US-based customer data technology provider Segment has secured $64m in a series C round co-led by GV, the corporate venturing unit formerly known as Google Ventures.
GV, a subsidiary of internet and technology conglomerate Alphabet, co-led the round with accelerator operator Y Combinator’s Continuity Fund, while Accel, Thrive Capital, SV Angel and New Enterprise Associates also participated.
Segment has built a software platform used by more than 300,000 websites to track and manage customer data, and its technology is used for data collection by some 6,000 apps including grocery delivery platform Instacart and daily fantasy sports platform DraftKings.
The funding will be used for product development, as Segment looks to add analytics functions that can streamline the considerable amounts of data it collects in order to make it more accessible to its clients.
Peter Reinhardt, Segment’s CEO, said: “Segment sits at the centre of the marketing-tech ecosystem, and this investment will help accelerate our core platform development as we centralise the data flowing through our platform and expose it in new structured ways.
“We are just at the beginning of the enormous opportunity to help businesses all over the world use their customer data effectively to build better products and experiences.”
Segment has now raised $109m since it was founded, with Thrive Capital, Accel, Kleiner Perkins Caufield & Byers and private investor Jon Winkelried having contributed to its $27m series B round in October 2015. E.ventures is also among the company’s past investors.