As indicated by the title of this post, I have exciting news to share! But first, a short aside.
Real talk: I struggle whenever we write announcements for financing events. Like a grouchy old man—which, increasingly, I am—my inner voice rants:
“The tech world is focused on the wrong thing! No one gives you a high-five when you refinance your house, so why do they when you raise capital for a business? We should crow about customer wins, new capabilities, and amazing FullStorians—the things that matter!” (shakes fist)
Then I snap out of it and get practical. Funding provides the fuel to accelerate our mission, hire more brilliant FullStorians, build inspired new products, reach more customers, improve more visits—and win this massive and emerging category!
I also used to cringe at the notion of sharing private valuations publicly. But, I get it now. However imperfect a measure, our valuation is a signal of the enormous market opportunity and our potential to seize it.
With all that in mind, I am super excited about our Series D fundraising round.
What you need to know about our fundraise
Today marks a major milestone in FullStory’s journey: closing our Series D funding round of a little over $100 million, resulting in a $1.8 billion valuation.
The oversubscribed investment was led by new investor Permira, alongside all of FullStory’s existing investors including Kleiner Perkins, GV, Stripes, Dell Technologies Capital, Salesforce Ventures, and Glynn Capital.
(Want to read more about why Permira invested in FullStory? Read our news release or hear from Permira’s Alex Melamud in this article.)
With this additional capital, FullStory is going all-in on creating deeper value for our 3,100+ customers through our digital experience intelligence (DXI) platform. Simply put, FullStory’s leadership team, along with our investors, are incredibly optimistic about the journey ahead of us.
Where we’re investing next
Our first order of business is continuing our rapidly scaling enterprise growth. With additional funding, we can address the needs of larger organizations more quickly—just as we’ve helped industry leaders like Lowe’s, Peloton, Chipotle, FTD, Segment, among others.
FullStory is also furthering our industry-leading data privacy initiatives. In an era where our online interactions generate increasingly more data, the way organizations handle that sensitive information is under the microscope—and rightfully so. With this investment, we’ll accelerate our commitment to Privacy-by-Default—enhancing a platform that is able to abstract patterns and anomalies without compromising private information, ensuring total user privacy.
Speaking of pattern matching and anomaly detection, we’re eager to use this investment to uncover experience improvement signals and push the boundaries of the DXI platform with innovation in data science and machine learning. Ultimately, these will support more use cases and deliver business value across organizations.
Simultaneously, new capital will advance opportunities for growth outside of the United States. FullStory has already expanded to Europe, and we’ve seen record growth in non-U.S. markets. Our team is eager to demonstrate the value of DXI to the rest of the world as well.
The future looks bright
This milestone brings Bruce Chizen, former CEO of Adobe and Senior Advisor at Permira, into the fold as a member of FullStory’s board of directors. I had an opportunity to talk candidly with him about why Permira chose to invest in FullStory, and he presented the opportunity of DXI in a way that perfectly sums up this moment:
“I spent my career at Adobe enabling companies to make their messages have impact—high-quality, creative websites that look dynamic. I think of FullStory as the next step, making sure all that pretty stuff actually works the way it’s intended.”
Thinking of FullStory as the inevitable next ingredient in a digital transformation is both daunting and humbling, but it’s a testament to the team at FullStory who is shaping this industry movement. I’m honored to serve our growing community of customers around the world—and I’m looking forward to where we’ll be tomorrow.
To the future!