Nine months after its public launch, action data, a customer-facing analytics company, raised $3 million in funding to continue developing technology so that SaaS companies can build better in-product dashboards for their customers.
Founders Dave Hurt and Oleg Friedman started the Boston-based company in January 2020 and launched their private beta program with five customers in August 2020, then launched to the public in April 2021.
Verb’s customer-facing analytics tools are specifically built to live inside multi-tenant SaaS applications, CEO Hurt told Nerdshala via email. What sets it apart from its competitors is that it simplifies the process of creating and maintaining customer-facing dashboards by non-technical team members by reporting and automating the data infrastructure that supports those data experiences. Is.
“For example, each chart created and embedded in a customer’s application is backed by a data warehouse that is customized specifically for that chart without the need for any developer effort.” “This software allows teams to focus on their core product, while also providing their end users with a high-performing analytics dashboard.”
The funding round was led by El Cap Holdings and lead investors Steve Bradley and Kunal Tandon. Individual investors participating include Stan Garber, Alex Yakubovich, Matt McInnis, Steve Garrity and Packy McCormick.
The company counts dozens of companies as customers, including Encamp, BidOps, SwipeBy and ReviveMedia. Hurt has enabled Verb’s flexibility to enable customers to use tools in a way that is unique to their needs.
Some are using it for embedded product dashboards, some are using it as a client analytics portal inside Notion and others are using Verb as a customer success management or sales tool.
“Verb has allowed us to supercharge our efforts around both internal and customer reporting,” Ben Leacon, CTO of Bid Ops, a predictive sourcing software company, said via email. “Thanks to their powerful features, we are able to immediately implement changes and test new features with customers – all without waiting for our next release.”
Hurt said that prior to this new funding, Verb Data raised an undisclosed pre-seed round in 2020 to help it complete its private beta and reach a public launch. He plans to build the company’s engineering team and invest in product development. Verb has 15 employees, up from seven at this time last year.
Some of the features coming in the pipeline in the first quarter include map data and charts for greater flexibility and use with Verb’s modular drag-and-drop editor. Users will also be able to visualize their data on maps on existing dashboards to allow better reporting.
In addition, Verb is working on additional data source integration from existing partners, an updated design style library and Slack integration for quick and easy communication when the dashboard is built, Hurt said.
Hurt said the company was focusing customer growth over revenue, so it didn’t have year-over-year metrics to share, but added that in the past six months, Verb had 65 new signups, with total conversions The rate was 20%. The rate rose to 30% in July. The company intends to raise another round of funding in the third quarter of 2023 and expects to have 100 paying customers by the end of 2023.
“The SaaS market is becoming more vertical-specific, which means companies are competing on core functionality in their respective space,” Hurt said. “While this generally means that end-customers are benefiting from software that more closely aligns with their needs, it also means that product teams are relying on their core functionality to keep up with the competition. The focus has to be on, making the analytics dashboard an even more difficult feature to prioritize on the roadmap.”