Investment from Bain Capital Tech Opportunities Values Mixpanel at Over $1 Billion; Funding Will Drive Product-led Growth Strategy Amid Acceleration in Digital Economy
SAN FRANCISCO and BOSTON, Nov. 16, 2021 /PRNewswire/ -- Mixpanel, the leading product analytics solution powering more than 6,000 of the world's most innovative digital companies, announced today that it has secured a $200 million Series C growth investment from Bain Capital Tech Opportunities. The funding was raised at a $1.05 billion valuation.
To date, $277 million has been invested in Mixpanel, including its previous $65 million Series B investment led by Andreessen Horowitz in 2014.
The investment will be used to accelerate product development and expand Mixpanel's reach to new digital-first businesses, which already include customers like Netflix, Monday.com, Noom, and Xero. Mixpanel plans to scale its team in North America, EMEA, and Asia-Pacific over the next 12 to 18 months, with an emphasis on go-to-market, product, and engineering.
"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," said Amir Movafaghi, CEO at Mixpanel. "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."
"This investment enables us to partner with an experienced global technology investor in Bain Capital Tech Opportunities, and is a validation of our long-term product-led growth strategy," Movafaghi continued. "With this investment, we have the backing we need to win the massive product analytics market."
"Mixpanel is at the forefront of bringing the analytics revolution to product development teams across the globe. The business has a hyper-focused strategy to continue investment in its core product analytics solution, and the management team is maniacally focused on delivering maximum value for customers — that's a winning combination," said Dewey Awad, a Managing Director at Bain Capital Tech Opportunities. Bain Capital Tech Opportunities has deep, firmwide experience in enterprise software, having invested in and scaled a wide range of global software companies including A Cloud Guru (acquired by Pluralsight), Buildertrend, BioCatch Ltd., Hudl, and When I Work.
"I've managed a lot of software vendors over the years. Most of them were products that people used because they had to, but Mixpanel is one of the few that people actually love using," said Steve Davis, Former Senior Vice President & General Manager of Data & AI at Expedia Group and current Chief Technology Officer at Babylon Health.
"We have surveyed and spoken to hundreds of Mixpanel customers. The feedback has been palpable on the depth of the analytics and the ROI that engineering, product, and design teams achieve from leveraging Mixpanel to make data-driven decisions," added Scott Kirk, a Partner at Bain Capital Tech Opportunities.
Leading digital companies rely on Mixpanel to drive customer and product insights
As the original innovator in the rapidly-growing product analytics market, Mixpanel's solution helps companies easily understand how users engage with their websites and apps, unlocking valuable data insights to accelerate product innovation and improvements in the customer experience. With Mixpanel, product teams can identify the most popular user paths and features, drivers of retention and conversion, points of friction, hidden trends, and easily access insights to inform their product roadmap.
Driven by the continued explosion in the everyday use of digital products and services, the product analytics market is poised to grow from $6B today to more than $20B by 2027. The product analytics category is in its infancy and just beginning to inflect as engineering, product, and design teams have become increasingly aware of the return on investment from these tools.
"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 defined the product analytics category and continues to expand
Mixpanel is the leading product analytics provider with a best-in-class UI and a strong product-led growth strategy, empowering companies to answer more than 70M product questions monthly about how users engage with their websites and apps. This approach focuses the entire company on one goal: ensuring customers achieve maximum value from their investment in Mixpanel. The strategy has yielded significant achievements:
Weekly Active Users (WAUs) have increased by 72% since the beginning of 2020
A growing technology partner ecosystem with over 90 integrations that offers Mixpanel's customers a full suite of capabilities from best-of-breed vendors such as Snowflake, Twilio Segment, mParticle, Fivetran, Census, Hightouch, RudderStack, Iterable, and OneSignal
"With thousands of shared customers, Mixpanel is a key Segment partner and a leader in the product analytics space," said Yuri Bukhan, Head of Business Development / Partnerships at Twilio Segment. "We're excited to see their continued momentum and look forward to helping even more customers collect, clean, control, and analyze their customer data to build better products and customer experiences."
About Mixpanel Mixpanel helps companies measure what matters, make decisions fast, and build better digital products through data. With its powerful, self-serve product analytics solution, teams can easily analyze how and why people engage, convert, and retain—in real-time, across devices—to improve their user experience. Headquartered in San Francisco, Mixpanel has an award-winning employee experience and culture, with offices in New York, Seattle, Austin, London, Barcelona, and Singapore. For more information, visit:www.mixpanel.com.
About Bain Capital Tech Opportunities Bain Capital Tech Opportunities aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses — bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments, Healthcare IT, and Internet & Digital Media.