Customer insights firm Decibel raises £32.4m for US growth
Customer experience analytics firm Decibel has closed its Series B investment round at £32.4 ($40m).
The latest round was funded by Perwyn, an entrepreneurial, family-funded investment firm based in the UK.
It also includes the initial $17m investment from Draper Esprit, Eight Roads Ventures and John Simon, via his Ventureforgood investment entity raised last year.
It brings the company’s total funding to date to $54m (£43.7m).
Decibel’s digital experience analytics solution captures and quantifies experience data to pinpoint problem areas on brands’ websites and apps, such as slow load times and distractions.
Decibel’s technology, which is enhanced by AI and machine learning, is used by brands including Toyota, British Airways and US-based CVS and Fidelity.
The London-headquartered firm has three US offices, and said the market opportunity in North America is particularly high.
It said the funding would be used to expand its presence in North America.
Ben Harris, CEO and co-founder of Decibel said: “Across our customer base, we have identified hundreds of millions of revenue dollars lost due to poor digital experiences – and more importantly, hundreds of millions in potential revenue.”
“I’m honored by the support of our new and existing investors, customers and partners, and the hard work of our growing team. Partnering with Perwyn is further validation that with our unique data set, we’re positioned to become a very large organization.”
Andrew Wynn, Partner at Perwyn added: “Decibel is the market leader in the digital experience space. Its best-in-class technology and strong customer success team makes the company an easy win for enterprise organizations wanting more from their digital channels.”