Zeotap, a customer data platform based in Berlin, Germany, announced that it closed an $11 million extension to its Series C round, bringing its total capital raised to $90 million.
The adoption of CDPs is expected to grow as companies look to better use data to improve customer experiences, with the global CDP market expected to reach $15.3 billion in value by 2026.
Founded in 2014 by Heer, Projjol Banerjea, and Stephan Schwebe, Zeotap offers a product that lets companies track customers without the use of third-party tracking cookies. ID+, the website pixel-based technology, connects users through offline identifiers across both websites and apps on mobile and desktop.
Zeotap says that ID+ is built on one of the world’s largest deterministic identity graphs, with over 60 European publishers currently on board, such as P&G, Nestlé, and Virgin Media, which have a unified view of customers based on their interactions with a product or website across a set of devices and identifiers.
Virgin Media O2 chief digital officer Kay Schwabedal said in a statement: “Zeotap’s drive to put privacy at the heart of customer data initiatives is unique in the space and arrives exactly when the market needs it more than ever. It’s no surprise that this has resulted in an incredible growth trajectory, and we’re thrilled to be on board to support this mission.”
Since its last funding round in 2020, Zeotap notched 126% annual recurring revenue growth and a 201% year-over-year climb in subscription revenue.
According to a recent London Research survey, the majority of companies (51%) are already using customer data platforms, while 35% aren’t doing so but plan to in the near future.
Heer said:
“With our last investment round and extension so oversubscribed, we’re pleased to now have the opportunity to bring new investors on board. This further fuels the incredible momentum that we’ve generated since the launch of our platform, and we’re excited to have even more support on this journey.”
