Funnel in a $66 million funding round led by AP4 and Stena Sessan.

Funnel, a Stockholm, Sweden-based software company providing automated data collection for better reporting and analysis, announced completing an equity financing round worth $66 million.

The money was raised from investors led by the Swedish pension Fund AP4 and local holding company Stena Sessan, joined by existing shareholders Balderton Capital, Eight Roads, F-Prime, Oxx, and Industrifonden.

The company says that the closing marks the last round of private funding before Funnel’s planned initial public offering (IPO) on Nasdaq Stockholm.

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 says it works with around 1200 customers, including Home Depot, trivago, Skechers, Samsung, Vodafone, Logitech, Skyscanner, SAS – Scandinavian Airlines, as well as media agencies Havas Media, Ogilvy and DAC Group. In 2020, Funnel had sales of SEK 120 million ($13.7M) and made an operating loss of SEK 125 million.

Funnel previously raised a total of more than $68 million - series B round of $47 million from Eight Roads Ventures and F-Prime Capital in 2020 and $21 million prior to that.