Venture Capital

Heap Reels In $110 Million Series D

SAN FRANCISCO – Heap, a digital insights platform, has closed $110 million Series D round at a $960 million valuation. The funding will be used to scale Heap’s global operations and accelerate research and development of the industry’s most advanced digital analytics platform for product builders, growth marketers, and fast-moving analytics teams. Sixth Street Growth led the round which included new investment from the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs). Sixth Street and Goldman will both receive representation on Heap’s board of directors. Existing investors NewView Capital, Menlo Ventures, DTCP, Triangle Peak Partners, Alliance Bernstein Private Credit Investors, Maverick Ventures, and The Private Shares Fund also participated. Heap’s total capital raised stands at $205 million to date.

“McKinsey research notes that while there are 100 million hits on agile transformation, two-thirds of organizations that are looking to become more agile are still treading water and achieving little or no business impact,” said Ken Fine, CEO of Heap. “Our new funding will help us further innovate to foster the significant business outcomes that McKinsey says can be achieved, including ’30 percent gains in efficiency, customer satisfaction, employee engagement, and operational performance.'”

“Heap’s data-driven culture, strong technology leadership, and scalable architecture has made it a leader within the fast-growing digital insights sector,” said Michael McGinn, Partner and Co-Head of Sixth Street Growth. “Their strategy for continuing to create innovative technology will put more advanced and easy-to-use digital insights into the hands of daily practitioners so they can quickly improve their products and accelerate their business. We look forward to supporting Ken and his team in their next phase of growth.”

The latest funding will continue to facilitate the company’s rapid product innovation, which in 2021 saw Heap release Illuminate, a data-science powered solution that solves the problems of legacy tools that are ill-equipped to respond to the increasing complexity of the modern customer journey. By automatically collecting all customer interactions, then using data science to offer actionable recommendations, Illuminate gives teams insight far beyond traditional analyses—which according to recent research across thousands of digital companies, hinges on misleading or incomplete data 84% of the time.

The funding caps a strong year for Heap. In addition to the launch of Illuminate, the company reports triple-digit growth and received coveted industry recognition, including being named Snowflake’s FY2021 Data Marketplace Partner of the Year. The company also announced a series of key executive appointments including Rachel Obstler as EVP of Product, Ahmed Quadri as Chief Customer Officer, Sean Andrew as Chief Revenue Officer, and Steve Love as Chief Financial Officer.