Verb Data, a customer-facing analytics firm, received $3 million in funding nine months after its public launch to continue building technologies to help SaaS companies construct better in-product dashboards for their consumers.
Dave Hurt and Oleg Fridman founded the Boston-based company in January 2020, and its private beta test with five customers began in August 2020, followed by a public launch in April 2021.
CEO Hurt said that Verb’s customer-facing analytics tools are created expressly to live inside multi-tenant SaaS apps. What sets it apart from competitors is how it simplifies the process of non-technical team members generating and maintaining customer-facing dashboards by reporting and automating the data architecture that enables those data experiences.
“For example, every chart that is built and embedded into a customer’s application is backed by a data warehouse that is specifically optimized for that chart without requiring any developer effort. This allows software teams to focus on their core product while also providing their end-users with high-performing analytics dashboards.”Dave Hurt, CEO, Verb Data
El Cap Holdings and lead investors like Stew Bradley and Kunal Tandon led the investment round. Stan Garber, Alex Yakubovich, Matt MacInnis, Steve Garrity, and Packy McCormick are the individual investors taking part.
Hurt said the company was focusing on client growth rather than revenue, so he didn’t have any year-over-year figures to share, but he did indicate that Verb had 65 new signups in the last six months, with a conversion rate of 20%. In July, the percentage had risen to 30%. The firm plans to secure another round of investment in the third quarter of 2023. By the end of the year, it hopes to have 100 paying clients.
“The SaaS market is becoming more vertical-specific, which means that companies are competing on core functionality in their respective niche. While this generally means that end-customers are benefiting from the software that more closely aligns with their needs, it also means that product teams have to focus on their core functionality to keep up with competition, making the analytics dashboard an even more difficult feature to prioritize on the roadmap.”Dave Hurt, CEO, Verb Data