Heap Raises $110M Series D Round to Fund the Future of Digital Analytics
Heap, the leading digital insights platform, today announced the close of its $110 million Series D round at a $960 million valuation. The funding will be used to scale Heap’s global operations and accelerate research and development of the industry’s most advanced digital analytics platform for product builders, growth marketers, and fast-moving analytics teams. Sixth Street Growth led the round which included new investment from the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs). Sixth Street and Goldman will both receive representation on Heap’s board of directors. Existing investors NewView Capital, Menlo Ventures, DTCP, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, Maverick Ventures, and The Private Shares Fund also participated. Heap’s total capital raised stands at $205 million to date.
"McKinsey research notes that while there are 100 million hits on agile transformation, two-thirds of organizations that are looking to become more agile are still treading water and achieving little or no business impact," said Ken Fine, CEO of Heap. “Our new funding will help us further innovate to foster the significant business outcomes that McKinsey says can be achieved, including '30 percent gains in efficiency, customer satisfaction, employee engagement, and operational performance.'"
“Heap’s data-driven culture, strong technology leadership, and scalable architecture have made it a leader within the fast-growing digital insights sector,” said Michael McGinn, Partner and Co-Head of Sixth Street Growth. “Their strategy for continuing to create innovative technology will put more advanced and easy-to-use digital insights into the hands of daily practitioners so they can quickly improve their products and accelerate their business. We look forward to supporting Ken and his team in their next phase of growth.”
The latest funding will continue to facilitate the company’s rapid product innovation, which in 2021 saw Heap release Illuminate, a data-science-powered solution that solves the problems of legacy tools that are ill-equipped to respond to the increasing complexity of the modern customer journey. By automatically collecting all customer interactions, then using data science to offer actionable recommendations, Illuminate gives teams insight far beyond traditional analyses — which according to recent research across thousands of digital companies, hinges on misleading or incomplete data 84% of the time.
The funding caps a year of success for Heap. In addition to the launch of Illuminate, the company has seen impressive triple-digit growth and received coveted industry recognition, including being named Snowflake’s FY2021 Data Marketplace Partner of the Year. The company also announced a series of key executive appointments including Rachel Obstler as EVP of Product, Ahmed Quadri as Chief Customer Officer, Sean Andrew as Chief Revenue Officer, and Steve Love as Chief Financial Officer.
Heap is the premier system of insight for digital experience builders. Our mission is to illuminate hidden opportunities for fast-moving digital teams to delight their customers and move the needle on key metrics. Over 8,000 businesses use Heap to increase revenue, improve conversion, accelerate decision-making, and drive business impact at scale.
About Sixth Street
Sixth Street is a global investment firm with over $55 billion in assets under management and committed capital. Sixth Street Growth is the firm’s dedicated platform for making private investments in growth companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke, accretive financing solutions to accelerate organic and inorganic growth. Sixth Street has invested over $5 billion in more than 40 companies in its growth investing strategy since inception. Select current and past representative Sixth Street Growth investments include Airbnb, AvidXchange, Datavant, Gainsight, MDLIVE, Spotify, and Sprinklr. For more information, visit www.sixthstreetgrowth.com or follow us on LinkedIn.
About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. Since 2003 the Growth Equity business within Goldman Sachs Asset Management has invested over $13 billion in companies led by visionary founders and CEOs. The team focuses exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. For more information, please visit www.growth.gs.com.