Seven years after last venture investment, Mixpanel scores $200M Series C

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mixpanel There was a hot startup in 2014, when it took on a $65 million Series B, a big B round and a valuation of those days, at an $865 million valuation. Today, seven years after that announcement, the company finally has a C round, a $200 million investment from Bain Capital Tech Opportunities at a valuation of $1.05 billion.

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The company went on record with Nerdshala that there are plenty of reasons for the hiatus, and when it COO Amir Mowafghi promoted to CEO In 2018, it was the first in a series of steps taken to correct the ship.

The company later decided to discontinue the impending messaging and A/B testing products to focus solely on the product analysis market. As it took these steps, it also began working to improve slipping customer satisfaction metrics such as its Net Promoter Score (NPS), which according to the company sat at 15 when Mowafagi was promoted.

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As the focus shifted back to the core product, Mixpanel’s customer retention numbers, NPS and other related metrics are back — this year’s NPS is up 85 — and revenue has improved with those metrics this year.

“Business performance continues to accelerate, and all [reasons] what we gave you last time [we spoke] Around the company metrics, the acceleration on the monetization side, all of those things just continue to improve and get better,” Mowafaghi told me.

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When he took over in 2018, he was leading a company with the bones of a successful startup, with $100 million in revenue and a valuation of nearly $1 billion. Now that it has surpassed unicorn status, it doesn’t shy away from the fact that the company’s 12-year history has had its ups and downs.

“Our story, as you know, was not a straight line. Instead, there were certainly [points] On which we had to take inventory and eventually get the company back on track.” He believes that maybe they were too early to market, but as digital transformation accelerated during the pandemic, all kinds of U.S. companies increasingly needed the kind of product data that Mixpanel provides, and now companies can benefit from new investments.

Davy Awadh, managing director of Bain Capital Tech Opportunities, said he was impressed by how Mowafghi handled the challenges of handling a company in transition.

“Aamir spent a lot of time thinking about the category, how the product fits in, what is [market] It was that the company was successful, and it doubled the product and product-based sales momentum, which required a lot more time, was much more complex and required a lot of hiring,” he said.

But beyond Movafaghi’s leadership, he ultimately likes the company’s focus and believes product analysis is still a young market with a lot of growth potential. He said Bain believed Movafaghi’s focus on core product analysis to the market, and the decision to end messaging and A/B testing, was the right way to go.

Mixpanel now has the capital to invest in moving the market share needle through partnerships and other avenues, while continuing to invest in its core product for its target enterprise customers.

According to data from Crunchbase, the company was founded in 2009 by Suhail Doshi and Tim Trefren and has raised $277 million today. Doshi was CEO from inception until 2018 when he went on to become chairman of the board.

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