic with weekly active users increasing by 72% since the beginning of 2020 and monthly subscriptions increasing by 57% year-on-year.
The solution itself is dashboard-driven, enabling users to analyze product usage with graphs and charts that describe behavioral trends and highlight which days users are most active, which types of content result in the highest user retention, and average order values.
Mixpanel offers more than 90 integrations with third-party vendors, including Snowflake, Twilio Segment, mParticle, Fivetran, Census, Hightouch, RudderStack, Iterable and OneSignal.
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