US-based analytics software producer Mode has secured $23m in series C funding from investors including REV Venture Partners, the corporate venturing unit formerly known as Reed Elsevier Ventures, TechCrunch reported yesterday.
REV, a subsidiary of information and analytics services provider Relx, joined growth equity firm Valor Equity Partners, which led the round, and venture capital firm Foundation Capital. It boosted the company’s overall funding to $50m according to TechCrunch.
Mode has built a software platform that helps data analysts collaborate with each other on projects while organising work and sharing data more easily. The series C cash will be used to add features to the product and increase the size of the company’s team.
David Obrand, a partner at Valor Equity, will join Mode’s board of directors in conjunction with the round, having previously worked with co-founder and CEO Derek Steer at Yammer, the enterprise social network acquired by Microsoft in 2012.
Formation 8 led Mode’s $2m seed round in 2014, participating alongside Goldcrest Investments, Panorama Point and various angel investors, before the company added $7.5m in a 2015 series A led by Foundation Capital that included Goldcrest and Arnold Capital.
REV Venture Partners subsequently led a $13m series B round for Mode in 2017 that also featured Foundation Capital and Goldcrest Investments.
