SaaS platform Hevo has raised $8 million in its Series A funding round led by Qualgro, a Singapore-based venture capital firm, along with former Stripe top executive Lachy Groom, as it looks to expand into new markets.
Existing investors Chiratae Ventures and Sequoia Capital India’s Surge also participated in the round.
Hevo helps businesses in integrating multiple sources of data from functions such as sales, marketing, operations, and finance, enabling companies to monitor their performance metrics and make decisions in real-time.
Small to medium-sized companies use more than 40 different SaaS applications and these data silos prevent them from seeing a full picture of their customers’ journey, making it difficult for businesses to monitor performance metrics, the startup said.
“We enable companies to eliminate data silos without having to set-up an engineering team to build and maintain complex integrations with multiple systems,” Manish Jethani, co-founder of Hevo, said. The company largely focuses on online commerce, financial technology and healthcare sectors, which rely heavily on customer data to drive sales.
Founded in 2017 by IIT alumni Jethani and Sourabh Agarwal, Hevo currently has customers in the United States, India, France, Australia, and Hong Kong. Its clients include Marqeta, a US-based payments company valued at over $4 billion.
The proceeds from the Series A round will be used to accelerate Hevo’s global geographic expansion, as well as building a team across technology, sales, and marketing functions.