Seven Years After Last Venture Investment, Mixpanel Scores $200M Series C

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Today, seven years after that announcement, the company finally has a C round, a $200 million investment on a $1.05 billion valuation from Bain Capital Tech Opportunities. The company has gone on record with TechCrunch that there are lots of reasons for the gap, and when it promoted COO Amir Movafaghi to CEO in 2018, it was the first in a series of steps that it took to right the ship. The company later decided to shut down adjacent messaging and A/B testing products to focus solely on the product analytics market. Now, the company can take advantage of that with the new investment. Instead, there were definitely [points] at which we had to take inventory and ultimately put the company back on track.” He believes that perhaps they were a bit too early for the market, but as digital transformation accelerated during the pandemic, companies of all types increasingly needed the kind of product data Mixpanel provides. Mixpanel now has the capital to invest in moving the market share needle through partnerships and other methods, while continuing to invest in its core product for its target enterprise customers. Mixpanel was a hot startup in 2014 when it nabbed a $65 million Series B on an $865 million valuation, a sizable B round and valuation for those days.