RevenueBase $6M Seed Round

B2B data vendor RevenueBase closed a $6 million seed round led by Bessemer Venture Partners.  Additional investors include 2 Lanterns, Argon Ventures, Converge, Feldsmith Capital, Good Friends, Graph Ventures, Gutbrain Ventures, KOA Labs, PBJ Capital, and Service Provider Capital.  The round was oversubscribed as RevenueBase enjoyed significant investor interest.

As part of the round, RevenueBase named three Directors to its Board:

  • Kent Bennett, Partner at Bessemer Venture Partners
  • Bob Davoli, Founder and Managing Director of GutBrain
  • Jude McColgan, former CEO of Localytics

RevenueBase launched last spring looking to solve issues in the B2B data market, including difficulty in identifying and engaging with Ideal Customer Profile (ICP) prospects and marketing’s reliance upon spammy demand generation instead of well-targeted messages.  RevenueBase trebled its revenue over the past year and expects to do the same this year.  It has already onboarded twenty customers, with a focus on selling data as a strategic asset to the CMO or CRO.

RevenueBase was founded by industry veterans Mark Feldman, the VP of Marketing at NetProspex before its acquisition by Dun & Bradstreet, and Milenko Beslic, who built Cheapflights, the travel industry’s first metasearch engine.  As a marketing head at Backupify, Motion Recruitment, and Localytics, Feldman became frustrated with B2B data issues, including misalignment with the sales and marketing team’s go-to-market strategy, data decay, difficulty acquiring data, and managing disparate vendors and formats.  His stint as a B2B data customer led him to return to the B2B data space and create a product that broadly aggregates company, contact, and custom customer-specific insight data that aligns 1:1 with each customers’ go-to-market strategies.

Custom insights can be any variable that enables targeting of the right businesses.  For example,

  • Does the company offer a mobile app?
  • Are they a managed service provider?
  • Do they have a call center?
  • Do they sell perishable food products?

RevenueBase then builds a custom database for clients that it calls a Revenue Database, which is updated on an ongoing basis.

“We saw a whitespace for a company like RevenueBase, especially given that we’ve seen little real innovation or change in this market over the past decade leading businesspeople to be bombarded with impersonal and poorly targeted messages multiple times a day.  This situation has been made worse by ‘The Great Resignation,’ during which so many people have left their positions, and the data hasn’t kept up with those changes. Milenko and I knew that we could build a better solution to make it easier for companies to access more buyers in order to increase revenue.  We’re excited to have the support of great investors who are on board with our vision.”

CEO Mark Feldman

RevenueBase will deploy its funds towards building a customer UX and a set of enterprise software integrations for CRMs and MAPs.  It is also looking to grow its headcount from twelve to twenty before the end of the year.

“We think the opportunity to be the B2B data refinement layer powering growth-oriented companies is massive,” said Bennett.  “We are impressed with RevenueBase’s early traction and Mark’s and Milenko’s appetite to transform the B2B data industry.” 

Feldman argues that RevenueBase is distinguished across three dimensions: “completeness of data, data accuracy at scale, and ease.”  RevenueBase offers a high-touch, white-glove offering customized to each of its clients.  It begins with customer alignment, holding a set of discovery workshops that identify each customer’s “revenue archetype.”  RevenueBase then queries its 700 million global contacts database to build tailored databases for its clients.

RevenueBase maintains a database of 700 million global contacts.

Revenue Archetypes consist of an ICP, market segmentation, pains addressed, buyer personas, sales showstoppers, and custom insights that enable buyers to be engaged more personally. 

“A revenue archetype is a model of what your ideal customer looks like, i.e., one you can derive revenue from,” Feldman explained to GZ Consulting.  “It’s where there is a mutual benefit.  They need your product/service and will pay a fair price for it.  They also will favor you over the competition because your solution will result in the best cost-benefit tradeoff for the customer.“

Conversely, the Revenue Archetype also defines companies that are not good fits such as industries or geographies that require a standard not met by a firm’s offerings (e.g., HIPAA or GDPR requirements).  It also identifies roles not involved in purchasing a company’s products or services.  These individuals may be too junior in the organization or may not work in functions that use a company’s products or services.

