Chartbeat acquired by Cuadrilla Capital
Chartbeat, a content intelligence platform used by web publishers to measure and analyze traffic, has been bought by Cuadrilla Capital, an investment firm focused on enterprise software companies, the CEO said. from Chartbeat, John Saroff, to Axios.
Why is this important: The deal will give Chartbeat the capital it needs to grow its business beyond providing traffic analytics for publishers on the editorial side.
- Chartbeat’s long-term vision is to create a suite of products that help media companies grow their business, in addition to helping shape their editorial strategies.
- “As more and more people focus on subscriptions and long-term value, I believe Chartbeat is becoming a product that adds value beyond what it’s used for today,” said Saroff.
Details: All 60 Chartbeat employees will remain with the company after the deal, including Chartbeat’s management team.
- Although the exact terms of the agreement are not disclosed, the company’s management is encouraged to remain within the scope of the agreement.
- The company is fully acquired but will continue to operate independently. “It’s kind of like growth capital plus,” Saroff said of the deal.
By the numbers: Chartbeat became profitable in the second half of 2019 and has grown steadily since, Saroff said. The company generates an average revenue of eight figures per year.
- The company works with approximately 600 customers in 71 countries. These companies represent tens of thousands of sites.
- The vast majority (90%) of Chartbeat’s revenue comes from large media companies.
Catch up fast: Chartbeat was launched in 2009 through Betaworks, a startup incubator and investment company, as a real-time analytics company that could provide publishers with 24/7 insights into their traffic.
- Back then, most publishers relied on Google Analytics for traffic insights, and web analytics wasn’t as sophisticated.
- Chartbeat has raised $31 million in total over the past 12 years in three separate funding rounds. It last raised capital in 2015. It raised $7 million in debt in 2018 from North Atlantic Capital.
- Notable Chartbeat investors include Index Ventures, which led its $3 million Series A in 2010 and co-led its $9.5 million Series B in 2012; Draper Fisher Jurvetson, who co-directed his B series; and Harmony Partners, which led its Series C in 2015.
- Like most tech companies incubated within Betaworks, Chartbeat eventually left the incubator when it raised its Series A in 2010.
The big picture: As more publishers orient their businesses towards digital engagement and revenue, companies that offer ways to measure and analyze their traffic and advertising capabilities have become a hot commodity.
- DoubleVerify, a company that measures fraud and visibility, went public last year, as did Israeli digital intelligence firm, SimilarWeb.