As Businesses Shift Online, Quantum Metric Secures $25M to Help Them Build Customer-Centric Sites That Exceed Digital Expectations
COLORADO SPRINGS, Colo., Oct. 7, 2020 /PRNewswire/ — Quantum Metric, a SaaS platform that helps organizations build better digital products faster, today announced it has secured up to $25 million of debt capital from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. With its initial Series A round led by Insight Partners in 2018 and the closing of this facility, Quantum Metric has raised $50 million in capital over the span of 24 months.
The pandemic has altered the investment landscape, slashing the number of VC rounds in the U.S. this year by 44 percent. In its latest capital raise, Quantum Metric leveraged its strong balance sheet, in combination with its competitive market position as the global leader in Continuous Product Design (CPD), to drive the strategic decision to choose debt financing over equity to grow its fast-moving business. The new funds will allow Quantum Metric to continue building out its top-notch product and customer support teams, expanding its presence in EMEA, and investing in new R&D initiatives. All efforts will further the company’s goal to help the world’s most established brands build better digital products driven by actual customer behaviors, intelligence, and input.
“The current demand for digital has never been greater and while this has been a challenging time for people everywhere, we’re fortunate as a business to have grown very quickly. Brands are realizing the transformative impact of implementing Continuous Product Design within their organizations. This facility from SVB allows us to execute on strategic opportunities to spread the message of CPD while retaining our value and growing the company amid this uncertain landscape,” said Mario Ciabarra, CEO of Quantum Metric. “Our greatest asset is our talented and dynamic team, and we want to honor their work with the least dilution, as a way of rewarding our people. SVB is a bank with a great reputation that has backed some of Silicon Valley’s greatest success stories. We are excited that they believe in the future of our business and the tremendous growth prospects in front of us.”
Quantum Metric’s next-generation technology helps businesses capture customer behaviors and technical issues and prioritize product decisions based on real-time data. Quantum Metric has emerged as an essential platform for businesses across multiple sectors looking to meet a surging digital demand from consumers during the pandemic. Building on its explosive momentum this year, the company has doubled the amount of traffic and data it’s synthesized, expanded its roster of globally-established enterprise clients, added to its growing product and customer teams, and saw its three-year revenue growth reach 30X.
“We believe a debt financing strategy offers venture-backed startups immense benefits and is an increasingly valuable way for these companies to extend their runway, gain financial flexibility, and scale their growth with minimal dilution,” said Greg Becker, President and CEO of Silicon Valley Bank. “Quantum Metric’s platform is helping businesses navigate a period of accelerated digital transformation, and we are excited to partner with Mario and the Quantum Metric team as they continue on the next chapter of their growth journey.”
Silicon Valley Bank maintains a client base of high-growth technology and life science companies, as well as serving VC and private equity firms. Companies utilizing debt financing options in conjunction with venture capital funding, especially during COVID-19, are empowered to retain more ownership and control with less dilution, while also placing a greater emphasis on employee value.
“Throughout the crisis, we’ve taken great pride in standing by our customers in their time of greatest need when digital is more important than ever,” said Ciabarra. “Having access to additional capital gives us the financial flexibility to continue to help our customers navigate today’s greatest digital challenges, while also being a great partner to them during this time of economic uncertainty.”
About Quantum Metric
Quantum Metric helps organizations build better digital products faster. Our platform for Continuous Product Design gives business and technical teams a single version of truth that’s automatically quantified and based on what matters most — your customer’s perspective. The result: Teams are aligned, learn faster, and release with confidence. In 2020, Quantum Metric was ranked 124 in the Inc 5000, a list of America’s fastest-growing private companies. In 2019 Quantum Metric earned recognition for its revenue growth and product innovation from Deloitte (Top 100 fastest growing companies), CNBC (Upstart 100 most innovative companies), Gartner (Cool Vendor) and Ernst & Young (Entrepreneur of the Year).
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.
Contact: Zoe McCook, [email protected]
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SOURCE Quantum Metric