Customer data infrastructure company mParticle announced $150 million raised in series E funding this week. Led by Permira's growth fund — which backs a number of leading tech-enabled and digital businesses. The funding is set to support mParticle's continued expansion globally, along with significant research and development investment — as demand for customer data infrastructure continues to rise.
As a product, mParticle enables businesses to easily manage the massive amount of data volumes moving to and from sources, systems, application program interfaces (APIs) and applications. As a single API — developers, product managers and marketers can use mParticle to manage customer data along the entire product and customer life cycle. The API can also facilitate real-time syncing of customer data to over 300 analytics and marketing APIs.
"The acceleration of customer data connectivity is helping drive the digital economy to new heights," says Michael Katz, CEO of mParticle.
"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."
In addition to this week's funding announcement, mParticle also said that they have experienced rapid growth in the wake of COVID-19 — as digitization has accelerated, and consumer behavior has changed along with it. The company says that growth is the result of mParticle helping teams implement and deliver customer data strategies and enabling organizations to improve their data maturity. In 2020, the company's new APR grew approximately 50%, and climbed to over 100% in 2021.
As companies and organizations move beyond third party cookies and create more durable, privacy-friendly strategies, mParticle believes they also have the opportunity to create a data "flywheel" — where it says better data leads to better personalization, engagement and richer data.
Founded in 2013, the New York City-based company now looks to expand its services and reach as funding wraps up.