Mode has successfully raised $79.4 million over seven funding rounds, with its latest round being a Series D in August 2020. The platform is a collaborative data tool that combines SQL, R, and Python to empower data analysts.
Keep reading to explore the intricacies of Mode's fundraising journey and the investors backing this innovative platform.
What Is Mode?
Mode, founded by Josh Ferguson, Benn Stancil, and Derek Steer, is a collaborative data platform that combines SQL, R, and Python. Established in San Francisco, Mode has grown rapidly since its inception.
The company focuses on building software for analytics teams, creating an advanced web-based environment for ad-hoc analysis. Mode's platform aims to make businesses and communities more analytical with tools for data analysts.
With a team of 51-200 employees, Mode continues to expand its operations, offering a modern business intelligence platform designed to unite data teams and business teams around data to drive business outcomes.
How Much Funding Has Mode Raised?
- First Round
- Amount Raised: $550,000
- Motivation Behind the Round: Initial seed funding to develop the product.
- Second Round
- Amount Raised: $375,000
- Date: February 2014
- Motivation Behind the Round: Additional capital to continue product development.
- Third Round
- Amount Raised: $2 million
- Date: June 17, 2014
- Lead Investors: Formation 8
- Motivation Behind the Round: To flesh out the product, add support for more programming languages like Python, and introduce collaborative features such as comments and query suggestions.
- Series A Round
- Amount Raised: $7.5 million
- Date: August 20, 2015
- Lead Investors: Foundation Capital
- Motivation Behind the Round: To enhance the platform with new features, integrations with other data tools, and to support further development and scaling.
- Series B Round
- Amount Raised: $13 million
- Date: May 16, 2017
- Lead Investors: REV Venture Partners
- Motivation Behind the Round: To focus on further expansion outside of Silicon Valley and to bring world-class analytics to businesses everywhere.
- Series C Round
- Amount Raised: $23 million
- Date: February 12, 2019
- Lead Investors: Valor Equity Partners
- Motivation Behind the Round: To expand geographically, hire employees outside of San Francisco, introduce new features, and expand each department with a focus on community efforts.
- Series D Round
- Amount Raised: $33 million
- Date: August 6, 2020
- Lead Investors: H.I.G. Growth Partners
- Motivation Behind the Round: To continue making the platform more sophisticated and to introduce tools for less technical users, specifically those in product teams.
Mode has raised a total of $79.4 million in funding. The current valuation is $106 million (~estimated).
Key Investors
- H.I.G. Growth Partners
- Details: H.I.G. Growth Partners is a private equity and alternative assets investment firm with a focus on small and mid-sized companies. They specialize in providing growth capital to companies in the technology, healthcare, and business services sectors.
- Investment Focus Areas: SaaS, healthcare, business services
- Notable Investments: Not specified in the sources
- Valor Equity Partners
- Details: Valor Equity Partners is a growth-focused private equity firm that invests in high-growth companies across various sectors. They have a history of supporting companies through their growth stages and providing strategic guidance.
- Investment Focus Areas: Technology, consumer products, growth-stage companies
- Notable Investments: Tesla, SpaceX, Addepar
- Foundation Capital
- Details: Foundation Capital is a venture capital firm that focuses on early-stage investments in technology companies. They have a strong track record of backing successful startups and helping them scale.
- Investment Focus Areas: Technology, fintech, clean energy
- Notable Investments: Netflix, LendingClub, Sunrun
- REV Venture Partners
- Details: REV Venture Partners is a venture capital firm that invests in technology-driven companies. They focus on companies that are at the growth stage and have the potential to disrupt their industries.
- Investment Focus Areas: Technology, innovation, growth-stage companies
- Notable Investments: Palantir, C3.ai, Dataminr
- Switch Ventures
- Details: Switch Ventures is an early-stage venture capital firm that invests in technology startups. They focus on companies with innovative solutions and strong growth potential.
- Investment Focus Areas: Technology, early-stage startups, innovation
- Notable Investments: Not specified in the sources
What's Next for Mode?
Mode stands at the cusp of significant growth opportunities, driven by the increasing demand for data analytics tools. With its platform already used by 52% of the Forbes 500, Mode has a substantial market presence. The company aims to expand its platform to include more tools for less technical users, enhancing its machine learning, business intelligence, and big data analytics capabilities. This expansion could attract more enterprises, further solidifying Mode's position in the market.
Future fundraising opportunities appear promising, given Mode's successful history of raising funds from notable investors. Additional funding rounds could support the development of new features and geographical expansion. However, Mode faces challenges such as competition from other analytics platforms and the need to continuously innovate. Maintaining a user-friendly interface while scaling operations will be crucial for Mode's sustained growth.
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