- Cumul.io Raises €10M Series A Funding to Drive Confident Business Decisions with Embedded Analytics
- Hi Inov leads the round with participation from Axeleo Capital, LRM, and SmartFin.
- Follows €3.1m capital already raised to bring financing to over €13M to meet demand from businesses embracing low-code embedded analytics platform.
Leuven, Belgium & New York, United States, 17 January 2023 – Cumul.io announced it has raised €10M Series A financing to capture global demand for its low-code embedded analytics platform that drives quicker and more confident business decision-making. The round was led by Hi Inov-Dentressangle, with returning participation from seed investors Axeleo Capital, LRM, and SmartFin.
Wolfgang Krause, Managing Partner at Hi Inov, said, “Businesses are accumulating more data than ever before, but the challenge is knowing what to do with it. Analytics transforms data into actionable insights, but approaches to building analytics centred around traditional Business Intelligence (BI) or home-grown solutions are resource-intensive and require specialist skills. Stripping away this complexity, Cumul.io’s user-friendly approach to embedding analytics in software platforms, web apps, or public websites is unseen in other solutions. It is precisely where the B2B SaaS segment has been struggling.”
Driven by businesses increasingly looking for meaningful insights inside applications rather than traditional BI environments, the embedded analytics market – which covers the seamless integration of analytics features into any business application – is projected to grow to $95.78 billion globally by 2026. Serving over 240 SaaS companies worldwide, including Dixa, FastSpring, and Selligent, Cumul.io is already answering this demand. Its intuitive, low-code drag-and-drop interface enables product managers and customer success teams to build an engaging, interactive analytics experience without intervention from engineering. The platform brings product data to life with visually appealing dashboards that customers can digest and understand instantly and seamlessly as part of their daily workflows.
Reflecting the rapidly growing need for fast, confident business decision-making, Cumul.io has raised over €13M to date. Headquartered in Leuven, Belgium, with offices in New York and Genk, the Series A financing will further augment its global team of over 40 people with experienced specialists across all business areas. With more than a third of its revenue already generated in North America, the recruitment drive will support continued growth efforts and adoption in international markets beyond Europe. The company plans to increase the platform’s analytical power and improve ease of use, robust performance and increased scalability.
“In a world almost entirely powered by technology, all businesses are becoming data-driven software companies. But in today’s highly competitive business environment where cost and time efficiency is critical, the data driving these companies need to be presented simply and understandably,” explained Karel Callens, CEO and Co-Founder, of Cumul.io. “Our low-code building block approach to analytics offers a simple yet powerful way for any business user, regardless of technical skillset, to create highly engaging customer-facing dashboards. Cumul.io has been built from the ground up to redefine what confident decision-making looks like, and we believe our platform is ready for mass adoption.”
About Cumul.io
Cumul.io is an embedded analytics software company providing a plug-and-play platform for data analysis with seamless integration into other SaaS platforms or applications. Seven years ago, co-founders Karel Callens, Haroen Vermylen and Thomas De Clerck founded Cumul.io to help business users anywhere make confident decisions quickly by bringing engaging, interactive insights to any software application in record time. For more information: www.cumul.io
About Axeleo Capital
Axeleo Capital is an early stage venture capital company (pre-seed, seed), created in January 2017, which invests in France and Europe on the following themes: Enterprise Software, Cybersecurity, B2B Fintech, Crypto & Web 3.0, Proptech & Construction tech. Axeleo Capital provides a unique framework for early stage startups, combining equity investments from pre-seed to seed, operational and strategic support through to Series B, and an active ecosystem of over 100 high-level partners and mentors involved in several success stories in France and Europe. Axeleo Capital manages €135M to date in thematic VC funds and has more than 50 investments in its portfolio including Alsid (sold to Tenable), Cloudskiff (sold to Snyk), Jenji (sold to Silae), Aplo, Trustpair, 365Talents, Cumul.io, Joko, Garantme, Beantsock and Check&Visit. For more information: www.axc.vc
About Smartfin
Smartfin is a European investment fund with ca. €350M AuM focussed on helping B2B technology companies grow and expand. Smartfin invests initial tickets between €500K and €10M in both early stage companies and growth stage companies. Smartfin has a strong entrepreneurial DNA with half of its partner team consisting of entrepreneurs. Smartfin recently exited Newtec (acquired by ST Engineering) and Unified Post (IPO Euronext), its portfolio companies include MariaDB, Itineris, Silverfin, Deliverect and Roamler.
For more info: www.smartfinvc.com
About LRM
LRM is an investment company that develops and stimulates economic growth in Limburg. We provide a solid foundation, allowing companies and projects, which create jobs in Limburg, to grow. Our financial means and economic expertise, together with Limburg’s key assets, create a unique breeding ground.
For more info: www.lrm.be