Grow.com, a reporting and analytics dashboard solution, has closed a $16m Series B round of funding, led by Toba Capital.
The round, which brings the company’s total funding to $26m, also includes participation from Peterson Ventures, Pelion Venture Partners, Kickstart Seed Fund and HubSpot.
Launched in 2014 by Rob Nelson, Grow.com aims to empower data-driven leadership by simplifying reporting and analytics.
The company provides a business intelligence tool for SMBs and non-technical users to visualise and share business performance in real time by uniting data from hundreds of sources, including spreadsheets, databases, and SaaS applications. It claims to empower SMBs to accelerate growth by ‘aligning team objectives and inspiring strategic decisions’ according to its website.
Grow also offers robust capabilities within the platform such as data cleanup, pivoting, grouping, filtering, and applying formulas and functions to data, enabling businesses to track ‘what’s most meaningful’.
“At Grow, we believe in using data to drive company culture and decision making,” says Nelson, founder and CEO of Grow.com. “Our goal is to give CEOs the ability to feel confident and in-touch with their business, whether or not they’re in the office. Thanks to our institutional investors, we are able to continue to push these efforts.”
It intends to use the funds to accelerate growth by expanding sales and marketing efforts as well as creating new features within the app.
Toba Capital, the venture fund run by former Quest Software founder Vinny Smith, invests in business software and technology-enabled services businesses. Last month, the investment firm led a Funraise’s $9.7m Series A round. Founded in 2016, the company is a fundraising platform for non-profit organisations, providing access to international donations and donor management tools.
Grow.com’s latest fundraisie comes just months before the General Data Protection Regulation is implemented. The legislation intends to strengthen and unify data protection for all individuals within the European Union (EU). It will directly affect every UK and European company and those businesses with EU citizens and carries heavy fines (up to 4% of a company’s global revenue).
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Copyright © 2018 RegTech Analyst
