European third-party intent data vendor Cyance closed on an £860,000 funding round that included existing investors Blackfinch Ventures and Nexus Investments. The funds will be deployed for ongoing product and market expansion, including enterprise customer expansion in Europe and ABX platform development.
Last year, the firm doubled its headcount, grew revenue by 18%, and raised ACV by 30%. It also shifted from being an intent data vendor to an ABX platform. As with many other MarTech vendors, revenue flattened in Q2 of last year and began growing again in the second half of the year. They have built significant momentum in 2021 and are on pace to nearly double ARR this year.
“The fact that we’ve seen such solid commercial and financial performance over the past 12 months, despite the tough market conditions, demonstrates the appetite for accurate and localised intent data and the enormous potential within this market. And as businesses start to look beyond the pandemic and the economic recovery gathers pace, we expect demand to increase further. Taking on this new investment allows us to strengthen our team and further invest in our product. We’re now perfectly placed to take advantage of these new opportunities and cement our position as the leading ABX platform with unique intent data for European buyers.”Cyance CEO Bulent Osman
According to CPO Jon Clarke, Cyance is “rapidly building out an ABX platform proposition” that drives better decisioning and aligns sales and marketing teams. The platform serves both sales and marketing teams, promoting revenue team collaboration, cohesion, and efficiency with a unified versus siloed data platform.
As with other vendors that have recently begun using ABX instead of ABM, Cyance emphasizes account-based programs and processes across the full revenue team and customer life cycle. ABM has long emphasized sales and marketing alignment, but the bulk of product development has been marketing-centric. The shift to ABX captures both the broader vision of ABM and a greater emphasis upon the customer experience across the full lifecycle.
“Cyance has transformed account-based marketing by developing and integrating a sophisticated SaaS solution with global, third-party intent data which addresses the needs of the European market,” said Reuben Wilcock, Head of Ventures at Blackfinch Ventures. “They have demonstrated solid growth from global B2B brands in the last 12 months, despite the challenging times we find ourselves in. We’re excited to continue supporting Cyance as it helps some of the world’s leading companies to transform their demand generation and account-based marketing programs and achieve more efficient ROI.”
Their January release sports improved intent signal tailoring and segmentation, beefed up technographics, new customer dashboards, and improved service and support. The platform offers an updated UI, enhanced ICP definition, and buying journey stage identification.
Coverage continues with a discussion of Cyance’s database and intent models.