Total amount raised
$81 Millions
Latest funding date
08/01/2020
Location
Mode Analytics has successfully raised multiple rounds of funding, culminating in a Series D round that closed on August 6, 2020. The company was acquired by ThoughtSpot for $200 million on June 26, 2023.
With 17 investors backing its journey, including Overtime.vc and Valor Equity Partners, Mode Analytics continues to be a significant player in the business intelligence space. Keep reading to explore the intricacies of Mode Analytics' fundraising journey and the investors backing this innovative platform.
What Is Mode Analytics?
Mode Analytics, founded in 2013 by Benn Stancil, Josh Ferguson, and Derek Steer, is headquartered in San Francisco, California. The company operates in the analytics, big data, developer tools, information technology, and software industries.
With an employee count ranging from 101 to 250, Mode Analytics specializes in developing a collaborative analytics platform designed to facilitate data-informed decision-making. The platform supports ad hoc analysis, advanced analytics, self-serve reporting, custom data apps, and interactive dashboards, making data accessible and actionable for all users.
How Much Funding Has Mode Analytics Raised?
- Seed Round
- Amount Raised: $550K
- Date: October 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the analytics platform and validate the business model.
- Debt Financing
- Amount Raised: $1.9M
- Date: February 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for operational expenses and platform development.
- Seed Round
- Amount Raised: $2M
- Date: June 2014
- Lead Investors: Formation 8
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $7.5M
- Date: August 2015
- Lead Investors: Foundation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and increase market penetration.
- Series B
- Amount Raised: $13M
- Date: May 2017
- Lead Investors: REV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and support a growing customer base.
- Series C
- Amount Raised: $23M
- Date: February 2019
- Lead Investors: Valor Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand into new markets.
- Series D
- Amount Raised: $33M
- Date: August 2020
- Lead Investors: H.I.G. Growth Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the platform's adoption and enhance its capabilities.
Total Amount Raised: $80.95M. Current Valuation: Not publicly disclosed.
Key Investors
- H.I.G. Growth Partners
- Details: H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $42 billion of equity capital under management. They focus on providing growth equity to small and mid-sized companies.
- Investment Focus Areas: Technology, healthcare, internet and media, consumer products, technology-enabled financial and business services.
- Notable Investments: Vantage Specialty Chemicals, Surgery Partners, HelpSystems.
- Valor Equity Partners
- Details: Valor Equity Partners is a private equity firm that focuses on investing in high-growth companies across various sectors. They are known for their strategic involvement and operational expertise.
- Investment Focus Areas: Technology, consumer, industrial sectors.
- Notable Investments: Tesla, SpaceX, Addepar.
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that invests in early-stage technology companies. They have a history of backing innovative startups that have grown into industry leaders.
- Investment Focus Areas: Enterprise software, fintech, consumer technology.
- Notable Investments: Netflix, LendingClub, Sunrun.
- REV Venture Partners
- Details: REV Venture Partners is a venture capital firm that invests in innovative technology companies. They focus on companies that drive significant change in their respective industries.
- Investment Focus Areas: Enterprise software, fintech, health tech.
- Notable Investments: Palantir, SpaceX, Tradeshift.
- Switch Ventures
- Details: Switch Ventures is a venture capital firm that invests in early-stage technology startups. They are known for supporting companies with innovative solutions and high growth potential.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Lambda School, Atrium, Truework.
What's Next for Mode Analytics?
Mode Analytics stands at the cusp of significant growth opportunities. With a robust platform that integrates advanced analytics, business intelligence, and machine learning, the company is well-positioned to expand its customer base, which already includes 52% of the Forbes 500. The recent $33 million Series D funding will accelerate platform development, enhancing real-time collaboration and data accessibility.
Future fundraising appears promising, given the successful Series D round and the involvement of prominent investors. As the demand for data science tools continues to rise, Mode Analytics may attract additional investment to further innovate and expand. However, the company must navigate challenges such as intense competition and the need to continuously innovate to stay ahead in the rapidly evolving analytics industry.
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