Germany-based subscription analytics platform ChartMogul has scored $2.2m funding led by Alven.
Other backers to the round included Point Nine Capital, among various angel investors.
Launched in 2015, the company provides subscription analytics software to help manage their customers. Earlier this year the company implemented this service for free, to companies with less than $10,000 monthly recurring revenue.
In September the company launched a revenue recognition product, which enables finance teams to automate tasks that need to comply with ASC 606 revenue reporting. This regulation requires annual reports for revenue from contracts with customers. ChartMogul helps to automate these tasks, aggregate billing data, and provide analytics tools.
The capital injection will support the expansion of its product and engineering teams, as well as increase product development. ChartMogul is also exploring options for an international office, which will be based in North America, due to 60 per cent of its customers residing there.
This new funding brings the total raised by the German company to around $3.7m, with it netting $900,000 in 2015.
Earlier in the year, Alven led the €10m Series A funding round into France-based Qonto. The company is a small business online banking platform, and the capital is set to support its product launch.
The European data and analytics sector has seen a significant downfall in funding after the opening quarter of the year. Funding levels hit $114m in Q1 2017, but both the second and third quarter combined total, is not even reach half of this sum.
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