Web analytics specialist QuBit has announced it has secured $7.5 million Series A funding from investment firm Balderton Capital.
Leading EU investor Balderton has a strong background in digital investments having worked with the likes of Housetrip, Bebo, Love Film and Wonga.
As part of the QuBit deal Bernard Liautaud, general partner at Balderton Capital and previously founder of Business Objects, will join the firm’s board.
QuBit, former by four ex-Google product, marketing and engineering executives, claims to have seen a three-fold increase in revenues in 2012, adding over 1,000 customers to its platform.
The Balderton funding will help launch the company’s new service as a software (SaaS) platform, further develop its tag management product, OpenTag, and grow in the US and Europe.
Graham Cooke, chief executive of QuBit, said: “Our technology is about driving website efficiency and that’s a compelling message in a market where competition is getting more and more intense.
“Buyers are shopping around more, traffic is getting more expensive and purchase cycles are becoming longer.
“Our products help site owners to understand their customers and to seamlessly act upon that understanding to drive revenue and profit.
“To get the backing of an organisation like Balderton is a strong validation of our business and our technology.
“As well as bringing us finance, we also get the involvement of Bernard, the founder of the most successful business intelligence company in history.
“That sort of input is going to be invaluable to us and can only help to build this business into a world leader”
Liautaud said: “QuBit is applying big data techniques to the web analytics and optimisation space, bringing together two of the most important technologies right now.
“What’s most impressive with the QuBit approach is that they’ve created more than a point solution; they’ve already developed a comprehensive suite of products that let website owners collect, understand and act upon the huge amounts of data generated by customer interaction with their websites.”