Just a month since Amplitude raised $150 million in new funding at a $4 billion valuation, today Analytics startup Amplitude announced it directly to the public. The fundraising was led by Sequoia.
In 2018, Amplitude was listed on Forbes’ Next Billion Dollar Startups list and was projected to reach a $1 billion valuation in 2020. Spenser Skates and Curtis Liu are on the Forbes 30 Under 30 alums list.
In 2014, Jeffrey Wang founded the company based in San Francisco. Partner customers of the Analytics startup Amplitude include Ford, Burger King, Walmart, Atlassian, and Gap.
Customers will use Amplitude’s software to optimize their products.
As an example, for Peloton, Amplitude used data to create a virtual community on their home bike platform so people could stay engaged with the product.
Another example is Intuit – Amplitude identified the reason many users of a new self-employed product never send invoices is because of its poor interface with Gmail. Amplitude allows Intuit to create a plug-in to make it easier for Gmail users to bill and get paid more quickly.
In the current Covid-19 pandemic situation, the demand for Amplitude products has skyrocketed.
While companies have to figure out the best way to engage customers on their online platforms, the Analytics startup Amplitude is an effective solution. Amplitude’s revenue now stands at $100 million, up from about $45 million in the last three years.
Earlier this week, the company added staff at publicly traded companies.
Two new experienced board members were added: Elissa Steele, who also sits on the board of Splunk, Procore, Bumble, and Catherine Wong as product manager at the cloud software company Cloud Domo which was launched in 2018.
After Benchmark VC Bill Gurley posted on Twitter that she would make “an outstanding board member,” skates connected with her.
The company is likely to continue growing, and will be able to use the fresh funds for expansion.