Winning product analytics: Our Series C funding and what’s next
In 2009, when Mixpanel was founded, the world was in a period of uncertainty and still facing the Great Recession. Amid a bleak outlook, companies like Slack, WhatsApp, and Uber were founded and began to lay the groundwork for orchestrating major paradigm shifts. It’s no big surprise that from difficulty springs innovation, and while it took many years for those companies to become the giants they are today, the seeds of their inspiration sprouted at a time when there was a lot of unknown.
Fast forward and now the world has just emerged from another period of great uncertainty. We’re seeing a boom in entrepreneurship and innovation. The digital transformation that was already well underway has further accelerated. And Mixpanel, with deep roots in the same soil that created those great innovators, is an enabler of this incredible momentum and change.
Today, we announced a $200M Series C investment from Bain Capital Tech Opportunities, marking a transformative period for us. Over the past 18 months, we’ve seen a spike in our leading indicators—signups and weekly active users—which have directly translated to revenue growth. We have re-focused on the things that really matter—our people, our customers, our partners—out of a recognition that those relationships are the most valuable assets we have. We’ve immersed ourselves in our Culture and Values as our guiding principles for the impact we want to have and the future we are building.
We’ve been validated in having chosen this path by the exceptional results we’ve achieved. NPS has increased by 10 points each of the last three years. Perhaps the most validating measure is our customer retention moving up steadily over the past five years and reaching a remarkable 1.5x improvement, the true measure of whether we are fulfilling our promise to our customers. We’ve achieved these successes while continuing to differentiate ourselves along with the advantages we are now known for: Design, easy to use and beautiful; Data Model, the only product analytics solution that enables enrichment via the modern data stack; and Analysis Power, unlocking more answers through self-serve analytics than any other product.
We’ve arrived at this moment due to the collective vision, effort, and trust of each and every employee, customer, and partner we’ve been lucky enough to have on our team. Achieving our next leaps and continuing to define the future for product analytics will require the same hard work and handshakes that have gotten us this far. Thank you for being on the journey with us and for joining us for the next great chapters.
Mixpanel enables product teams to learn from their user engagement data. This empowers teams to make decisions faster and build better products. We empower teams to commit to decisions by giving them the ability to tell stories about their users. This, in turn, accelerates product innovation and improvements to customer experience.
Even though data-driven product development is a sustainable competitive advantage, not a lot of companies today leverage their data to its full potential. We see this as a massive opportunity for us in shaping the future of product analytics. We believe we are nowhere near having reached the limits of unlocking the value of product analytics where users can explore and learn from their data. That’s why we are focused on and committed to pushing product analytics to new heights so that every team can confidently experiment, iterate, and create more value for their users.
Our focus on being the best at product analytics is working—we now have over 6,000 paying customers. Some of the most innovating companies, including fast-growing startups, as well as household enterprise companies who are undergoing digital transformation, have chosen Mixpanel to help them grow.
Today, we are the only company single-mindedly focused on enabling the world’s most innovative companies to fold data into their day-to-day workflows and providing immediate feedback loops to know whether their product changes are successful.
While Mixpanel was going through a major growth spurt over the past 18 months, the modern data stack was also going through an incredible, rapid evolution. The data ecosystem looks nothing like it did when we got started in 2009. In fact, the whole category of technology around the data stack has ushered in a new era for how customers can collect, store, and manage their data. The majority of the market is well on its way to leveraging cloud data warehouses to centralize, join, clean, and operationalize data. By combining Mixpanel’s fast interactive analysis with this rich, trusted data, we can unlock the potential of this data to answer more questions and inform more decisions.
We know the world is just starting to discover what’s possible with the modern data stack, and we’re building Mixpanel with that inevitable future in mind. We believe that customers can get the most value from the innovation in data by choosing purpose-built, best-of-breed tools. We have invested in building lasting partnerships across the modern data stack to give customers true real-time, self-serve product analytics that connect with all their favorite tools. We are grateful to our 90+ partners who have helped us unlock value that would not have been possible to create on our own.
We plan to continue investing and embracing an open ecosystem approach that lets customers leverage all the great innovation in the modern data stack. Mixpanel will continue to be the most powerful product analytics solution that works seamlessly with all the other tools you love to use.
Over the course of the past 12 years, many more than the 300 Mixpanelers we have today played a part in building Mixpanel. Our success is a result of their cumulative efforts and the many lessons we learned along the way. What has rallied us to overcome the many challenges we’ve faced along the way has been our willingness to take a long-term view. We gave ourselves the time to make steady progress and made difficult decisions to stop doing things that weren’t working. Solving problems together made us a stronger team, and our customers gave us purpose and focus.
Now, it’s time to look forward. The chapter we start today will be about pushing the limits in transforming the way teams build the products of the future. It will be about Mixpanel defining the standard in product analytics. It will be about joining the next set of giants and orchestrating our own major paradigm shift.
Onward!