Funnel closed series B round of $47 million from Eight Roads Ventures and F-Prime Capital.

United Kingdom Sweden Investments 17 January 2020
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Funnel, a Stockholm, Sweden-based software company providing automated data collection for better reporting and analysis, announced the completion of a $47 million series B investment round.

The round was led by Eight Roads Ventures and F-Prime Capital, and included financial participation from existing investors Balderton Capital, Oxx, Zobito, and Industrifonden, in addition to Kreos Capital. Alston Zecha from Eight Roads will also join Funnel's board.

The money will be used to fuel the company's ambitions to expand business in US.

Funnel, founded in 2014 by Fredrik Skantze (CEO) and Per Made, developed a SAAS helping marketers automate their online marketing data from multiple platforms in real-time, so that they can more accurately analyse their online marketing spend. The company claims to have more than 800 customers, including Klarna, trivago, Discovery, Appsflyer, Skyscanner, SAS – Scandinavian Airlines, as well as leading media agencies like Havas Media, Ogilvy and DAC Group.

Prior to this round, Funnel raised about $21 million from risk investors.