By Dave Parker, Venture Partner
Seven Peaks is excited to announce we led a round of funding for Metricstory, a Seattle-based technology company that is applying machine learning to how companies manage their Google Analytics Data.
Google Analytics is a freemium web analytics service offered by Google that tracks and reports website traffic, currently as a platform inside the Google Marketing Platform brand. It helps Google sell more AdWords, but also applies to email and organic search. The customer challenge is that as the volume of data has grown it’s hard for an analyst to stay on top of what’s happening every day to make urgent changes. That’s where MetricStory comes into the mix, especially with high value traffic.
However, my journey with Metricstory began in 2015.
Before joining Seven Peaks Ventures Fund I, I was responsible for running worldwide programs for UP Global – those programs included Startup Weekend, Week, Startup Digest and a pre-accelerator program called Startup Next. As most people in the tech industry know, building partnerships and startup labs is key to growing your business. I met current Metricstory Co-Founders and CEOS, Joshua Gebhardt and Brandon Nutter through Startup Next (now Startup Boost) and was happy to endorse their application into Techstars program in Austin, TX. The entrepreneurs returned from that program with a robust product and the early signs of product market fit.
Our Seven Peaks team also saw Brandon and Joshua’s track record of collaboration and they had also been able to recruit some amazing engineering talent early in the process.
The market they were approaching was the increasing wave of data created by Google Analytics – including Paid, Organic, Email traffic data. The Metricstory technology required was not simple to build, not only did it have to integrate with Google Analytics, it had to deliver customer insights and actions. They started with email notifications and quickly grew to reports.
Of the 10 categories Seven Peaks team review on every deal, we tend to over index on Team and Market. This is particularly important at the early stages while you’re still building product and looking for product market fit, price and positioning. If you’re building a product that the market will love you’ll need a team with the right vision for both launch and scale.
Why did SPV decide to lead this investment?
Leading an early round investment requires more work than following in the round in a syndicate. Leading requires taking point, negotiating price and terms and helping syndicate the deal with other investors. It takes conviction about the deal to step out in front to lead. Often times, not always, investors who lead will then take a deeper dive, join the board, roll up their sleeves and add value to their capital invested. And this was exactly what SPV was willing to do.
Today, MetricStory has built a powerful automated analysis solution for eCommerce companies. Their target customers enjoy the benefit of timely, revenue-impacting insights with specific actions delivered to their inbox daily, allowing them to maximize productivity and focus only on solutions that deliver high return.