Tuesday Feb 4, 2014 by Keith Cline - Founder, VentureFizz
This morning, Localyitics, the Boston-based mobile/web app marketing and analytics platform, announced a $16M Series C round of funding. The most recent round was led by new investor Foundation Capital and was joined by Polaris Partners, who has participated in previous funding rounds.
The $16M Series C brings the Techstars alum’s total funding to $25 million. Localytics plans to use the new investment for product development, sales and customer service, and international expansion.
When VentureFizz spoke to CEO Raj Aggarwal at the end of last year, he was very excited about what the company was up to and where Localytics was going next.
The company was built by a team with experience working for Microsoft and Apple in the early days of mobile application and web application development.
“We set out to build the world’s most powerful analytics solution, “ he said, adding, “which we did, and from there, it was figuring out what do we do with the data we are getting.
“The big opportunity ended up being the marketing platform that ultimately increased app users’ experience,” Aggarwal explained.
“We are now a real time service that collects data at a granular level.”
Localytics is one of those local companies that many people expected big things from in 2014 after a successful 2013.
Last year, the company tripled its revenues for the fifth straight year and added new customers such as ESPN, Clear Channel, and SoundCloud. Localytics, which is now used by more than 5,000 companies, also opened new offices in San Francisco and London in 2013.
In the press release announcing the funding, Aggarwal said, “The app business has grown up and today our customers’ goals are squarely focused on using apps to drive engagement and long-term loyalty – the ultimate keys to monetization.”
“The Localytics platform has proven itself over and over,” he added, “as evidenced by our steady growth. With this injection of capital we will continue to enhance the platform, expand our business internationally and deliver even more value to our customers.”
Ashu Garg of Foundation Capital commented, “Businesses are operating in a world transformed by the app experience…In 2014, the winners will be those that can leverage insights from both mobile and web for competitive advantage across the entire marketing chain.”
“Localytics is uniquely positioned to serve these companies.”