User experience (UX) analytics platform Contentsquare has raised a £45 million Series C round, just one year after raising its £31 million Series C, bringing its total funding to £91.76 million since 2016.
The round was led by French private equity firm Eurazeo, with previous investors, such as Highland Europe, also participating. It ensures the company can continue to grow its 320-strong workforce across five cities, and can scale its digital insights platform to more customers.
Contentsquare's platform offers customers the ability to see how users are interacting with their apps and websites through digital analytics. While most companies now understand the advantage and benefit of having analytics (if 90% of your users are dropping off your app after the initial onboarding, you know something is up), many don't use analytics to their full potential. Contentsquare's platform uses visual information and AI to identify drop-off points and bounce rates, allowing customers to improve conversation rates and up their revenue.
The company has offices in London, Paris, San Francisco, Munich and New York and was founded in Paris by CEO Jonathan Cherki in 2012. Since then, Contentsquare has gone on to be one of the largest in an industry worth almost $10 billion. Contentsquare plans to use this investment to further its research and development program, as well as expand its workforce by 150 employees and enter new markets in Asia.
"Now more than ever, enterprises understand that improving the digital customer experience is a matter of great importance," said Cherki. "With this new funding we are accelerating the development of our solution, leveraging deeper analytics to expand our insights and make them smarter. Online and offline, this will provide retailers and brands with a larger return on investment and help them to identify business opportunities, in addition to driving the new, decision-based era of digital experiences to our customers -- a critical factor in today's ultra-competitive digital landscape."
— Phil Oakley, Site Editor, TechX365