InsightSquared said on Tuesday that it has received $8 million in Series B funding. The investors were DFJ and existing investor Atlas Venture, which seed-funded InsightSquared and led its Series A funding. Also, InsightSquared has added Court Cunningham, CEO of Yodle, to its board of directors and Mark Roberge, HubSpot‘s SVP of sales and services to its board of advisors. Based in Cambridge, Mass., InsightSquared is a provider of analytics solutions for small and midsize businesses.
CAMBRIDGE, Mass. – June 4, 2013 – InsightSquared, provider of the #1 Salesforce Analytics product for small and midsize businesses (SMB), today announced that it has secured $8 million in Series B funding from new investor DFJ and existing investor Atlas Venture, which seed-funded InsightSquared and led its Series A. Combined with previous funding rounds, InsightSquared has now raised a total of $13.5 million. The additional financing will allow InsightSquared to accelerate further development and reach of its leading Software-as-a-Service (SaaS) sales and marketing analytics product.
InsightSquared also announced today that the company has added Court Cunningham, CEO of Yodle, to its Board of Directors, and Mark Roberge, SVP Sales and Services from HubSpot, to its Board of Advisors.
Within the last year, InsightSquared has achieved record results since its inception in 2011. By the end of 2012, annual revenue grew by 6x compared to 2011. Hundreds of companies and thousands of users around the world now use InsightSquared to maximize sales performance, increase team productivity and drive more sales. The company has also increased its employee headcount to 50, and was recently named one of the “Best Places to Work in Massachusetts” by the Boston Business Journal.
“We have rapidly increased our market share in sales analytics due to a disruptive and breakthrough product, exceptional workforce, reliable partners and loyal customers,” said Fred Shilmover, co-founder and CEO of InsightSquared. “The additional round of funding will help us expand even faster on all fronts as we continue to be the #1 provider of Salesforce Analytics for small and mid-sized businesses.”
“It’s a transformative time for business management. Executives need fast and efficient data interpretation to implement programs that drive the bottom line, yet legacy tools are complex, expensive and require specialized data scientists to operate,” said Andreas Stavropoulos, DFJ Managing Director. “InsightSquared is disrupting the enterprise by simplifying data and making metrics actionable for all small and medium-sized businesses.”
“InsightSquared is an innovator who brings the power of traditional enterprise-class business intelligence platforms to the small and mid-market businesses,” said Cunningham. “They are fundamentally leveling the playing field by offering a business analytics product that is truly simple and affordable. I wish that Yodle had InsightSquared when we were just a 50 employee company and I am excited to join such a promising and revolutionary company.”
“I think that InsightSquared is the most innovative product for sales managers and has been on the forefront of sales analytics for the past few years,” said Mark Roberge, SVP of Sales and Services at HubSpot. “Sales leaders that look toward metrics and process are outpacing their competition. InsightSquared equips the everyday sales manager with the discipline, insight, and accountability that yields the predictable, scalable results all companies strive for.”
InsightSquared is the #1 Salesforce Analytics for small and midsize businesses (SMB). Unlike legacy Business Intelligence platforms, InsightSquared can be deployed affordably in less than a day without any integration costs and comes preloaded with reports that real business people can use. Hundreds of companies and thousands of users around the world use InsightSquared’s award-winning analytics to maximize sales performance, increase team productivity and close more deals. Based in Cambridge, Mass., InsightSquared was recently named one of the “Best Places to Work in Massachusetts” by the Boston Business Journal. For more information, visit www.insightsquared.com.
DFJ is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ and the DFJ Global Network have had $7B committed to their funds and have managed more than 400 portfolio investments, including AdMob, Baidu, Box, Skype, Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer. DFJ works with companies at seed, early and growth stages, with the goal of creating iconic and lasting businesses. DFJ pioneers investing in emerging markets including consumer and enterprise information technology, digital media, and disruptive technologies. The DFJ Global Network is a federation of 16 independent venture funds operating on four continents that cooperate on investment diligence and co-investing. Learn more at dfj.com.
About Atlas Venture
Atlas Venture is a leading early-stage venture capital firm that invests in technology and life sciences companies. Since inception in 1980, we have helped build over 350 companies. Atlas is currently investing from its ninth fund. For more information, please visit www.atlasventure.com.