Heap Nets $110 Million Funding Round to Grow Operations, Accelerate R&D

Heap, a digital analytics platform provider, has closed a $110 million Series D funding round at a $960 million valuation.

The funding will be used to grow Heap’s global operations and accelerate research and development of its platform. Over 8,000 businesses use Heap to increase revenue, improve conversion, accelerate decision-making, and drive business impact.

Sixth Street Growth led the Heap funding round. It also included new investment from the growth equity business within Goldman Sachs Asset Management. Existing investors NewView Capital, Menlo Ventures, DTCP, Triangle Peak Partners and more also participated.

Heap’s total capital raised stands at $205 million to date.

Partners Critical to Heap’s Growth, Expansion

David Wacker is Heap’s vice president of global partnerships. He said Heap will use the funding to extend its network of solution and implementation partners to broaden the functionality and use of Heap products across geographies and vertical industries.

“Our partner network is critical to both growth and expansion,” he said. “Our ability to thrive in today’s global market is accelerated by integrations across the tech stack, and partnerships with other organizations to help decision-makers at multiple levels and across verticals. In the digital economy, no business is an island. Successful global growth depends on building a robust network of businesses to increase customer lifetime value.”

The funding will help continue Heap‘s rapid product innovation showcased in Heap Illuminate. It combines auto capture functionality with data science to eliminate blind spots and provide next-step recommendations.

“Partners can expect a greatly expanded set of data science-driven features, which can rapidly isolate key moments to improve customers’ conversion and adoption while decreasing churn,” Wacker said. “Heap plans major investments in integration capabilities, which will allow teams to import a wider range of data into Heap for a 360-degree insight into the customer journey, culminating in better digital experiences and greater impact on the business. Finally, partners will enjoy the benefits that come with Heap’s increased scale and growth as we expand our worldwide operations.”

Technology Leadership

Michael McGinn is partner and co-head of Sixth Street Growth.

“Heap’s data-driven culture, strong technology leadership and scalable architecture has made it a leader within the fast-growing digital insights sector,” he said. “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 CEO Ken Fine and his team in their next phase of growth.”

The funding caps a year of success for Heap. In addition to the launch of Illuminate, the company has seen triple-digit growth and announced a series of key executive appointments.