Customer data platform Zeotap raises $11M more

Zeotap, a customer data platform (CDP) headquartered in Berlin, Germany, today announced that it closed a $11 million extension to its series C round, bringing its total capital raised to $90 million. Participating investors included Liberty Global Ventures, which CEO Daniel Heer says will support Zeotap as it invests in product R&D and workforce expansion.

The adoption of CDPs is expected to grow as companies look to better use data to improve customer experiences. While some research suggests that CDP uptake has been hampered by data immaturity, the global CDP market is anticipated to reach $15.3 billion in value by 2026.

Founded in September 2014 by Heer, Projjol Banerjea, and Stephan Schwebe, Zeotap offers a product that lets companies track customers without the use of third-party tracking cookies. Called ID+, the website pixel-based technology connects users through offline identifiers across both websites and apps on mobile and desktop.

Zeotap claims that ID+ is built on one of the world’s largest deterministic identity graphs, with over 60 European publishers currently on board. Users include P&G, Nestlé, and Virgin Media, which have a unified view of customers based on their interactions with a product or website across a set of devices and identifiers.

“Zeotap’s drive to put privacy at the heart of customer data initiatives is unique in the space and arrives exactly when the market needs it more than ever,” Virgin Media O2 chief digital officer Kay Schwabedal said in a statement. “It’s no surprise that this has resulted in an incredible growth trajectory, and we’re thrilled to be on board to support this mission.”

Substantial growth

Since its last funding round in 2020, Zeotap notched 126% annual recurring revenue growth and a 201% year-over-year climb in subscription revenue. Heer attributes part of the expansion to the launch of the company’s Predictive Audiences feature, which enables customers to create AI-powered customer analysis modules without code.

Tailwinds are also working in Zeotap’s favor. According to a recent London Research survey, the majority of companies — 51% — are already using a CDP, while 35% aren’t doing so but plan to in the near future. Companies with a CDP are more than twice as likely as others to have significantly outperformed on their main marketing goal, the survey also found.

“With our last investment round and extension so oversubscribed, we’re pleased to now have the opportunity to bring new investors on board,” Heer added in a press release. “This further fuels the incredible momentum that we’ve generated since the launch of our platform, and we’re excited to have even more support on this journey.”