Claravine, a self-proclaimed marketing data platform, today announced it has raised $16 million in a Series B funding round led by Five Elms Capital with participation from Grayhawk Capital, Next Frontier Capital, Peninsula Ventures, Kickstart Fund and Silverton Partners. CEO Verl Allen said the new money, which brings the company’s total raised to $27.9 million, will be used to double Claravine’s headcount to 88 employees by the end of the year and support product R&D.
Claravine was founded in 2012 as Tracking First, a company focused on streamlining the tracking code process for large organizations. Tracking code is a snippet of code that tracks a website visitor’s activity by collecting data and sending it to an analytics module, usually for marketing purposes.
According to Allen, Tracking First had “brave founders” who “knew the space well” and had “high quality” customers, but the focus was too narrow. “Twe realized there was a bigger underlying problem that was being ignored in the market, which our solution had the potential to solve,” Allen told TechCrunch in an email interview. “In 2018, I joined as CEO and helped the organization – – now Claravine – to develop and expand the ways we could help the world’s largest organizations take a proactive approach to their data.”
Claravine’s product is designed to help companies control what flows through their technology stack, especially business intelligence and analytics software, and manage their marketing data standards – plans to define common formats for data across regions, teams and the campaigns. Via an API and integrations with platforms like Adobe Experience Manager and Workfront as well as media platforms like Google Ads, Claravine supports teams in managing the parameters of these standards over time.
“[F]or many organizations, decision makers have to rely on unreliable data to make business decisions… [These] DDecision makers rely not only on technologies and data, but also on humans, which creates a high possibility of error in the data entry process, exacerbated by all the disconnected technologies and teams,” Allen said. . That’s why our solution is designed to embed standards into the way business teams work and collaborate when creating and modifying data. By facilitating a common understanding of standards as inputs are generated and reviewed, organizations have better control from the start, whatever their needs. And downstream data users can move with more confidence and speed when using that data to make decisions.”
Claravine’s data management platform. Picture credits: claravine
To this end, Claravine provides a dashboard where businesses can create taxonomies using descriptions, lists, values, and referenceable fields. Using the platform, a user can, for example, import a tracking code dataset and normalize it, automatically checking that no information is missing. Claravine also offers consulting services to help companies assess the current state of their data standards. For a fee, staff members describe alternative approaches, saving things like naming conventions, rules, and custom attributes in a central location for reference.
“Data standards allow organizations to build a strong foundation of data by reducing human error from the start and unlocking greater depth and breadth of data to use… By by building in data integrity from the start and pushing that data into core systems, including cloud storage, you give back time to downstream teams otherwise wasted on cleanup and translation,” Allen said.
Allen considers Claravine’s main competitor to be spreadsheet-based internally built processes, workflows, and – increasingly – no-code apps. While he admits it can be difficult to convince teams to manage their data standards in one platform rather than siled solutions, he says the cost of not doing so is too high.
Underscoring Allen’s point, a recent Gartner survey found that only 14% of companies have achieved what they consider a “360 degree view” of their customer, due to poor data quality and other organizational barriers.
“While some organizations may try to define and distribute data requirements in documents, structured spreadsheets or in-house solutions, these create immense challenges around change management, control of version, access, and process, which leads to data readiness and reliability issues, especially for organizations,” Allen said.”The status quo for marketing operations, measurement and data teams is no longer good enough.”
Mom has word on Claravine’s annual recurring revenue (ARR) — Allen declined to say — but the startup has nearly 100 customers, including Under Armour, Ancestry and Vanguard. From 2020 to 2021, Allen says Claravine has seen over 40% ARR growth and 95% gross revenue retention, which refers to the percentage of recurring revenue retained from existing customers, including cancellations.
“Claravine has created a new category that continues to redefine how leading brands manage their digital experience. We were exceptionally impressed with Verl, their team and their missionStephanie Schneider, partner at Five Elms Capital, told TechCrunch via email when contacted for comment. “Claravine is positioned to become a dominant player in the space as it continues to evolve its platform and offerings. We are proud to support the company on this exciting growth trajectory.”