Toronto-based Funnelytics has raised $1.5 million CAD as it looks to capitalize on the growth of online advertising amid COVID-19.
The seed financing round was co-led by GreenSky Capital, through GreenSky Accelerator Fund III, and the MaRS Investment Accelerator Fund (MaRS IAF). Other seed investors include Good News Ventures, GreenSky President’s Club members, and local angels.
Dia told BetaKit COVID-19 has forced online marketers to make their campaigns more efficient.
Funnelytics’ digital marketing analytics software allows users to map and analyze their marketing funnels. The funding will help Funnelytics finance growth, improve data flow from sources like Google and Facebook, and launch integrations with new channel partners like Clickfunnels and Shopify.
“COVID-19 has made online marketing that much more dominant and has made small businesses more aware of the importance of tracking their marketing dollars,” said Mikael Dia, Funnelytics’ CEO and founder. “We are looking to capitalize on that with our platform.”
Dia told BetaKit the ongoing pandemic has “caused businesses to think twice about where they are spending their money and the return on investment (ROI) they are receiving from their online marketing efforts,” forcing online marketers to make their campaigns more efficient.
In the two years since its founding, Funnelytics said it has generated over $3 million in revenue from over 100,000 free users and more than 10,000 paying customers across 140 countries.
Funnelytics’ mapping tool allows users to build custom funnels or work with existing templates. Its forecasting tool helps users estimate campaign conversion rates, expenses, and traffic volumes, as well as calculate profit and ROI. Funnelytics touts its offering as an easy way to track the performance of acting funnels and share campaign data with clients. Funnelytics’ tracking script works with existing marketing tools like ActiveCampaign and Leadpages.
Dia founded Funnelytics in June 2018 to make mapping customer activity online easier.
“Because Funnelytics is so visual, it has really helped marketers better communicate and explain how strangers are actually converting into customers for businesses,” Dia told BetaKit. “This is especially important for small businesses who need every dollar to count.”
“Advertising has undergone a digital transformation,” wrote MaRS IAF in a LinkedIn post announcing the raise. “As marketers look to make data strategy and deep analytics an integrated part of campaign planning, the pressure is on for agencies to be increasingly specialized.”
Funnelytics offers a free version and premium paid versions on a subscription basis. Its marketer tier costs $470 annually, and its pro version costs $790 annually. It serves small marketing agencies, freelancers, and entrepreneurs, allowing them to scale marketing funnels and sell them as a service.
Dia said the company will use the new capital to build and launch what he called “Funnelytics 2.0.”
“The aim is to build robust integrations with the tools marketers already use in order to aggregate all of the data from their visitors and customers into one place,” said Dia. “One central location that builds the profiles of the people that visit their site, aggregates all of the actions that these people do, and visualizes the paths that they take in order to convert from a stranger into a loyal customer.”
“We are excited to see how we can supercharge our growth and community with this capital and these new partners on board,” the CEO added.
Image source Funnelytics