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GrowingIO announced that it has received USD$30 million in Series B financing from NEA, Matrix Partners China, and Greylock. The company received $20 million in Series A financing from the three institutions two years ago.
Founded in 2015, GrowingIO helps “Growing Hackers” (product managers, operators and founders) to analyze data more efficiently, improve operational efficiency, and achieve product growth through a data system that tracks and analyzes user behavior.
It also includes user behavior data collection, storage, visual display, and decision-making tools based on user behavior data. GrowingIO essentially provides both data and consulting service.
In terms of data, GrowingIO collects user data in real time through event tracking. The product manager can view the users’ behavior on each product and their corresponding actions in real time. The resulting behavioral data provides a scientific basis for decision making, facilitating rapid iteration of product and operational scenarios. In the past, product managers will have to communicate with the technical team and advice them on how to track users to understand their needs, this execution is long and error-prone.
GrowingIO announced that they will continue to optimize data collection after this round of funding. GrowingIO has added data collection on WeChat and Alipay mini program, media monitoring, QR code management, and delivery mapping.
In terms of business analysis, GrowingIO enhances its system user interface and helps users to understand via data visualization. For example, to ensure user retention, if a function is found to be particularly popular with users, the product manager can find similar users through the user portrait function, and quickly push specific functions to users who may also like this function real time. The process may take 1-2 weeks in the past.
Promoting business growth through data is a challenge in many growing companies. In addition to providing data collection and analysis, GrowingIO also helps companies define key indicators and build data systems through their own growth analyst team. This process also helped GrowingIO to accumulate industry data, which can be used for future industry reference when providing decision-making advice to companies.
Currently, GrowingIO has served more than 800 paying customers, including large Internet companies, innovative start-ups, and companies in traditional industries. In terms of gaining customers, GrowingIO organizes conferences, training, seminars, and published books and materials. During this round of funding, NEA Global Management Partner Scott Sandell pointed out that the product, operations, growth and the team are still young and innovative. They are still in the early stage of growth and has huge potential. This is a market of 10-20 billion yuan and maybe 10 times larger than today.
Founder Zhang Ximeng believes that data analysis is a core capability of a data platform. It takes time to build data and requires continuous data accumulation to understand users’ transformation.