Claravine Secures $16 Million in Funding for Its Marketing Data Management Platform

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Marketing Data Platform Aims to Help Enterprises Control Their Tech Stack and Manage Marketing Data Standards

Claravine, a self-described marketing data platform, today announced that 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. This latest investment brings the company’s total fundraising to $27.9 million.

CEO Verl Allen on the Company’s Growth Plans

According to Claravine CEO Verl Allen, the new funding will be used to double the company’s headcount to 88 employees by the end of the year and support product research and development (R&D). Allen emphasizes that the company is committed to helping enterprises control what flows through their tech stack, especially business intelligence and analytics software, and manage their marketing data standards.

Background on Claravine

Claravine was founded in 2012 as Tracking First, a company focused on streamlining the tracking code process for large organizations. However, Allen notes that the company’s founders had a narrow focus at the time and realized there was a bigger underlying problem in the market that their solution could address.

Claravine’s Product: A Dashboard for Building Taxonomies

Claravine’s product is designed to help enterprises manage their marketing data standards by providing a dashboard where companies can build taxonomies using descriptions, lists, values, and referenceable fields. The platform allows users to bring in tracking code datasets, standardize them, and automatically verify that no information is missing.

Key Features of Claravine’s Platform

Data Standardization: Claravine’s platform enables data standardization by providing a centralized dashboard for building taxonomies.
Data Governance: The company’s platform ensures data governance by allowing enterprises to manage their marketing data standards and ensure compliance with regulations.
Data Analytics: Claravine’s platform provides data analytics capabilities, enabling enterprises to gain insights into their marketing performance.

Company Performance

According to Allen, Claravine saw over 40% annual recurring revenue (ARR) growth from 2021 to 2022. The company also achieved a gross revenue retention rate of 95%, indicating strong customer loyalty and satisfaction.

Investors’ Comments on the Investment

"We have been exceptionally impressed by Verl, his team, and their mission," said Stephanie Schneider, partner at Five Elms Capital, in an email statement. "Claravine is positioned to become a dominant player in the space as it continues to scale its platform and offerings."

This investment highlights the growing demand for marketing data platforms that can help enterprises manage their tech stack and marketing data standards.