Boston-based product analytics solution Mixpanel this week announced it has secured a $200 million series C growth investment, raised at a $1.05 billion valuation.
Powering more than 6,000 digital companies worldwide, Mixpanel has now raised $277 million to date in investments, including its 2014 series B investment round, raising $65 million. This week’s round is set to fund Mixpanel’s product development, along with expanding the San Francisco-based company’s reach to new digital-first businesses. It plans to scale its teams in North America, EMEA and Asia-Pacific over the next 12 to 18 months.
The recent investment round is confirmation of Mixpanel’s current business model which now serves companies including Netflix, Noom and Xero, said Amir Movafaghi, Mixpanel CEO.
“Digital products are reinventing how we live our lives. From last-mile deliveries to fintech, to modern media businesses, we’re seeing an explosion of innovation,” he said in a press release statement. “Mixpanel is an enabler of this change. We help product development teams rapidly understand what matters to the users of their products and services, so they can build better digital products centered around the customer experience.”
Mixpanel products help companies understand how users engage with their websites and apps, something the company said allows them to gain valuable data insights, accelerate innovation and make improvements in customers’ experience. Teams are able to identify popular features, drivers of retention and hidden trends. With such capabilities becoming more in demand, the product analytics market is expected to grow to more than $20 billion by 2027.
“Mixpanel has been a valued asset of the Dunkin’ Digital Brand & Product Teams,” said Jackie O’Leary, senior manager of digital at Dunkin’ and Inspire Brands. “It has allowed us to better understand our users’ behavior in our mobile app, enabled us to make data-driven decisions when planning features and enhancements, and also facilitated the democratization of data across our organization.”
Mixpanel has experienced significant growth in recent years. Since 2020, it has seen a 72% increase in weekly active users, along with a 52% increase in monthly sign-ups year over year, according to company statistics.