Qubit raises $26 million Series B led by Accel

Ecommerce technology company Qubit has raised a $26 million Series B investment led by Accel Partners. Original investor Balderton Capital and Salesforce Ventures, Salesforce.com’s corporate investment group also participated.

PRESS RELEASE

Qubit, the ecommerce technology company, has today announced a $26m Series B investment led by Accel Partners, with participation from original investor Balderton Capital and Salesforce Ventures, Salesforce.com’s corporate investment group.

Qubit provides an integrated personalization platform to ecommerce businesses helping them drive cutting edge customer experience for their online users.

The investment will be used to fuel rapid expansion of Qubit’s presence in the US and accelerate its ongoing programme of product innovation. As part of the investment Bruce Golden, an early investor in NASDAQ-listed companies such as Qliktech, Comscore and Responsys, will join Qubit’s board where he will join Balderton’s Bernard Liautaud, founder of Business Objects.

Ecommerce continues to expand at a double-digit growth rate globally. Behind the investment in Qubit, which achieved 260% year on year growth in sales in the six months to June 2014, lies an increasing recognition that website personalization and optimization are key levers for growth. Marketers recognize the need to serve highly-personalized content to their customers in real-time, based on an integrated data platform and constant A/B testing. Hundreds of the leading names in global ecommerce already take advantage of Qubit’s applications, including Hilton Hotels, Jimmy Choo, Staples, Farfetch, Topshop and Uniqlo.

Qubit’s personalization platform collects detailed information about users’ interactions with a website and analyses it to identify patterns of behaviour that drive revenue and inspire business-wide optimization decisions.

The company’s integrated suite of products provides the ability to optimize the online experience whilst making web data available throughout the whole business. The suite includes personalization and A/B testing, audience segmentation, digital analytics and tag management. These applications allow marketers to optimize and test websites in real-time, without the need for specialist IT resource, helping drive rapid and sustained ROI.

Qubit’s unique technology stack is built on a unified visitor data hub processing more than 1.5bn online customer events every day, enabling its clients to understand their visitors’ behaviour and build profitable relationships with them.

Bruce Golden said: “Qubit is the solution of choice for businesses trying to develop a 360 degree view of their customers and prospects, then converting that insight into actionable personalized content and offers to drive real uplift.

“We have been hugely impressed by the Qubit team’s deep expertise in online marketing and their ambitious product roadmap.”

Bernard Liautaud said: “We are happy that Accel and Salesforce now join us in supporting Qubit’s rapid growth. Since we invested in Qubit in 2012 they have built a world-class integrated data platform, grown to be the leader in their sector in the UK and made a successful entry into the US market.
Graham Cooke, Qubit’s CEO and co-founder, said: “We’re delighted to welcome Accel into the Qubit family and Bruce Golden onto our board of directors. To date we have carved ourselves a position in the market by offering clients the market’s best, most flexible and integrated range of personalization applications; ones that drive real uplifts that CFOs can see in the bottom line.

“This product offering and the data that underpins it has seen us become a leader in the mature UK market and a challenger with a big punch in the US where recent wins include bebe, Dr Jays and Indochino.

“Clients are increasingly turning to our integrated technology after years of frustration with the market’s single-point solutions. They are finding that our suite of products can optimize their online experiences and help their data to drive rapid and sustained ROI.

“The unparalleled market expertise on our board and the beginning of a partnership with Salesforce will help us continue to lead in this increasingly relevant space, both in Europe and the strategically important US market.”