Mixpanel, the product analytics solution powering more than 6,000 digital companies, has announced that it has secured a $200 million Series C growth investment from Bain Capital Tech Opportunities. The funding was raised at a $1.05 billion valuation.
To date, $277 million has been invested in Mixpanel, including its previous $65 million Series B investment led by Andreessen Horowitz in 2014.
The investment will be used to accelerate product development and expand Mixpanel’s reach to new digital-first businesses, which already include customers like Netflix, Monday.com, Noom, and Xero. Mixpanel plans to scale its team in North America, EMEA, and Asia-Pacific over the next 12 to 18 months, with an emphasis on go-to-market, product, and engineering.
“Digital products are reinventing how we live our lives. From last-mile deliveries to fintech, to modern media businesses, we’re seeing an explosion of innovation,” said Amir Movafaghi, CEO at Mixpanel. “Mixpanel is an enabler of this change. We help product development teams rapidly understand what matters to the users of their products and services, so they can build better digital products centered around the customer experience.”
“This investment enables us to partner with an experienced global technology investor in Bain Capital Tech Opportunities, and is a validation of our long-term product-led growth strategy,” Movafaghi continued. “With this investment, we have the backing we need to win the massive product analytics market.”
“Mixpanel is at the forefront of bringing the analytics revolution to product development teams across the globe. The business has a hyper-focused strategy to continue investment in its core product analytics solution, and the management team is maniacally focused on delivering maximum value for customers — that’s a winning combination,” said Dewey Awad, a Managing Director at Bain Capital Tech Opportunities.
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