RevenueBase argues that its knowledge graph technology improves the set of discoverable relationships, including the “longtail of customer-specific insights,” stated Feldman.  For example, RevenueBase can identify partners, investors, technologies in use, revenue streams, business models, key resources, and modern industries (such as Fintech and SaaS) that do not fall into standard industry classifications.

Conventional firmographics vendors must have a product manager pre-define the company attributes to be collected and then build these definitions into its data collection methodology and structure.  Because RevenueBase employs a graph database, it is not subject to these structural limitations and can identify uncommon or industry-specific elements that define the ICP.  The data structure also supports multi-point verification and data attribution.  In addition, data fields with high probabilities of changing, such as email addresses, job titles, and current employers, are re-verified at least four times per year.

RevenueBase promises to “replace all of your data vendors with one solution” that “reaches every company and decision-maker across the globe that will benefit from your unique offering.”  By delivering high-quality, targeted data directly to sales and marketing systems, revenue teams avoid time-consuming sales rep data research and managing databases. Data quality steps include custom research, quarterly email re-verification, and annual phone checks.  Data is delivered via a quarterly secure CSV file transfer with a 90% accuracy SLA.

RevenueBase Launched (Part II)

Continuing from yesterday

A sample RevenueBase ICP built during the initial discovery workshop (additional sections include personas and technology).

Instead of building the ICP on commonly available firmographic variables, the ICP is customer service based and defined through the discovery process.  A bespoke taxonomy is created that applies custom tags by persona, industry, size, etc.

“We want to align your database with your go-to-market strategy,” Feldman told GZ Consulting.

RevenueBase promises to “replace all of your data vendors with one solution” that “reaches every company and decision-maker across the globe that will benefit from your unique offering.”  By delivering high-quality, targeted data, revenue teams can shift from managing databases and researching prospects to creating campaigns and focusing on selling.

RevenueBase employs AI for aggregating and integrating its multi-sourced data with the AI building a quality hierarchy for selecting which field to accept when vendors disagree on a value.  The research team assists the AI modeling by collecting training data.

Data quality steps include custom research, quarterly email re-verification, and annual phone checks.  Data is delivered via a quarterly secure CSV file transfer with a 90% accuracy SLA.

Content includes standard firmographics, mined and licensed business descriptions, sizing ranges, industry codes (SIC, NAICS, and custom), contact information, and technographics.  Funding data includes total funding, most recent round amount, and most recent round date.  While full family trees are not available, locations are tied to parent companies.

Contact data includes mobile numbers, direct numbers, LinkedIn URLs, tenure at current job, work addresses, and mapped persona.

RevenueBase has already aggregated 700 million business contacts and 100 million companies, providing it with one of the most extensive sets of contacts in the industry.

RevenueBase combines firmographics, technographics, and custom data insights collected by its research team.

Intent data and sales triggers are not currently available.

RevenueBase provides opt-out notifications to its customers, letting them know when an individual has opted out of their database or the database of one of their contributing vendors.  It also suppresses California mobile numbers in support of CCPA.

RevenueBase is off to a strong start.  Since soft launching the service in October, they have generated $800,000 in revenue and have a $500,000 ARR.  Early success has allowed it to launch the service without accepting outside funding. 

The firm is still in the early stages of development.  It has focused on building its content aggregation model, custom research, and customer service/discovery model based upon Feldman’s experience as both a B2B marketer and data industry executive.  As such, RevenueBase has an advanced DaaS vision but does not yet have APIs and connectors for data delivery.  However, it has a unique approach that is gaining early market traction.  Initial customers include Siemens, PTC, Localytics, SolidWorks, and CB Insights.

