US-based customer data software developer mParticle, which counts internet and technology conglomerate Alphabet as a backer, secured $150m in series E funding yesterday.
The round was led by private equity firm Permira’s growth fund and filled out by private investors including Mark Garrett and Jake Bailey.
Founded in 2013, mParticle provides software that uses customer data to personalise advertising campaigns while still adhering to privacy rules, balancing an ever-increasing influx of data with governance standards while maximising quality.
Proceeds from the round will be used to boost global expansion and support the company’s research and development activities. It claims its annual recurring revenue grew by 50% in 2020 and by over 100% so far this year.
Growth equity firm Arrowroot Capital led mParticle’s $45m series D round in March 2020, following a Harmony Partners-led series C that closed at $35m in 2017 and which also featured Bain Capital Ventures and Social Capital.
Bain Capital had co-led a $17.5m series B round for the company in October 2016 with Social Capital, which had itself led a $15m series A round the previous year that included Bowery Capital, Eniac Ventures and Golden Ventures.
GV, the corporate venturing subsidiary of Alphabet then known as Google Ventures, invested in mParticle’s $3m seed round, in 2013, which was led by Bowery Capital and filled out by Greylock Partners and several angel investors. It had raised a total of $6m as of late 2014.
Michael Katz, mParticle’s chief executive, said: “The acceleration of customer data connectivity is helping drive the digital economy to new heights.
“These days, teams are trying to do more with less and the brands that are winning are focused on improving the trust quotient with their customers by creating better interactions driven by better data, privacy controls and open ecosystem approach.
“Our partnership with Permira and the latest funding will help us deliver the solution to these challenges, to more brands, at a rapid global scale.”
