Heap collects $55m in Series C to support international expansion

Heap, which collects and organises customer behavioural data, has closes its Series C round on $55m.

NewView Capital, a Californian venture capital firm spun out of New Enterprise Associates (NEA), led the new series funding. In line with the deal, NewView Capital founder and managing partner Ravi Viswanathan will join the Heap board.

DTCP, Maverick Ventures, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, and Sharespost, joined the round, marking their first commitment to Heap. Several existing backers of the FinTech also made contributions including NEA, Menlo Ventures, Initialized Capital, and Pear VC.

Proceeds from this round are earmarked for international growth and the growth of the product, engineering, and go-to-market teams.

The company automatically collects and organises customer behavioural data, to help enterprises analyse their customer experience and create better, more tailored products, without the need of heavy analytics. Its services are used by the e-commerce, financial services and SaaS industries for data governance, auto-capture, and behavioural analytics.

Financial services leverage Heap to offer personal experiences to customers and increase their loyalty. Its technology can help connect all of an institution’s datasets to give a complete overview of customers, improve anti-fraud measures, customise attribution models and conduct advanced analysis.

With data privacy rules becoming evermore tighter around the world, Heap also helps a client ensure personal information is safeguarded from fraud and blackouts, meeting requirements of regulations like GDPR.

Heap CEO and co-founder Matin Movassate said, “We’re laser-focused on helping Product Managers get deeper insights on their users. This rapid growth is a strong signal that product managers and engineers are tired of wasting their time with the manual parts of analytics instrumentation. We’re excited to build more in 2019 to eliminate even more analytics friction for our customers.”

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