RevenueBase is sold as a flat-rate subscription service between $50,000 and $100,000 per annum.  Additional fees are applied for custom research. RevenueBase is headquartered in Boston.

RevenueBase Launched

RevenueBase, which describes itself as a Revenue Database as a Service (RDaaS), formally launched on Tuesday as a “one-stop data solution” that recognizes data as a “strategic asset for a business.” 

According to 2016 research by SiriusDecisions, marketing databases are riddled with critical errors with bad data ranging from ten to twenty-five percent of records.  SiriusDecisions noted that the firms with higher data quality have shifted from periodic data cleansing projects with discrete completion dates to data maintenance processes with “ongoing policies and procedures to maintain data quality.”

RevenueBase was founded by industry veteran Mark Feldman, the VP of Marketing at NetProspex prior to its acquisition by Dun & Bradstreet.  As a marketing head at Backupify, Motion Recruitment, and Localytics, Feldman became frustrated with B2B data issues, including misalignment with the sales and marketing team’s go-to-market strategy, data decay, difficulty acquiring data, and managing disparate vendors and formats.  His stint as a B2B data customer led him to return to the B2B data space and create an RDaaS company that broadly aggregates company, contact, and technographic data that aligns 1:1 with customers’ go-to-market strategies.  It then builds a custom database for clients that it calls a Revenue Database, which is updated on an ongoing basis.

“When I was hired to run growth operations at Localytics, a web and mobile app analytics company, my first directive from the CEO was to put together a list of target accounts to assign to our new enterprise account executives. It was my first week and my reputation was on the line. I started by going to our data vendor and asking them to help me build a list of all of the companies in the world that were focused on mobile monetization strategies across millions of monthly active users. Seems like a slam dunk, right? Nope.

My list for Localytics was full of bad data. There was no way to confirm the companies listed had the mobile monetization opportunities that our software could solve, or that mobile monetization opportunities would be high up on their list of priorities. I quickly realized that, in the B2B world, not all data is created equal. Right then and there, I saw an opportunity to change the B2B data game by solving the major growth impediment challenges facing revenue leaders—acquiring, integrating and maintaining the quality of their data—by building the world’s first Revenue Database as a Service.”

RevenueBase CEO Mark Feldman

“Like so many B2B marketers, I was frustrated with the inadequacies of traditional list providers,” wrote Feldman.  “I saw an opportunity to revolutionize the B2B data game and solve the greatest challenges facing revenue leaders today. Our all-in-one Revenue Database as a Service solution provides next-level data quality, expediency, and accuracy.  We transform your data stack from a constant struggle into your greatest asset.”

RevenueBase takes a white-glove approach to serve its customers.  Revenue Archetypes are defined during customer workshops and consist of an ICP, market segmentation, pains addressed, buyer personas, sales showstoppers, and “jobs to be done.”  The Jobs-to-be-Done descriptor is a bit misleading as it is account, not persona-based.  Jobs-to-be-Done describes the core functional “job” that an organization is trying to accomplish.

Personas cover function, level, titles, buying unit members, demographics, behavior patterns, motivations, and goals.

RevenueBase then builds a revenue database for its clients and supplements it with custom data collected by its overseas team of fifty editorial researchers.

“A revenue archetype is a model of what your ideal customer looks like, i.e., one you can derive revenue from,” said Feldman.  “It’s where there is a mutual benefit.  They need your product/service and will pay a fair price for it.  They also will favor you over the competition because your solution will result in the best cost-benefit tradeoff for the customer.“

Conversely, the Revenue Archetype also defines companies that are not good fits (e.g., industries or geographies that require a standard not met by a firm’s offerings, such as HIPAA or GDPR).  It also identifies roles not involved in purchasing a company’s products or services.  These individuals may be too junior in the organization or not work in functions that use a company’s products or services.


Coverage continues with a discussion of RevenueBase’s ICP modeling and database.