Funnel Funding, Investors & Competitors
Funnel has raised $134M across 5 funding rounds, most recently a $66M Series C in October 2021.
Last Funnel funding round
$66M
Series C · Oct 2021
Cumulative funding Funnel raised
$134M
across 5 funding rounds
Key investors in Funnel
Industrifonden
Balderton Capital
Oxx
Zobito
F-Prime
Eight Roads Ventures
Kreos Capital
Stena Sessan
About Funnel
Funnel integrates over 400 marketing and advertising platforms to automate data collection into BI tools, data warehouses, and Google Analytics. The Stockholm-headquartered company, started in 2014, supports e-commerce, agencies, brands, and gaming firms with offices in Boston.
Founded
2014
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Funnel Funding History
Funnel has raised a total of $134M across 5 funding rounds.
Funnel's first fundraising round was a $3M seed round in June 2013. The most recent completed round was a $66M Series C in October 2021.
Funnel funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2021 | Series C | Fourth Swedish National Pension Fund (lead); Stena Sessan (lead); Industrifonden; Balderton Capital; F-Prime; Oxx; Eight Roads Ventures | $66M | Funnel is a Stockholm-based SaaS company founded in 2014 by Fredrik Skantze and Per Made, providing a no-code data platform that automates the collection, harmonization, and analysis of marketing data from multiple sources including ad platforms, analytics, and CRM systems. The platform enables marketers to gain real-time insights into campaign performance without coding or IT support, serving over 1,200 customers globally such as Home Depot, trivago, Skechers, Samsung, Vodafone, Logitech, Skyscanner, SAS Scandinavian Airlines, and agencies like Havas Media, Ogilvy, and DAC Group. In 2020, Funnel reported sales of SEK 120 million (approximately $13.7 million USD) while recording an operating loss of SEK 125 million. On October 12, 2021, Funnel raised $66 million in a pre-IPO equity financing round co-led by The Fourth Swedish National Pension Fund (AP4) and Stena Sessan, with participation from existing investors Balderton Capital, Eight Roads Ventures, F-Prime, Oxx, and Industrifonden. Described as primary capital, the funds are intended to support continued rapid expansion ahead of a planned IPO on Nasdaq Stockholm, marking this as the company's final private funding round. Previously, Funnel had raised over $68 million, including a $47 million Series B in 2020 from Eight Roads and F-Prime, and $21 million earlier. The round highlights Funnel's strong growth in a maturing market for digital marketing measurement, where about 60% of companies' marketing spend is digital. With around 200 employees across Stockholm and Boston offices, Funnel positions itself for public markets, attracting institutional investors like AP4 and Stena Sessan who praised its predictable growth, go-to-market metrics, and global footprint. |
| Jan 2020 | Series B | Eight Roads Ventures (lead); Industrifonden; Balderton Capital; Kreos Capital; F-Prime; Oxx; Zobito | $47M | Funnel is a Stockholm-based startup founded in 2014 by Fredrik Skantze and Per Made that provides technology to help businesses prepare and organize their marketing data for better reporting and analysis. The company automates the collection and preparation of marketing data from multiple platforms in real time, allowing marketers to accurately analyze their online marketing spend and create a single source of truth for marketing, sales, and commerce data. In January 2020, Funnel closed a $47 million Series B round led by Eight Roads Ventures and F-Prime Capital, with participation from existing investors Balderton Capital, Oxx, Zobito, Industrifonden, and Kreos Capital. The company planned to use the capital to accelerate growth in the U.S. market, where it was seeing strong enterprise demand, and to invest in technical teams. At the time of the Series B, Funnel had grown its team from 73 to 140 employees and had signed office space across Stockholm and Boston to accommodate 400 people for future expansion. By late 2020, the company had over 800 customers in 43 countries managing over $20 billion in annual advertising spend, with major clients including Home Depot, Samsung, Vodafone, Logitech, and Skyscanner. The company's focus shifted to data collection and normalization specifically, moving away from visualization to concentrate on the core pain point of preparing data for use in popular business intelligence tools. |
| Feb 2019 | Series A | Oxx (lead); Industrifonden; Balderton Capital; Zobito | $8M | - |
| Sep 2017 | Series A | Balderton Capital (lead); Industrifonden; Zobito | $10M | Funnel is a Stockholm-based SaaS platform founded in 2014 by Fredrik Skantze and Per Made that helps companies automate data collection and analyze online marketing spend across multiple advertising and analytics channels. The company addresses a widespread market problem where marketers typically manually compile marketing data from multiple platforms into spreadsheets. In September 2017, Funnel closed a Series A funding round of $10 million led by London-based Balderton Capital, with participation from existing investors Industrifonden and Zobito. The company planned to use the capital to expand its product capabilities beyond advertising platforms to work with any type of marketing data, and to accelerate growth in the U.S. and Europe. At the time of the Series A, Funnel was gaining significant traction, engaging with approximately 300 prospective customers monthly, with roughly 90% using manual spreadsheet methods and no competing solutions in the emerging 'data as a service' category. |
| Jun 2013 | Seed | Industrifonden | $3M | Funnel, originally known as Qwaya, is a Stockholm-based business intelligence SaaS company that helps businesses prepare marketing data for reporting and analysis by collecting, cleaning, and normalizing data from multiple channels for import into BI tools. Industrifonden led a $3 million seed round as a founding investor a few years before Funnel's later $10 million Series A in 2017 led by Balderton Capital, with Industrifonden's continued participation. The company was founded by Fredrik Skantze and Per Made, who previously built Facebook advertising tool Qwaya, and shifted focus from data visualization to making marketing data 'business-ready.' By the time of the Series A announcement, Funnel's product supported reporting on over $1 billion of annual advertising spend for companies worldwide, with a team of 32 people across offices in Stockholm and Boston. |
Who has invested in Funnel?
