The Series B funding brings Hightouch to a $450M valuation. Here are the top-line bullets you need to know.
Hightouch, a reverse ETL technology provider, has raised $40M in a Series B round. The round drew participation from ICONIQ Growth, Y Combinator, Afore Capital, Amplify Partners, and Bain Capital Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Hightouch enables companies to unify customer data from across different sources, through reverse ETL (extract, transform, and load), in order to power CRM, marketing, and support tools.
- Hightouch recently launched its second product, Hightouch Audiences, which allows anyone to define data needs for particular tools, regardless of their SQL knowledge level.
- The company has reportedly more than doubled its revenue since its Series A round in July 2021.
- Its client base includes several Fortune 500 companies. Some of Hightouch’s prominent customers include Betterment, Nandos, Plaid, Ramp, and SurveyMonkey.
- The startup has established partnerships with Snowflake, Fivetran, Outreach, dbt, and Amplitude, among others.
- Hightouch has 30 employees.
WHY DOES THE MARKET MATTER?
- The global customer data platform (CDP) market is projected to reach a value of $20.5B by 2027, growing at a CAGR of 34%, according to Research and Markets.
- The market’s growth is likely to be fueled by the increasing usage of digital channels by consumers as well as the rising consumer demand for personalized experiences across those channels. Alongside the elevated adoption of account-based marketing strategies, these factors are contributing to market growth.