Accel Partners are now part of the investor pool at British technology business Qubit after joining venture backer Balderton Capital and corporate investor Salesforce Ventures.
Qubit, which was set up by four former Google product, marketing and engineering executives, provides website optimisation products from a software-as-a-service (SaaS) platform.
The $26 million (£16 million) it is now adding to the $7.5 million it raised in December 2012, and $1.4 million in October 2010, is earmarked to bolster its presence in the US and speed up product innovation. Recent growth figures for Qubit show 260 per cent year-on-year growth in sales in the six months to June 2014, according to a statement.
Graham Cooke, CEO and co-founder of Qubit, says that the company’s directive so far has been to carve out a position in the market by providing the ‘market best, most flexible and integrated’ range of personalisation applications.
‘This product offering and the data that underpins it has seen us become a leader in the mature UK market and a challenger with a big punch in the US where recent wins include bebe, Dr Jays and Indochino,’ Cooke adds.
‘The unparalleled market expertise on our board and the beginning of a partnership with Salesforce will help us continue to lead in this increasingly relevant space, both in Europe and the strategically important US market.’
Securing financial assistance from Salesforce Ventures means that Qubit now has access to the Salesforce.com network of customers and partners. New board member Bruce Golden, partner at Accel Partners, is also set to bring new expertise to the business, having previously invested in Qliktech, Comscore and Responsys.
Bernard Liataud, existing board member and general partner at Balderton Capital, comments, ‘We are happy that Accel and Salesforce now join us in supporting Qubit’s rapid growth.
‘Since we invested in Qubit in 2012 they have built a world-class integrated data platform, grown to be the leader in their sector in the UK and made a successful entry into the US market.’
Qubit now processes in excess of 1.5 billion customer events per day for clients such as Topshop, Jimmy Choo and Staples.
