Cumul.io raises 10 million euros to grow internationally and develop its dashboard platform
Leuven-based data dashboard specialist Cumul.io has raised 10 million euros. The company wants to further develop its platform and grow internationally.
Cumul.io has raised 10 million euros in a capital round led by French-German Hi Inov-Dentressangle. Start-up capital investors Axeleo Capital, LRM and SmartFin participated again. The Leuven-based company focuses primarily on subscription-based cloud software providers, known as software as a service or SaaS. Cumul.io provides them with the means to quickly and easily integrate dashboards into their software.
'We are a very capital-efficient company,' says CEO Karel Callens. 'That allowed us to do our capital round even in a difficult climate.' Cumul.io raised over 13 million euros so far. 'Before we did this round, our licensing revenues were substantially higher than the money we had raised. We are aiming for that to be the case again within two to two and a half years.'
Cumul.io was founded seven years ago by Callens, Haroen Vermylen and Thomas De Clerck and now serves more than 240 SaaS companies worldwide. Its drag-and-drop interface with little code allows product managers and customer success teams to set up an interactive analysis tool without the need for engineering.
The data specialist operates out of Leuven and has offices in New York and Genk. Cumul.io will use the new funding to expand its global team of more than 40 people with experienced specialists. If all goes as planned, some 20 employees will join this year. "We're looking for people who are strong in software and analytics," Callens said.
More than a third of sales come from North America, a share that is booming. 'Our focus remains on Europe and the U.S.,' Callens says. The company plans to increase the analytical power of its platform and wants to improve ease of use, performance and scalability.
'In a world driven almost entirely by technology, all companies are becoming data-driven software companies,' Callens said. Within two to three years, Cumul.io aims to be ready to offer solutions beyond the SaaS sector. Today, it has companies such as Proximus and a major U.S. bank as customers.
Source: De Tijd, translated by Leuven MindGate
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