Spring Lake Equity Partners Leads New Round of Funding to Fuel the Company’s Growth in Increasing Its Capacity to Meet Marketers’ Escalating Demand for First-Party Data Liberation
BlueConic, the world’s leading pure-play customer data platform (CDP), announced it has closed a $13M Series B funding round led by new investor Spring Lake Equity Partners with contributions from existing investor Sigma Prime Ventures, as well as angel investors. Growing from an estimated $1B in 2019, spending on CDPs is projected to be in the multi-billion dollars in the next 3 years according to several analyst firms, including the CDP Institute and International Data Corp.
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Brands that make the customer the center of their marketing and data infrastructure set themselves apart by creating bespoke experiences that offer value in every stage of the customer lifecycle. However, while most brands are still beholden to legacy technologies, agencies, and processes that lack the data speed, accessibility, and privacy controls required to deliver those experiences, BlueConic customers have adopted the CDP to liberate their data and transform their businesses for the future.
“In an era of consumer privacy regulations like GDPR and CCPA, brands are unprepared to orchestrate individualized marketing for every stage of the customer lifecycle while also respecting individual privacy,” says BlueConic CEO and co-founder, Bart Heilbron. “Most brands still lack a single source of customer data truth down to the individual level that is accessible in real time to marketers and their activation channels. That’s why we’ve designed our CDP from inception to meet the ever-evolving needs of the marketer, and we’ll continue to build on that foundation of flexibility as we lead the category into its next stage of maturity.”
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“BlueConic stands apart from other customer data platforms in its ability to intelligently store, segment, and activate first-party data across every possible touchpoint without sacrificing speed, flexibility, or privacy compliance,” says Dan MacKeigan, founding partner of Spring Lake Equity Partners and new BlueConic board member with a proven track record of investments in the marketing technology space. “The company has a long history of solving this fundamental challenge in a way that other technologies were never designed, and therefore never able, to do.”
Since BlueConic closed its Series A to establish its go-to-market and headquarters in the United States, revenue has grown 3,000%. The company’s annual contract value quadrupled in the last 3 years, and annual-recurring-revenue grew by 2x last year. In 2019, BlueConic enhanced its end-to-end consent management capabilities to support worldwide consumer privacy regulations, and released AI Workbench, which amplifies predictive modeling capabilities in the platform for both marketing and data science users.
This investment brings BlueConic’s total funding to $25M to date. Both lean and innovative, BlueConic is recognized within the industry as a premier CDP with more than 300 customers globally. BlueConic scored highest overall among 8 CDPs evaluated in The Relevancy Group’s The Relevancy Ring – CDP Buyer’s Guide vendor scorecard in 2019.
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