Quantum Metric gains $25M to better help customers adapt to the digital surge
I am thrilled to share the news that Quantum Metric has secured $25 million of debt capital from Silicon Valley Bank (you can read more about this latest funding round in Business Insider), furthering our growth and momentum with our team and customers. I want to share how we plan to use these funds, but I’d first like to touch on what brought us here and to share some appreciation.
Belief in a time of crisis
All of us have had to adjust our lives, professional and personal, during the last several months. Across the globe, everyday life for businesses and consumers has gone from in person to virtual. From managing finances to ordering groceries, everyone has had to adapt to online first. Digital is no longer a luxury—it’s a necessity.
By nature, technology companies want to reshape and improve the world. The pandemic has upended life as we once knew it across the globe. Our goal is to enable enterprises to deliver their best for their digital audiences with ease. This is especially critical as businesses build new products to handle the surge in demand brought on by their new online audiences.
We are grateful that we found a partner in Silicon Valley Bank to help us address this need and grow with the pace of demand. Working with such a well-respected, #1 financial institution for successful tech startups is an honor.
This funding announcement comes 2 years after we raised $25 million from Insight Partners, a leading VC firm based in New York City. As a leader, I am humbled by the businesses and individuals who have believed in this company. This next financing phase will help us take advantage of the company’s momentum as we continue our growth and product expansion.
Belief in our team
We chose this funding route for several reasons, one of the most important being my continued belief in our team. Unlike private equity, debt financing allows companies and their employees to maintain more control—and ownership—over their business. I’ve long believed that our greatest asset is our talented team.
We plan to use these funds to continue to grow our presence across the globe and expand our team. We are currently in the process of hiring 90 people in 90 days across a number of different teams (check out our open roles!).
Belief in our customers
This raise will enable us to thoughtfully scale our team and product to meet the ever-changing needs of our customers. In fact, during the pandemic we have been fortunate enough to partner with some of the world’s most established brands across a number of sectors, including retail, travel, media, banking, insurance, and financial services. Just last week we announced that DISH selected Quantum Metric to help the telecom, TV entertainment, and technology company deliver better digital products and services.
Our customer retention rate is 98% — something I am incredibly proud of, especially given the economic uncertainty. To our customers: thank you for your belief in our partnership.
Belief in Continuous Product Design
Quantum Metric is the global leader of Continuous Product Design, a quantified approach to building digital products that customers want faster. As I mentioned earlier, the demand for customer-centric digital products has accelerated dramatically because of social distancing and stay-at-home orders. Our platform for Continuous Product Design has helped companies quickly adapt to the ever changing digital landscape and better meet the needs of their customers. I hope to introduce this methodology to more businesses in the coming months and the funds will support that effort.
The pandemic has radically altered life and businesses around the world. No one can predict what the world will look like next month, or even next year.
As we adapt, one thing is for certain: the transition to digital first is only moving faster. And so are we.