After raising $27.7 million in Series A funding a year ago from investors including a Warby Parker co-founder, Triple Whale has added another $25 million to its Shopify data platform, bringing its fundraising tally to $52.7 million.
Since its launch two years ago, Triple Whale has grown by 1,400% year-over-year growth with over 5,000 brands using its platform to connect the dots that are not otherwise possible via the Shopify website. What is the success of Triple Whale?
According to Builthwith, Shopify is used by online sellers in over 175 countries around the world, and over 4.4 million e-commerce sites are built with Shopify. It is no surprise that a large majority of Shopify users need an ecosystem of tools to manage all aspects of running their stores, but to make sense of the data generated from their sales.
Merchants need tools to bring all the data into one place, which in turn helps merchants improve their conversion numbers and get better insights required for their marketing campaigns, because Shopify provides some analytics and metrics.
Triple Whale comes in to that. Triple Whale's analytics platform provides tools to help brands manage all aspects of running their stores, including an easy-to-access tool that helps them locate key metrics and get instant insights into the performance of their advertising campaigns.
Triple announced today it has closed a 25 million Series B round from NFX and Elephant, with strategic participation from Shopify, to meet the demands for its service. The new funding is on top of $27.7 million raised in March 2022, which included a $24 M investment led by Elephant VC, along with a $2.7 M seed round led by NFX, and an additional $1 M raised with notable participation from individual investor Shaan Puri.
I took the spreadsheets that I was using to track my ads spent and the overall KPIs that I needed to watch, and we made it into a mobile app that a lot of people liked, according to Orbach. We took a lot of the playbook from what we learned in D 2 C with influencer marketing and applied it to a community that we found on Twitter -- which was very influential in the D 2 C space and we used that playbook to get a lot of the traction. Triple Whale gives brands a clear, quick, and transparent view of the metrics that matter, integrating merchants data from Shopify, Facebook, Google, TikTok, and other popular apps.
When Apple introduced its iOS 14 privacy feature that prevents Facebook two years ago, it became apparent that Shopify store owners could no longer rely on the data they were getting from Facebook, so the Triple Whale team created a new attribution system for its users, called Pixel, which is now the core of its platform.
Pixel is just the beginning. Triple Whale is building an automated tool based on machine learning and generative AI-based that automates the attribution and real-time data.
The data coming from Facebook was just a mess. Blank explained that we have to build attribution. First of all, our clients are suffering because they don't have visibility, but we need to correct data if we want to start building automation. Triple Whale is an analytics platform built for Shopify brands looking to scale their businesses, which was founded in May 2021 by AJ Orbach, Ivan Chernykh and Maxx Blank. The Triple Whale platform combines centralization, visualization and attribution in an easy-to-use dashboard that presents and illustrates KPIs in a simple and actionable way, making sophisticated insights into advertising performance accessible for any Shopify retailer. Triple Whale said last year it generated over $14 billion in sales.