Mode, an analytics company based out of San Francisco which offers data analysis services to the customers has snagged a fresh round of investment where it has raised $23 million in Series C financing which was led by Chicago-based growth investment firm Valor Equity Partners.
The fresh financing which also saw participation from Foundation Capital and REV Venture Partners who had led the Series A and Series B funding to take the total capital raised by the company close to $50 million. David Obrand, a partner at Valor who had previously worked with Derek Steer at social networking site aimed for enterprises Yammer will be joining the board of Mode as part of the funding.
Benn Stancil, Derek Steer and Josh Ferguson had started the company in 2013 with an aim of helping data scientists through its collaborative platform which will help them work together to get solutions, solve problems and make better decisions.
Talking about the aim, co-founder Steer on a company blog said that the fresh funds will help them deliver on their promise which according to Steer is, “From writing your first query, to analytics at a massive-scale, Mode will be the best platform for you and your team."
Talking further on their aim in 2019 Steer added, “As we've grown, so have our customers. Our 2019 product roadmap includes significant investment in features for managing large deployments, as well as improving the discoverability of the most important answers that customers find with Mode. We are going to double-down on making Mode the best analytics platform imaginable.” The company claims to have more than 600 clients including Twitch, Lyft, Shopify, Meredith, and Conde Nast.
The company’s current focus has been only in the U.S. However, with the fresh capital pumping, the firm plans for geographical expansion. It also aims to hire employees outside of San Francisco for the first time.