By Alex Lim, Eric Liaw, Jake Storm, and Jules Maltz
IVP is excited to announce our investment in Supermetrics, the world leader in data integration tools for marketers, participating in a €40M Series B financing. We are thrilled to partner with Founder & CEO Mikael Thuneberg and the rest of the Supermetrics’ team on their journey to become a must-have platform for every data analyst in the world.
Here’s why we are so excited about Supermetrics:
Product-Market-Fit From the Start
Like many other great companies, Supermetrics’ founding story begins with frustration. While working as an analyst in Helsinki, Mikael was frustrated with the amount of time he spent downloading and cleaning marketing data for analysis. It is repetitive, soul-crushing work … that every analyst experiences daily! To solve his own problem, Mikael built an integration between the newly launched Google Analytics API to Excel … and it was so good, that Google sent him a free t-shirt for his troubles! Later, Mikael built the first Supermetrics product, and over time, Supermetrics has become a platform, extending its reach in terms of data sources (across Google, Facebook, YouTube, Twitter, etc.) and data destinations (Google Sheets, Data Studio, BigQuery, etc.), and has become a hugely popular tool, with over 500K users and 14K customers around the world.
Supermetrics Has Super Metrics
Digital marketing is a real-time, always-on global market. Marketers don’t have the time to wait for analysts to interpret data and provide recommendations, but also don’t have analytics tools to do it themselves. Due to their desperate need for a non-technical solution, marketers have flocked to Supermetrics and created one of the strongest combinations of growth and profitability we have ever seen. At the beginning of 2020, Supermetrics announced that it had grown 100% in a year to €20M ARR … all while maintaining 30%+ profit margins! As later-stage investors, we are accustomed to seeing companies burn tens of millions of dollars to reach the same revenue stage, so reviewing Supermetrics’ numbers was like a breath of (Nordic) fresh air! With this round, Supermetrics has plans to invest and double down on their growth, but we believe the start they have made puts them years ahead of the pack.
Plenty More In The Tank
What Supermetrics has built so far is incredible, but the potential of the company is even more exciting. Supermetrics is expanding its product beyond its roots into cloud data warehousing, one of the highest growth areas in technology today, and also looking to analyze and solve problems across functions like finance, sales, and HR. As a result, we believe that Supermetrics is riding the dual waves of data proliferation and self-serve enterprise technology, and can become a standard part of every analytics stack.
Finally, Supermetrics marks IVP’s third investment in Finland and third investment in Europe in 2020. During this pandemic and period of turmoil for the world economy, our belief in the global abundance of entrepreneurial spirit has been strengthened, and we have re-doubled our efforts to partner with the most promising founders anywhere. We believe that Supermetrics is a shining example of what can be achieved with technology around the world, and their future is even brighter than their past.
Alex Lim, Eric Liaw, Jake Storm, and Jules Maltz are Investors at IVP, a later-stage venture capital firm based in Menlo Park, CA.