Posted on Friday, Jul 10th 2015
According to a report by TrustRadius published last fall, when it comes to web analytics, Google Analytics is the most widely used tool across all business sizes. The research reveals that while Adobe’s analytical tool has more power, Google Analytics is able to attract a wide market share due to its freemium option. Within small businesses though, there is a big range of new companies that are targeting the web and mobile analytics market. One of them is a Billion Dollar Unicorn club contender Mixpanel.
San Francisco-based Mixpanel was founded in 2013 by Arizona State University graduates, Suhail Doshi and Tim Trefren. Mixpanel was founded with the objective of providing better web analytics to companies. The founders realized that while big companies had the resources to track user behavior on the Internet, smaller companies lack these resources. They set about to design a platform that could help provide advanced analytics at an affordable cost. Mixpanel’s platform gives developers a library of stat tracking functions that can be integrated with their code, thus saving them the development costs needed to build their own analytics tools. The tool is said to be so powerful that it could be integrated in as little as ten minutes with only a line of code needed for tracking purposes.
Mixpanel’s analytics go beyond the standard page views that most analytics companies try to sell. Their platform goes the extra mile by helping their customers understand how engaged their visitors are. They enable organizations to measure what customers are doing in their mobile apps and websites by reporting actions and not page views. Organizations can get answers to questions like how many visitors who arrived through a banner ad actually converted to a transaction, or which Google Adword Campaign translated to the highest paid users. They help organizations track and improve customer retention by analyzing details of customers who were lost during the entire process so that organizations can improve their website process flow.
Mixpanel is not alone in offering these services to their customers. There are others like KISSmetrics and Woopra, to name a few, which offer similar services. But Mixpanel’s biggest advantage lies in their ability to offer a freemium service.
Mixpanel operates on a freemium model and charges their customers a fee based on usage. Organizations can use Mixpanel’s products to track as many as 25,000 data ‘points’ for free. Mixpanel charges as much as $2,000 per month from organizations wanting them to track up to 20 million data points. Organizations can also choose to purchase a People Plan where Mixpanel offers tracking of upto 1,000 profiles for free and charges as much as $1,800 per month for organizations wanting to track 1 million profiles to help re-engage with them.
The company has done well so far and claims to be analyzing 48 billion mobile and web actions every month. They do not reveal their detailed financials, but the company has been profitable for a while. They have been venture funded so far with $77 million in funding from investors including Andreessen Horowitz, David Sacks, Marc Benioff, Max Levchin, Keith Rabois, Michael Birch, Sequoia Capital, and Y Combinator. Their last round of funding was held in December 2014 when they raised $65 million from Andreessen Horowitz at a valuation of $865 million. Mixpanel revealed that while they were raising funds, they already had $22 million in their bank accounts.
They plan to use these funds to improve their product offering, expand market reach, and acquire companies. Mixpanel is yet to enter the Billion Dollar Unicorn club, but given their impressive product, a profitable business model, and a visionary product, they are sure to enter it soon enough.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns. Unicorns will also be discussed with some special guests during our 1M/1M Roundtable programs over the next few weeks. To be a part of the conversation, please register here. The term Unicorn was coined in a TechCrunch article by Aileen Lee of Cowboy Ventures.
This segment is a part in the series : Billion Dollar Unicorns
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