Bengaluru and Germany-based Customer Data Platform (CDP), Zeotap has announced an $11 Mn extension to its Series C round that was going on since November 2019. The startup had previously raised $42 Mn in July 2020 and $18.5 Mn in November 2019, and the current round is the last in Series C. It has earlier raised a Series B round led by New Science Ventures.
The current extension, led by Liberty Global Ventures, will add the VC firm to the board of Zeotap. Richard Pennycook CBE (ex-CEO of the Cooperative Group) also participated in the round and joined the board. The new round brings the startup’s total funding raised to $90 Mn.
Launched in 2014 by Daniel Heer, Projjol Banerjea and Stephan Schwebe, Zeotap launched its customer intelligence platform (CIP) and ID solution product ID+ in 2020 to cater to compliance requirements of the European market and to enable brands and publishers to resolve identities at scale when third-party cookies are deprecated in 2023, respectively.
Since its last extension round, Zeotap has claimed to have 126% ARR (annual run rate) growth in 2020, a 201% YoY growth in subscription revenue. The company has also signed several new clients, including Virgin Media, DER Touristik and Nestle, and partnered with over 60 leading European publishers on ID+.
Zeotap said that its CIP helps brands move their customer data in a cookieless future with privacy and compliance to the user. A consumer data platform is an integration of all customer data stitched together to create customer profiles that a marketer can work with.
Unlike CRM, the platform connects all types and sources of customer data — internal or external, structured or unstructured, batch or streaming — and provides analytical insights, tracking and the best combination of strategies.
According to a recent report, the adoption of CDPs is expected to grow as companies look to better use data to improve customer experiences and the global CDP market is anticipated to reach $15.3 Bn in value by 2026.
According to a global survey in 2019, while 51% of the companies were already using a CDP, another 35% planned to onboard a CDP soon. The report also stated that companies with consumer data platforms outperformed those who didn’t have one.