LinkedIn, the professional social network subsidiary of software producer Microsoft, has backed a $88m round for Piano, a US-based provider of analytics, personalisation and subscription software.
The round was led by growth equity firm Updata Partners and included venture capital firm Rittenhouse Ventures.
The round consisted of $20m of equity and around $68m of debt funding supplied by investment firm Sixth Street, according to Crunchbase News.
Founded in 2016, Piano assists media companies and consumer brands in building audiences and increasing revenue through a suite of software products that cover advertising, personalisation, subscription management and analytics.
The company will use the financing to drive business growth, primarily in the areas of data and analytics.
Piano’s revenue has grown by almost 400% since it raised $22m in a series B round led by Updata in January 2019.
Scott Roberts, vice-president and head of business development at LinkedIn, said: “Members are increasingly turning to LinkedIn to stay informed on the news and views that shape their respective industries – critical to this is the work we do with trusted publishers and journalists.
“The opportunity to collaborate with Piano to help unlock more value for publisher content on LinkedIn makes it a natural strategic investment opportunity.”