Verb Data puts $3M to work so companies can build better in-product dashboards – TechCrunch

Nine months after its public launch, Verb Data, a customer-facing analytics company, has secured $3 million in funding to continue developing the technology so that SaaS companies can build better in-product dashboards for their customers.

Founders Dave Hurt and Oleg Fridman started the Boston-based company in January 2020 and began its own pilot program with five clients in August 2020, then launched to the public in April 2021.

Verb’s customer-facing analytics tools are specifically designed to live inside multi-tenant SaaS applications, CEO Hurt told TechCrunch via email. What makes it different from competitors is the way it simplifies the creation and maintenance of customer-facing dashboards by non-technical team members by reporting and automating the data infrastructure that supports these data experiences.

“For example, every schema created and built into the client application is supported by a data warehouse that has been specifically optimized for that schema without requiring any effort from the developer,” he added. “This allows software teams to focus on their core product while providing end users with high-performance analytics dashboards.”

The funding round was led by El Cap Holdings and lead investors Stew Bradley and Kunal Tandon. Other participating retail investors include Stan Garber, Alex Jakubowicz, Matt McInnes, Steve Garrity, and Bucky McCormick.

The company counts dozens of companies as clients, including Encamp, BidOps, SwipeBy, and ReviveMedia. Hurt credits Verb’s flexibility with enabling customers to use the tools in a way unique to their needs.

Some use it in embedded product dashboards, some use it within Notion as a gateway to customer analytics and others use the verb to be in customer success management or as a sales tool.

“Verb has allowed us to ramp up our efforts around internal reporting and customer reporting,” Ben Leiken, chief technology officer of Bid Ops, a predictive sourcing software company, said via email. “With its powerful features, we can publish changes instantly and test new features with customers – all without having to wait for the next release.”

Prior to this new funding, Verb Data raised an undisclosed preliminary round in 2020 that helped it complete its beta and reach a public launch, Hurt said. Plans to invest in company engineering team building and product development. Verb has 15 employees, up from seven at this time last year.

Some of the features included in the first-quarter pipeline include map data and charts for greater flexibility and use with Verb’s standard drag-and-drop editor. Users will also be able to visualize their map data on existing dashboards to allow for better reporting.

In addition, Verb is working on additional integration of data sources from existing partners, an updated design pattern library, and Slack integration for faster and easier communication when building a dashboard, Hurt said.

Hurt said the company focuses on customer growth over revenue, so he didn’t have annual metrics to share, but he said that over the past six months, Verb has had 65 new subscriptions with an overall conversion rate of 20%. This rate rose in July to 30%. The company plans to raise another round of financing in the third quarter of 2023 and expects to have 100 paying customers by the end of 2023.

“The SaaS market is becoming more vertically defined, which means companies are competing for core jobs in their field,” Hurt said. “While this generally means that end customers benefit from software that closely aligns with their needs, it also means that product teams have to focus on their core functions to keep up with the competition, which makes the analytics dashboard an even more difficult feature to prioritize on the roadmap.” .”

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