Total amount raised
$15 Millions
Latest funding date
08/01/2022
Location
Northbeam has successfully raised funds through a Series A round, with backing from Silversmith Capital Partners and Lorimer Ventures. The platform specializes in marketing measurement using machine learning, catering to Direct-to-Consumer (DTC) and e-commerce brands.
Northbeam's offerings include multi-touch attribution and media mix modeling, designed to optimize marketing strategies and drive profitable growth. Keep reading to explore the intricacies of Northbeam's fundraising journey and the investors backing this innovative platform.
What Is Northbeam?
Northbeam, founded in 2019, is a marketing measurement platform based in El Segundo, California. The company specializes in leveraging machine learning to provide insights for Direct-to-Consumer (DTC) and e-commerce brands.
With a team of 11-50 employees, Northbeam was founded by Austin Harrison, Dan Huang, and Grant Margerum. The platform offers products like Multi-touch Attribution (MTA), Media Mix Modeling (MMM+), and Incrementality to optimize marketing strategies and measure incremental lift.
How Much Funding Has Northbeam Raised?
- Series A
- Amount Raised: $15M
- Date: August 16, 2022
- Lead Investors: Silversmith Capital Partners, Lorimer Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used for further product development, particularly in expanding Northbeam's machine learning capabilities.
Total Amount Raised: $15M. Current Valuation: Not publicly disclosed.
Key Investors
- Silversmith Capital Partners
- Details: Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. The firm focuses on partnering with and supporting entrepreneurs in growing, profitable technology and healthcare companies.
- Investment Focus Areas: Technology, healthcare
- Notable Investments: ActiveCampaign, Appfire, DistroKid
- Lorimer Ventures
- Details: Lorimer Ventures is a venture capital firm that invests in early-stage technology companies. The firm aims to support innovative startups with the potential for significant growth.
- Investment Focus Areas: Technology, software, e-commerce
- Notable Investments: Not publicly disclosed
What's Next for Northbeam?
Northbeam stands at the cusp of significant growth opportunities, driven by its advanced machine learning capabilities. The platform's ability to track $4.4 billion in revenue and $1.2 billion in ad spend annually positions it to help brands maximize their marketing efficiency across multiple channels. This potential for growth is underscored by Northbeam's impressive 37x year-over-year revenue increase, suggesting a bright future ahead.
As Northbeam continues to expand its product offerings, future fundraising rounds seem likely. The successful Series A funding of $15 million indicates strong investor confidence, which could pave the way for additional investments to further enhance the platform's capabilities. However, navigating the complex digital marketing landscape and maintaining compliance with evolving privacy regulations will be critical challenges. By addressing these hurdles, Northbeam can solidify its position as a leader in marketing measurement.
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