Business analytics company SumAll is announcing that it has raised $4 million in new funding from existing investors Battery Ventures and Wellington Partners, as well as an additional $1 million in debt from Silicon Valley Bank.
The company allows customers to connect a wide range of services, including social networks like Facebook and Twitter, email marketing tools like MailChimp and Constant Contact, payment providers like Amazon Payments and PayPal, and ad platforms like Bing Ads and Google AdWords. Businesses can then view and analyze all of that data from a single interface.
CEO Dane Atkinson said SumAll’s appeal boils down to allowing customers to “see your damn data.” He added that his team works hard to understand the key performance indicators that customers care about. And some of those customers can be pretty big — SumAll says one agency is using the service to track more than 120 Google Analytics pages and 50 Facebook pages.
The new funding was actually revealed last month in a filing with the Securities and Exchange Commission, but SumAll hasn’t talked about the deal until now.
Atkinson told me the company actually had enough money in the bank to last until “well into next year,” when it planned to raise a larger round. However, the service has been growing quickly, supposedly tracking $4 billion in sales activity for 100,000 businesses, with the total amount of data doubling every 45 days. As a result, SumAll’s infrastructure costs are increasing rapidly, and Atkinson said he wanted to raise the money so that he wasn’t tempted to cut expenses by “shaving down” the amount of data that SumAll tracks.
He added that SumAll talked to other potential investors, but ultimately decided to “stick to a smaller round for now” from existing backers and “barrel through until we get to bigger scale” (and can presumably raise money at a higher valuation).