customer data platform actioniq extends its latest funding round to $100m

ActionIQ Secures Extended Series C Funding

ActionIQ, a company specializing in the utilization of customer data for the creation of tailored experiences, has announced an extension to its Series C funding round, culminating in a total of $100 million.

Funding Details and Company Strategy

This figure encompasses the previously announced $32 million from January of the prior year. Tasso Argyros, the Founder and CEO, clarified that this is being presented as an extension, rather than a new round, due to the participation of current investors – notably March Capital – and the fact that a significant portion of the initial $32 million remains available.

Argyros explained that the decision to seek additional funding at this time was driven by two interconnected factors. Firstly, ActionIQ has experienced a 100% increase in revenue year-over-year, resulting in a valuation increase exceeding 250% (the precise valuation remains undisclosed). This substantial growth has also spurred more ambitious plans for both product development and expansion of the customer base.

“The ability and the necessity both contributed to our decision to raise further capital,” Argyros stated.

Platform Development and Market Trends

The company’s ongoing development efforts are focused on enhancing the core platform, including expanded support for real-time data processing and analytical capabilities. However, Argyros emphasized that a significant shift has occurred within the customer data platform market itself.

Over the past year, prominent organizations such as Morgan Stanley, The Hartford, Albertsons, JCPenney, and GoPro have begun utilizing ActionIQ’s services.

Argyros noted that some of these enterprises, “would traditionally not engage with a pioneering technology company such as ours, but the circumstances created by the pandemic have encouraged a willingness to embrace risk and invest more heavily in their customer relationships and overall customer experience.”

The Importance of First-Party Data

Furthermore, Argyros contends that increasing restrictions imposed by regulators and major platforms on the acquisition and sale of third-party data will elevate the importance of solutions like ActionIQ, which concentrate on first-party data – information collected directly by companies for their own purposes. He also suggests that the growth of ActionIQ coincides with perceived shortcomings in the offerings of established marketing clouds, either through delayed product launches or products that do not fully meet ActionIQ’s capabilities.

Client Success and Total Funding

The New York Times is already leveraging ActionIQ’s platform. A statement from Shane Murray, The Times’ senior vice president of data and insights, highlights the newspaper’s use of ActionIQ to deliver “hundreds of billions of personalized customer experiences” across various channels including mail, in-app interactions, website engagement, and paid media.

According to Crunchbase, ActionIQ has now secured approximately $145 million in total funding.

Early Stage Event Announcement

Early Stage is a leading event providing practical guidance for startup founders and investors. Attendees will gain insights directly from successful entrepreneurs and venture capitalists regarding business building, fundraising, and portfolio management.

The event will cover all critical aspects of company development, including: fundraising strategies, talent acquisition, sales techniques, achieving product-market fit, public relations, marketing, and brand establishment.

Each session incorporates audience participation, allowing for questions and discussions. A 20 percent discount on tickets is available using the code “TCARTICLE” at checkout.