In nine months after its public launch, the customer-facing analytics company, Verb Data, took in $3 million in funding to continue developing technology so that it can build better in-product dashboards for their customers.
The company was founded by Dave Hurt and Oleg Fridman in January 2020 and launched to the public in April 2021.
CEO Hurt told TechCrunch that the tools are built specifically to live inside multi-tenant applications. The way it makes it simpler to build and maintain customer-facing dashboards by non-technical team members is different from competitors.
Every chart that is built and embedded into a customer's application is backed by a data warehouse that is specifically designed for that chart without requiring any developer effort. This allows software teams to focus on their core product while also providing their end- users with high-performing analytics dashboards.
The funding round was led by El Cap. Individual investors include Stan Garber, Alex Yakubovich, Matt MacInnis, Steve Garrity and Packy McCormick.
Dozens of companies are counted as customers by the company. Hurt attributes the flexibility of the tools to the customers.
Some are using it for embedded product dashboards, some are using it inside of Notion as a client analytics portal, and others are using it as a sales tool.
Ben Leiken, the CTO at Bid Ops, said via email thatVerb has allowed them to increase their efforts around both internal and customer reporting. Thanks to their powerful features, we can instantly deploy changes and test new features with customers, all without needing to wait for our next release.
One of the things to consider when choosing a software as a service provider.
The pre-seed round that was raised in 2020 helped the company get to the public launch, Hurt said. He wants to invest in the company's engineering team and product development. At this time last year, seven employees were employed by Verb.
Map data and charts for greater flexibility are some of the features coming down the line in the first quarter. Users will be able to see their data on maps on existing dashboards.
Hurt said that the company is working on additional data source integrations from existing partners, an updated design styles library, and a Slack integration for quicker and easier communication when a dashboard is created.
Hurt said the company was focused on customer growth over revenue, so he did not have year over year metrics to share, but he did say that over the past six months, the company had 65 new signups with an overall conversion rate of 20%. The rate increased to 30% in July. The company expects to have 100 paying customers by the end of the year and will raise another round of funding in the third quarter of 2020.
Hurt said that companies are competing on coreFunctionality in their respective niche in the new market of the Software as a Service. It also means that product teams have to focus on their core functions to keep up with competition, making the analytics dashboard an even more difficult feature to prioritize on the roadmap.
Data quality is important in the era of big data.
