- Market-leading enterprise Customer Data Platform (CDP) Simon Data announced it raised $30 million in Series C
Simon Data — a market-leading enterprise Customer Data Platform (CDP) — announced it closed $30 million in Series C funding to expand its mission of unlocking the power of data to deliver the next generation of customer experiences. And the funding follows a $20 million Series B round in late 2018 and was again led by Polaris Partners with continued participation from .406 Ventures and F-Prime Capital. Including this round, Simon Data has raised $59 million to date.
“There’s a massive opportunity for businesses of all sizes to drive better customer experiences through data,” said Simon Data co-founder and CEO Jason Davis. “Yet so many businesses today – in particular those at scale – are unable to leverage the heavy investments they’ve made in data science and infrastructure. We built Simon in partnership with high-growth, data-savvy businesses that are defined by their ability to create amazing customer experiences. Our enterprise partners are now realizing the benefits of that approach.”
As the modern customer’s expectations have increased pressure on enterprise brands to deliver a differentiated customer experience beyond email. And this pressure has compelled brands to confront the reality of their outdated or unworkable martech stacks for the first time. The growing consensus is that data is often the limiting factor and Simon’s approach represents the first coherent solution.
“This is a business whose explosive growth is driven by putting their clients at the center of everything they do,” added Polaris Partners managing partner Dave Barrett. “Simon Data pairs a disruptive new data science-fueled technology with a partnership approach that’s designed to help enterprises deliver a new generation of customer experiences. They’ve emerged as a clear category leader, and this investment is all about extending that position.”
Most CDPs either integrate crudely into enterprise data environments or poorly into existing marketing technologies. And Simon differentiates itself by doing both well. As a result, Simon Data offers seamless and comprehensive data integration paired with AI-driven orchestration and optimization. This enables customers to meet ever-increasing consumer demands regardless of their current martech stack.
This problem is compounded in the enterprise as most larger companies leverage a combination of legacy providers to deliver customer messaging. These “all-in-one” solutions cannot adapt to the sophisticated demands of modern marketing. Ultimately, they require a CDP to make them work together. And Simon directly integrates into all such providers, harmonizing disparate messaging channels to deliver a superior customer experience.
Simon’s platform and agnostic approach have been a primary driver of its ongoing success. And the company’s current clients include Albertsons, ASOS, Equinox, Venmo, and WeWork.
“The confusion around what a CDP is and does makes it nearly impossible for brands to choose the right partner,” explained Simon Data co-founder and president Joshua Neckes. “The space is fraught with pretenders, retreads, and also-rans – but the value is very real when properly delivered. Our focus has been pairing a clear set of capabilities with a partnership approach that helps companies deliver the outcomes they’re after. With over 250% growth and doubling our client count in each of the last two years, we think it’s working.”
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