Segment Raises $27 Million Series B from Thrive, Accel
Today we have some exciting news to share! Segment has raised $27 million in Series B funding led by Thrive with Accel, Kleiner Perkins, and Jon Winkelried. We’ve come a long way from four guys in an apartment, and we still have a long way to go!
We’ve always believed that every business should use data as a competitive advantage — to inform product decisions, guide go-to-market strategy, build personalized campaigns, and provide amazing customer service.
We also believe that getting all of your data into systems where your whole team can use it shouldn’t be an engineering nightmare or create unnecessary dependencies. We want to make accessing your data as easy as possible.
We started by tackling a tiny part of this problem with an open source library offering four integrations. Today, Segment is a budding platform that centralizes how data is collected and distributed. We now process more than 50 billion API calls a month and provide 160 integrations across 20 categories. We see the demand for connecting these tools continuing to grow.
Our average customer connects to 5 services on the platform, and our average business customer connects to 11 plus Amazon Redshift. New partners want to get in the mix and make it easy for our customers to try their tools, too. In the past few months, 30 partners, including companies like Webtrends, ActiveCampaign and Freshdesk, have built their own integrations for the platform.
Though we’re excited by how quickly Segment is growing, we’re more excited by what’s in store.
Thanks to the new funding, we’ll be expanding the partner ecosystem and our ability to get your data from all the places it’s created to all the places where you need to use it.
Our first order of business is growing the team. We currently have 50 driven, fun, and caring teammates, and we plan to double the team by this time next year. We’ll start with engineering and product hires and continue on to every other department. (To learn about our open positions, click here!)
We’re also going to be using the investment to expand into new types of customer data. Website and in-product event data is super helpful for understanding things like user flows and marketing attribution. However, customers interact with your company in a bunch of places outside of your websites, mobile apps and servers. These interactions affect their engagement, retention and conversion, but it’s hard to tell how right now. Stay tuned for more news on this front!
That’s not all. With the funding, we’ll be building more options for you to access your raw data, too. Right you can use Webhooks, Amazon S3, or hosted SQL, but you’ve asked for more ways to get your hands on your raw data. We’ll have more to share here soon!
A big thanks goes out to all of our customers, partners, Thrive Capital, Accel Partners, Kleiner Perkins, Jon Winkelried, eVentures, NEA, General Catalyst and Y Combinator for helping us to reach this point. We couldn’t have done it without you, and we can’t wait to show you what’s coming next.