Goldman Sachs leads Qubit's $40m series-C

JosУЉ Rojo
23 February 2016

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Goldman Sachsт private equity arm has led a $40m series-C for British cloud marketing platform Qubit alongside Sapphire Ventures and historic backers Accel and Salesforce Ventures.

During Qubit's $40m series-C, Goldman Sachs was joined by Sapphire, a VC with offices in Palo Alto and London that typically deploys $5-25m per growth deal.

According to Qubit, the capital will be used to double its existing engineering capability. During 2015, the business incorporated five new functionalities to its Visitor Cloud platform, which provides marketing professionals with data on customer interactions on a website or app.

Over the next few months, the business will look to reinforce the software platform so it can also process data coming from e-mail servers, call centres and advertising. In addition, there are plans to seek clients within new industries; Qubit currently services retailers, as well as travel, finance and e-gaming corporates.

In return for Goldman Sachs leading the round, managing director and technology head David Reis will take a seat on Qubit's board of directors; he will work alongside existing members Bruce Golden from Accel and Bernard Liautaud from Balderton.

Previous funding
The $40m round more than doubles the funds raised by Qubit since foundation. Having secured a total of $76m to date, the business first received $7.5m from Balderton Capital, which led the series-A in December 2012.

This was followed by a $26m series-B in September 2014. The second financing round was led by Accel Partners and featured capital from Balderton and corporate investor Salesforce Ventures. At the time, Qubit stated the funds would be allocated to product innovation and to accelerate deployment in the US market.

Company
Founded in 2010 by four former Google employees, Qubit helps retailers and travel, financial and online gaming clients monitor customer experience on a website or mobile app.

The company claims its flagship product Visitor Cloud processes billions of customer online interactions on a daily basis for Topshop, Net a Porter and John Lewis, among others.

Headquartered in London, the business also operates in Paris and Munich and is present in the US via offices in New York, Chicago and San Francisco.

People
Goldman Sachs Merchant Banking – David Reis (managing director, head of technology).
Accel Partners – Bruce Golden (partner).
Qubit – Graham Cooke (co-founder, CEO); Emre Baran (CTO); Daniel Shellard (COO); Ian McCaig (CMO).