RudderStack plans to use the funding to enhance its product features and go-to-market operations. Here are the top-line bullets you need to know.
RudderStack, a customer data platform, has raised $56M in a Series B. The round drew participation from Insight Partners, Kleiner Perkins Caufield & Byers, and s28 Capital.
HOW’S THE COMPANY PERFORMING?
- California-based RudderStack enables developers, product teams, and data analysts to collect, store, and route customer data to data warehouses and cloud apps.
- The company’s revenue and user base both grew by over 300% in 2021.
- Over 13K applications and sites use the RudderStack platform. Some of its customers include Sanity, Wealthfront, AllBirds, Loveholidays, and Crate & Barrel.
- In 2021, RudderStack tripled its headcount to 115 people.
Source: RudderStack
WHY DOES THE MARKET MATTER?
- The global customer data platform market is expected to reach a value of $5.5B by 2028, growing at a CAGR of 25%, according to Fortune Business Insights.
- The increasing adoption of digital marketing and advertising campaigns for customer acquisition as well as the widespread proliferation of digital touchpoints are driving the market’s growth.
- The advancement of IoT, analytics, blockchain, AI, ML, and cloud technologies has also boosted market growth.
