InsightSquared, the top small and midsize business (SMB) Salesforce Analytics provider, announced that it has raised $8 million in Series B funding from California based Draper Fisher Jurvetson (DFJ )and Boston's Atlas Venture. According to sources close to the deal, InsightSquared had five terms sheets, three of them from the West Coast, signaling a highly competitive round. While DFJ offers new backing to InsightSquared, Atlas Venture, which led the company's Series A funding back in February 2011, continues to support the Cambridge start up.
In total, InsightSquared has now raised an impressive $13.5 million ($4.5 million in May 2012 and $1 million in February 2011). New funding will be put towards developing its Software-as-a-Service (SaaS) sales and marketing analytics product. InsightSquared's current platform offers data visualization, sales forecasting, employee scorecards, and other features aiming to build small and midsize businesses' competitive advantages.
In addition to securing funding, InsightSquared also welcomes Court Cunningham, CEO of Yodle, to its Board of Directors, and Mark Roberge, SVP of Sales and Services at HubSpot, to its Board of Advisers today.
"InsightSquared is an innovator who brings the the power of traditional enterprise-class business intelligence platforms to the small and mid-market businesses,” said Cunningham. “They are fundamentally leveling the playing field by offering a business analytics product that is truly simple and affordable. I wish that Yodle had InsightSquared when we were just a 50 employee company and I am excited to join such a promising and revolutionary company.”
Cunningham and Roberge will bolster the company's innovative and experienced leadership team. Co-founder and CEO of InsightSquared Fred Shilmover worked as an associate at Bessemer Venture Partners as well as in corporate development at Salesforce.com (both companies contributed to InsightSquared's Series A funding).
With the security of its Series B funding and the addition of two new members to this sales analytics powerhouse, InsightSquared has a bright future ahead and is kicking off the summer with a bang.
