SaaS startup Hevo raises $30M in a Series B round led by Sequoia Capital India

San Francisco-based software-as-a-service (SaaS) startup Hevo today announced it has raised $30 million (about Rs 228 crore) in a Series B funding round led by Sequoia Capital India, Qualgro, Lachy Groom, Chiratae Ventures, and angel investors.

Previously, the San Francisco and Bangalore-headquartered startup had raised $8 million in its Series A round from Sequoia's Surge, Qualgro VC, Lachy Groom, and Chiratae Ventures. Following the Series B round, Hevo's total funding amount now stands at $43 million.

Founded in 2017 by Manish Jethani and Sourabh Agarwal, Hevo operates an automated unified data platform that helps companies understand their users and customers better. Its no-code platform operated on a self-serve technology can take data from disparate sources and provide a unified view.

The startup helps companies combine data from multiple disparate sources and applications including sales CRM, advertising channels, marketing tech, financial system software, and customer support products to enable companies to get up-to-date, analysis-ready data in their warehouse and build a 360-degree view of their business and customers.

With this round of funding, Hevo will focus on sales and marketing initiatives, product development, and the hiring of teams in the US and Europe.

According to the startup, The companies traditionally needed large engineering teams to solve the challenge of data being in silos and claimed that its no-code approach is an easy-to-use solution, eliminating technical complexities with even a non-technical individual being able to use it.

The SaaS startup claims to have customers across 40+ countries in the United States, Europe, and APAC regions. Apart from this, It also said it has grown its customer base by 5x and plans to add more features to its technology platform.

“Data has become one of the most important business inputs in the last decade. Hevo Data is building foundational infrastructure to enable bi-directional mobility of data. The more mobile data becomes within organizations, the more useful it shall be,” said Tejeshwi Sharma, MD, Sequoia India.

Hevo also plans to launch its second product early next year - "Reverse ETL". The new capability will help its customers to use their data beyond just the analytics use case, the startup said while adding that it will help companies leverage their data to make real-time decisions in day-to-day operations.

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• SaaS startup TranZact raises $7M in Series A round; to digitally transform SMEs

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