Simply Measured’s $8 Million Venture Round: Why We Raised and What It Means
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We have not one, but TWO exciting pieces of news to share today. We already talked about the first – our new Google Analytics reporting. For the second act, I’m here to talk about our $8M financing led by Bessemer Venture Partners (BVP) with MHS Capital and existing angels participating.
Instead of talking about all the cool things you can do with $8M (like buy 3 Bugatti Veyrons or 1 studio apartment in San Francisco), I figured that I would share more about why we made this decision and what it means for the future of Simply Measured.
You see, we’re a bit different than a lot of other startups that you see announcing venture rounds – we didn’t actually need more money to keep the lights on. Thanks to our amazing team and incredible customers who’ve believed in us from the beginning, we were able to build a self-sustained, growing, profitable company before raising a large venture round. Being in this rare position meant that we had a clear choice: keep growing organically on the company’s revenues or raise additional capital to grow faster.
Why We Raised: Thinking Big
The driving force behind our decision comes from our team’s desire to think big about Simply Measured. As Aviel likes to say, “we have an obligation to build the best product possible for our customers.” We realized that we had the opportunity to think very big about our business. Monster truck rally big. NASDAQ big. This capital gives us the flexibility to turn our big thinking into action. We also saw value beyond the cash in our VC partners. Since our last funding, we have benefited hugely from having MHS Capital on our team along with a great group of supporting angels. In BVP we saw a fantastic track record in SaaS and an investing approach that was well-aligned with our team. Not only are the BVP guys data geeks like us, but they also share in our values, passion for the problem we’re solving, and desire to think big.
What it Means: Thinking Long Term
You’d better get used to us because we’re going to be around awhile! The result of this big thinking is that we’re able take a long-term view of the company. Everyone at Simply Measured is having a lot of fun and loves coming to work every morning – we want to keep marching forward for a long time to come. More tactically, this primarily means three things:
2. Investing in product and technology. First and foremost, this means that we’ll be applying our reporting-as-a-service approach to more data sources and use cases. Our Google Analytics integration is a big step forward on this front, but it’s only the beginning. We’ll also be investing in our platform to make reporting faster, more interactive, and more flexible.
3. More time spent helping our customers. Early on, nearly everyone on the team was working on the product. We’ll be growing our customer-facing teams to provide better support, help customers get more value from our product, and be able to serve all the new demand that comes our way.
It’s extremely humbling to have come from our founding as “Untitled Startup” to reach this exciting milestone. The scrappy, entrepreneurial foundation that got us here won’t disappear, but now we have the chance to drive toward something great. Thanks for all your support getting us to this point – it’s only the beginning!
Thank you, Adam Schoenfeld CEO & Co-Founder Simply Measured