FullStory, which sells analytics tools for apps and websites, secured $25 million in new equity funding, filings with the US Securities and Exchange Commission show this week. TechCrunch could not independently confirm the investors, and the company had not responded to a request for comment as of press time. But according to Crunchbase, the infusion is FullStory’s first since August 2021 and brings the company’s total to around $200 million.
Atlanta-based FullStory was founded in 2014 by Bruce Johnson, Joel Webber and Scott Voigt who wanted to create a product that would help brands create better customer experiences on web and mobile. Before launching FullStory, the co-founders — all Georgia Institute of Technology graduates — came together in the early 2000s to create a DevOps company called Innuvo, which was acquired by Google in 2005 for an undisclosed sum.
Originally conceived as a marketing tool, FullStory focused on analytics, customer success, and engineering after the co-founders realized the tools they were developing to figure out why their original idea wasn’t working had commercial potential.
FullStory claims that its approach provides an easy way to understand if a customer is doing price comparisons, for example, or just doing a search. In a previous interview, Voigt said a home improvement retailer used FullStory to identify a spike in garage mat sales during the pandemic and updated its marketing materials accordingly.
The digital transformation efforts fueled by the pandemic have been a boon for FullStory, which currently has over 3,200 customers including Groupon, Automattic, Peloton, Fidelity and JetBlue. In 2021, the company – backed by venture capitalists like Permira, Little PerkinsGV, Stripes, Dell Technologies Capital, and Salesforce Ventures – Claims to have increased annual recurring revenue by over 70% year over year.
FullStory claims to have analyzed more than 15 billion user sessions in 2021, including nearly 1 trillion clicks, text highlighting, and scrolling.
“As people manage more of their work and personal lives online, companies across all industries have embraced FullStory to get the insights they need to deliver premium digital products and experiences,” Voigt said in a recent press release. “FullStory’s comprehensive DXI platform provides a unique view of real-world user behavior, revealing the ‘unknown unknowns’ to drive product analytics, UX research, conversion optimization and more.”
Building differentiated digital experiences is a real challenge. According to a Gartner survey, 58 percent of customers believe most brands’ experiences have little to no impact on what they end up buying, and nearly half can’t tell the difference between experiences. Part of the problem lies in the C-suite, which continues to push for digital experiences without thorough bug testing and a full understanding of what would motivate their customers to try them.
Dead links, glitches, and failed forms can swamp business apps and websites. Not only do these create barriers to work and play, they can also lead to overwhelmed customer service teams, understaffing, and hours of wait time. Customers rarely forgive – 64% admit to switching to a competitor after a poor customer experience.
Demand for more sophisticated deployments has benefited not only FullStory, but also its digital customer experience analytics competitors like Clootrack. Glassbox and Decibel are perhaps the most impressive, having jointly raised tens of millions of dollars in venture capital.
Eager to set the pace (or at least keep it up), FullStory expanded its leadership team in 2021, adding Edelita Tichepco as CFO and Google veteran Jim Miller as VP of Recruitment. Will Schnabel also joined the company as SVP of Alliances and Partnerships, bringing experience building partnerships and integrations from his stints at Accenture and IBM Watson.
FullStory more than doubled its headcount to over 500 employees in 2021, including teams across the globe san francisco, London, Sydneyand Singapore behind Atlanta.