Explo has successfully raised $14.3 million over two funding rounds, with the latest being a Series A in August 2022. The platform offers a robust embedded dashboard and reporting solution, enabling companies to share customizable product analytics and KPIs with their end-users.
Keep reading to explore the intricacies of Explo's fundraising journey and the investors backing this innovative platform.
What Is Explo?
Explo, founded by Andrew Chen, Gary Lin, and Rohan Varma, is a startup specializing in customer-facing analytics solutions. The company, established in the early stages of development, has locations in New York City and San Francisco.
Explo offers powerful embedded dashboards and reporting solutions, enabling companies to securely share customizable product analytics and KPIs with their end-users. The platform seamlessly integrates with the product's design, providing a cohesive user experience.
With a team of 11-50 employees, Explo continues to innovate in the analytics space, backed by significant investments from top investors, including Y Combinator.
How Much Funding Has Explo Raised?
- Seed Round
- Amount Raised: $2.3 million
- Date: November 2020
- Lead Investors: Amplo VC, Soma Capital, Y Combinator
- Motivation Behind the Round: To pivot from simplifying data preparation to building customer-facing BI dashboards and expand the engineering team.
- Series A Round
- Amount Raised: $12 million
- Date: March 2022
- Lead Investors: Craft Ventures
- Motivation Behind the Round: To capitalize on the traction gained and further develop and sell their product.
Explo has raised a total of $14.3 million in funding. The current valuation is $50 million (~estimated).
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that provides seed funding, mentorship, and connections to early-stage startups. It has helped launch over 2,000 companies since its inception in 2005.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Airbnb, Dropbox, Stripe
- Craft Ventures
- Details: Craft Ventures is a venture capital firm co-founded by David Sacks, focusing on early-stage technology companies. The firm aims to support startups with high growth potential.
- Investment Focus Areas: SaaS, Marketplaces, Fintech
- Notable Investments: Bird, Reddit, SpaceX
- Felicis Ventures
- Details: Felicis Ventures is a venture capital firm that invests in early-stage companies across various sectors. The firm is known for its hands-on approach and extensive network.
- Investment Focus Areas: Enterprise, Consumer, Healthcare
- Notable Investments: Shopify, Fitbit, Adyen
- Amplo VC
- Details: Amplo VC is a venture capital firm that invests in transformative technologies and companies at various stages. The firm aims to support innovative solutions with global impact.
- Investment Focus Areas: Technology, Healthcare, Education
- Notable Investments: Robinhood, Andela, One Concern
- Soma Capital
- Details: Soma Capital is a venture capital firm that focuses on seed-stage investments. The firm supports startups with disruptive potential in various industries.
- Investment Focus Areas: Technology, Fintech, Consumer
- Notable Investments: Rappi, Razorpay, Rippling
What's Next for Explo?
Explo stands at the cusp of significant growth, driven by the increasing demand for business intelligence tools. With a self-service product offering a two-week trial, the company is poised to attract a broader customer base. The market for outsourced dashboarding and analytics tools is expanding, providing ample opportunities for Explo to leverage its product's stickiness and grow its footprint.
Future fundraising rounds seem likely as Explo continues to develop and enhance its offerings. The successful Series A round indicates strong investor confidence, which could pave the way for Series B and beyond. However, challenges such as a cooling venture market and competition from established BI tools could pose hurdles. Maintaining a skilled workforce as the company scales will also be crucial.
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