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Funnel has announced it has closed a $47 million Series B round led by Eight Roads Ventures and F-Prime Capital, with participation from existing investors Balderton Capital, Oxx, Zobito and Industrifonden as well as Kreos Capital.

The business will use the funds to continue to fulfil the strong market demand for its platform that empowers marketers by automatically importing marketing data and making it Business-Ready for reporting and analysis.

In particular the company will accelerate its plan in the US where it is seeing strong demand from enterprises and invest heavily into, its technical teams to further the vision of creating a single source of truth of marketing, sales and other commerce data.

In 2019 digital marketing surpassed offline marketing for the first time. Companies are shifting their marketing budgets online because of the performance promise of digital marketing, but delivering on that promise is hard.

It requires a strong reporting infrastructure, which is difficult to achieve because of the overwhelming number of ever-changing marketing platforms and the need to harmonise and integrate the data from each platform. Just in the last two years, the number of data sources used by marketing organisations has increased by 50% and there are no signs of this slowing down.

Over 800 forward-thinking digital marketing organizations have made this shift with Funnel, including Klarna, trivago, Discovery, Appsflyer, Skyscanner, SAS – Scandinavian Airlines, as well as leading media agencies like Havas Media, Ogilvy and DAC Group just to mention a few.

Alston Zecha from Eight Roads Ventures commented: “Funnel solves a critical pain-point for a growing number of marketers, from midsize companies all the way to very large enterprises.

“We have been really impressed not only by Funnel’s world-class technology, roster of clients and rapid growth, but also by the inclusive, transparent and customer-centric culture of this great team.”

Fredrik Skantze, CEO and co-founder, said: “Per Made and I founded Funnel after many years of being frustrated by ineffective reporting getting in the way of unlocking the power and promise of digital marketing.

“Today we have over 800 customers in 43 countries, relying on us to make budget decisions on over $20 billion of annual advertising spend.

“We are really pleased to have Eight Roads Ventures and F-Prime Capital onboard. With teams in the US, UK, China, India, Singapore and Japan they are truly a global platform that we can lean on for support in our aspiration to keep building a category-defining company that empowers organisations with Business-Ready data for reporting and analysis.”