NEWS9 December 2021

Heap raises $110m in latest funding round

Financials News North America

US – Digital insights platform Heap has closed its $110m Series D round at a $960 million valuation.

Conceptual image of business funding using coins

The funding will be used to scale Heap’s global operations and accelerate research and development of its digital analytics platform for product builders, growth marketers and fast-moving analytics teams.

Sixth Street Growth led the round, which included new investment from the Growth Equity business within Goldman Sachs Asset Management. Sixth Street and Goldman will both receive representation on Heap’s board of directors. Existing investors NewView Capital, Menlo Ventures, DTCP, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, Maverick Ventures and The Private Shares Fund also participated. Heap’s total capital raised stands at $205 million to date.

The latest funding will continue to facilitate the company’s product innovation, which has seen Heap launch Illuminate, a data-science powered solution. By automatically collecting all customer interactions, then using data science to offer actionable recommendations, Illuminate aims to provide teams with “insight far beyond traditional analyses which, based on recent research across thousands of digital companies, hinges on misleading or incomplete data 84% of the time”, according to the San Francisco-based company.

 “McKinsey research notes that while there are 100 million hits on agile transformation, two-thirds of organizations that are looking to become more agile are still treading water and achieving little or no business impact”, said Heap chief executive Ken Fine.

“Our new funding will help us further innovate to foster the significant business outcomes that McKinsey says can be achieved, including 30% gains in efficiency, customer satisfaction, employee engagement and operational performance.”

@RESEARCH LIVE

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