9 investors have backed Funnel across its funding rounds, including Industrifonden, Balderton Capital, Oxx, Zobito, F-Prime and Eight Roads Ventures.
Lead investors include Fourth Swedish National Pension Fund, Stena Sessan, Eight Roads Ventures, Oxx and Balderton Capital.
Funnel Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 5 | Participant | Jun 2013 | |
 London | 4 | Lead | Sep 2017 | |
| London | 3 | Lead | Feb 2019 | |
| Malmö | 3 | Participant | Sep 2017 | |
 United States | 2 | Participant | Jan 2020 | |
| London | 2 | Lead | Jan 2020 | |
| Stockholm | 1 | Lead | Oct 2021 | |
This data is available for Pro users. Sign up to see all 9 Funnel investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Funnel
Funnel has acquired 1 company to date.
Last acquisition by Funnel was on June 26th 2024. Funnel acquired Adtriba for undisclosed valuation.
Latest Acquisitions by Funnel
| Description | - |
| HQ Country |  |
| HQ City | Hamburg |
| Deal Date | 26 Jun 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Funnel acquisitions and their M&A valuation multiples. Start Free Trial | |
Funnel Competitors
Funnel competitors include listed companies like Datadog and Dynatrace, and private ones like ClickHouse, Dataiku, Starburst and PingCAP.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $3.4B | ($588K) | $85B | 19.4x | |
| United States | Publicly listed | $2B | $276M | $16B | 7.0x | |
| San Francisco, CA | Private | $160M | - | $15B | 93.8x | |
| New York City, NY | Private | $150M | - | $3.7B | 24.7x | |
| Boston, MA | Private | $100M | - | $3.4B | - | |
| San Francisco, CA | Private | - | - | $3B | - |
Funnel Public Comps
Funnel is still privately-owned, but its public comps include Oracle, Palantir, ServiceNow, Snowflake, Datadog, RELX, Strategy, MongoDB, Verisk Analytics and Fair Isaac.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $67B | $33B | 8.6x | 7.8x | 17.7x | 13.9x | |||
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $13B | $2.6B | 11.1x | 9.6x | 57.2x | 25.0x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
| $3.4B | ($588K) | 23.6x | 19.4x | (137813.0x) | 77.6x | |||
| $13B | $4.9B | 5.5x | 5.3x | 14.4x | 13.2x | |||
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $2.5B | ($104M) | 11.9x | 10.4x | (282.5x) | 49.6x | |||
This data is available for Pro users. Sign up to see all Funnel competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Funnel
| When was Funnel founded? | Funnel was founded in 2014. |
| Where is Funnel headquartered? | Funnel is headquartered in Stockholm, Sweden. |
| Is Funnel publicly listed? | No, Funnel is a private, VC-backed company. |
| How much funding has Funnel raised? | Funnel has raised $134M across 5 funding rounds. |
| What was Funnel's last funding round? | Funnel's last funding round was a $66M Series C in October 2021, led by Fourth Swedish National Pension Fund and Stena Sessan. |
| Who are Funnel's investors? | Funnel's investors include Industrifonden, Balderton Capital, Oxx, Zobito, F-Prime, Eight Roads Ventures, Fourth Swedish National Pension Fund, Kreos Capital and Stena Sessan. |
| Which companies are comparable to Funnel? | Companies comparable to Funnel include Datadog, Dynatrace, ClickHouse, Dataiku, Starburst and PingCAP. |
| How many companies has Funnel acquired? | Funnel has acquired 1 company, including Adtriba. |
See companies similar to Funnel
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.