(Reuters) – Quantum Metric, a startup that provides customer analytics and improvement tools for online businesses, said on Thursday it raised $200 million in its latest financing round, which values the firm at over $1 billion.
A boom in online shopping due to coronavirus restrictions on traditional retail business has also led to a surge in investment for companies that provide support services for e-commerce firms. Such services include digital marketing tools and logistics enhancements.
Quantum Metric’s software can detect if a customer has “click rage” because a buy button on a site isn’t working or report other issues to help the companies improve their websites or mobile apps and compete with the consumer expectations set by companies like Amazon, Mario Ciabarra, Founder and CEO of Quantum Metric told Reuters.
He said Quantum Metric analyzes over 1 billion digital users every month.
The funding will be used to improve Quantum Metric’s own software product to make it easier to use and to grow its global footprint, said Ciabarra.
The funding round was led by Insight Partners and raises Quantum Metric’s valuation to more than nine times its last funding round in 2018, according to Ciabarra.
Reporting By Jane Lanhee Lee; Editing by Sam Holmes