I’m excited to share that we’ve closed our Series D funding round with an equity raise of $110 million, for a valuation of $960 million, elevating Heap to emerging unicorn status. 100% of these funds will be added to Heap’s balance sheet and invested in the business.
I could not be more proud of what this incredible team has accomplished to take us to this important milestone. Great organizations are built on widespread support and a relentless focus on driving excellence. A big shout-out to our employees, customers, and partners for driving this transformational growth in every facet of the business.
I’d be remiss if I didn’t call out our great investors, including our new Series D investors – Sixth Street Partners and Goldman Sachs – and our existing investors. They back us not only with their capital but with their guidance and resources. I’m more excited than ever about what’s coming. But first, let me share a little about where we’ve been as a company, where we’re headed, and the tremendous speed at which we’re moving forward.
I've had the opportunity to lead multiple high-growth companies and have seen companies go from good to great. I came to Heap because I believe that Heap has something special. I’ve never met a more passionate team, seen a more dedicated customer base, and experienced a more innovative product. We are challenging the way the industry approaches analytics.
The process leading up to the Series D investment further affirms that what I saw in Heap, others see, too. We had dozens of conversations with some of the industry's best thinkers and faced tough questions that road-tested our strategy, team, and product. In the end, the investor community confirmed my initial thoughts. We are the right company with the right solution at the right time to lead the future of digital analytics.
Welcome to the future of digital analytics
Other analytics platforms employ legacy approaches that require manual tagging and time-consuming reliance on engineering teams. This manual approach leaves teams with long delays in getting the data they need and, more importantly, results in incomplete data and blind spots in their analyses. The future of digital analytics is fast, complete, and easy to use by daily practitioners, including product managers, marketers, and analysts.
The next generation of digital analytics tools will automatically capture all digital data and apply data science to surface valuable insights from that complete dataset. Digital teams will no longer be in the dark on what their customers are doing, and will be able to make quick decisions to deliver the best digital experiences possible.
Our mission is to make it easy to create incredible digital experiences. We believe that with the right analytics tool, it should take minutes (not weeks or months) to reach insights. Every single digital interaction should be automatically captured and governed, creating a completely organized set of data. All departments should be able to conduct their own analyses, without relying on engineering to implement and scale.
The past year we’ve taken significant steps to advance this mission. We released Heap Illuminate, a market-changing set of data-science-driven features that scour your complete dataset to find the most meaningful insights, and then automatically surface those to you. From identifying friction points to highlighting critical steps that are missing in your funnel, we’re delivering more and better insights than ever before. No other platform is capable of shining a light on the gems hidden in the digital journey.
This year we’ve also seen some incredible customer wins.
We’ve helped Curaytor increase their NPS score by 72% and save 80% of their clients that were at risk of churning. “Since launching Heap we have increased our NPS score as we have been able to identify at-risk clients and invest in the features that our clients care about and use regularly,” said Lisa Palombo, Product Manager at Curaytor.
At PocketSuite, the team saw a 2x increase in both conversion and number of paying customers from their onboarding funnel thanks to insights from Heap. “One of the biggest benefits of Heap is that it allows us to quickly find the answers to key business questions by showing us where we need to be focusing our attention,” said Dan Mark, Product Manager at PocketSuite.
Boardable gained a 200% increase in successful sign-ups, as well as a 40% increase in their trial-to-paid conversions after installing Heap. “Heap is critical for our Growth team to optimize the user journey to find the value in our product as quickly as possible,” said Benjamin Smith, Principal Data Scientist at Boardable.
Heap’s success is driven by these types of customer outcomes.
We plan to build upon what we’ve already achieved. In the near future you’ll see us scale our global operations and accelerate the research and development of our digital analytics platform. We’ll roll out an expanded suite of data-science-driven analysis tools. We’ll broaden our partner ecosystem to further increase customer value and foster business outcomes for digital teams everywhere.
Longer term, we’re laying the foundation for delivering a complete suite for agile product development with open platform APIs, developer features, experimentation tools, in-app messaging, and CDP functionality.
Real insights for a better digital world
Building a better digital experience is the ambition right now for businesses across industries. There’s never been a greater need to understand complex user journeys and identify the most critical areas of friction and opportunity.
Our goal is to build a better digital world for users everywhere. I am grateful for the steps we’ve already taken and wildly enthusiastic about where we are headed as we continue to push the envelope and challenge the legacy thinking of what digital analytics can do.
Join us as we build this future together.