Business Intelligence Tool SumAll Adds $4M in Funding
December 04, 2013
Marketing analytics tool SumAll has announced it has received $4 million in financing from existing investors Battery Ventures and Wellington Partners, in addition to a $1 million debt facility from Silicon Valley Bank. The fresh funding values the company at $43.4 million, doubling its $21.6 million valuation in November of last year when it landed $6 million in Series A funding.
With its 2012 Series A investment, Battery Ventures and Wellington Partners agreed to give $500,000 to the SumAll Foundation, a non-profit organization established by SumAll employees dedicated to "doing social good by analyzing data." According to TechCrunch, CEO Dane Atkinson revealed that employees contributed 10% of their holdings in SumAll to the charitable trust. The proceeds from the most recent funding will reportedly be used to cover increasing infrastructure costs as the company grows.