Decibel Closes $40 Million Series B Investment
As digital customer experience becomes more important than ever, Decibel will double down on product innovation as North American & European demand grows
LONDON & BOSTON–(BUSINESS WIRE)–At a time where organizations are laser focused on perfecting the digital customer experience due to business disruption, Decibel, the leader in digital experience analytics, has closed its Series B investment round at $40 million. The latest infusion was funded by Perwyn, an entrepreneurial, family-funded investment firm based in the UK. It also includes the initial $17 million investment from Draper Esprit, Eight Roads Ventures and John Simon, via his Ventureforgood investment entity. This brings the company’s total funding to date to $54 million.
Because of the effects of COVID-19, now more than ever companies are prioritizing the optimization of digital experiences. Digital has become the primary platform to engage with consumers. And the quality of those digital experiences plays a key role in decision-making for today’s consumers. In fact, according to a survey from Decibel, 95% of people will leave a website due to frustrating experiences, such as links not working or ads blocking the page view – an unsurprising finding but startling wake up call to organizations that may risk brand loyalty due to poor experiences. To optimize digital experiences, organizations need to look beyond traditional analytics such as page views, click-through and bounce rates, which show brands what customers do. Instead, Decibel shows brands why customers make certain decisions online by measuring and understanding customer experiences. Only then can brands increase conversions.
Powered by AI and enriched by machine learning, Decibel’s digital experience analytics solution captures and quantifies unique experience data to pinpoint problem areas on brands’ websites and apps. With this intelligence, brands can alleviate user frustrations at scale and capitalize on conversion opportunities. Decibel’s technology is used by 250 of the world’s largest brands spanning the retail, financial services, travel and hospitality and media industries, including Toyota, CVS and Fidelity.
While brands of all sizes, industries and geographies are prioritizing digital customer experience, the market opportunity is particularly high in North America. Decibel, though headquartered in Europe, has seized this opportunity and already sees nearly 50% of its business coming from North America over the last three years. This new infusion of capital will enable Decibel to continue growing its presence on the continent and building on its sophisticated product. Decibel is driving cutting edge innovation yet is at the ideal stage to nimbly evolve as customer needs and the digital landscape evolve so rapidly.
“Decibel is the market leader in the digital experience space. Its best-in-class technology and strong customer success team makes the company an easy win for enterprise organizations wanting more from their digital channels,” said Andrew Wynn, Partner at Perwyn. “Decibel is an incredible company, and we’re thrilled to partner with them as they propel through the next wave of growth.”
“One significant, long-term impact of the current health pandemic is the pace at which businesses engage with their customers digitally. Decibel provides a window into the digital customer experience through its ability to automatically identify and prioritize critical conversion opportunities. Across our customer base, we have identified hundreds of millions of revenue dollars lost due to poor digital experiences – and more importantly, hundreds of millions in potential revenue,” said Ben Harris, CEO and Co-founder, Decibel. “I’m honored by the support of our new and existing investors, customers and partners, and the hard work of our growing team. Partnering with Perwyn is further validation that with our unique data set, we’re positioned to become a very large organization.”
Decibel is more than a digital experience analytics solution: it’s a group of passionate people seeking to create a world where every digital experience is effortless.
Working with leading companies like LEGO, Adidas, and Sony, we’re building technology that plugs the critical knowledge gap in how companies measure the quality of online customer experiences.
Decibel’s technology crunches billions of datapoints to automatically identify poor experiences on websites and apps, and provides digital teams with the insights they need to optimize them.
The world’s leading companies harness Decibel for better conversions, more engagement, and increased customer loyalty across their digital offerings. Find out more at www.decibel.com.
Perwyn is a family funded private equity house based in London with a focus on investing in high growth businesses in the UK and Western Europe. Perwyn has a flexible approach to investment with the capability to provide majority equity, minority equity and debt investments.
Allison Webster – PR for Decibel