Chartbeat Reveals New Social Features, iOS app, Redesign, and $9.5 Million Series B Round
Chartbeat CEO Tony Haile's assertion that his team has "been pretty busy" over the last three months is a slight understatement.
The real time Web analytics company, which announced a $9.5 million Series B financing today led by Draper Fischer Jurvetson and Index Ventures, has rolled out a slew of new features in tandem with the news. There's also a brand new iOS app in beta. And "to celebrate," Haile said, they gave themselves a complete design and logo makeover.
Three years old, Chartbeat has quickly become the standard for as-it-happens Web analytics, so widely adopted and, frankly, addicting that a brief outage last year had many a Web editor seeing red. (With its redesign, the site's red theme is replaced by a more calming baby blue. And in a bid to inspire less panic attacks, it's moved away from the heart monitor aesthetic as well...)
For a while, Chartbeat was just five guys toiling away out of Betaworks. Now the company has "left the womb" of Betaworks, Haile said, and is up to 23. He said he'll be hiring "a shit-ton of people" with the new funding.
"All of these are things we wanted to build but have been resource-constrained," Haile said. "People have been asking for 'Chartbeat for X or Y,' and now we can deliver it."
Chartbeat's back-end dashboard isn't mission-critical, but ask any editor glued to his or her dashboard and its certainly feels like it is. How else do they know exactly how many people are looking at which story at this exact moment? Day-old, and especially month-old analytics data is completely useless for reacting to big stories, particularly in social media.
Chartbeat is up to 4,500 such editors who pay around $10 a month for access to its services. Revenue has grown 3.5 times in the last year. "We've been making millions for quite some time now," Haile said.
The market has taken note, as new entrants have sprung up to address some perceived holes in Chartbeat's product. WorldLogger, for instance, offers multi-site views, search, and resizable modules. Woopra has the same, but with chat and interaction features, as well as data storage. GoSquared has a product that sounds exactly the same as Chartbeat's, but with tiered pricing that goes up to $29 a month.
But, Chartbeat has managed to win over the hearts and wallets of some of the biggest sites in the country: The site counts The New York Times, The Wall Street Journal, Gawker, Forbes, Salon.com, and CNN.com are among its addicts.
Chartbeat's new features give users a better sense of who is active on the page by cutting out inactive users who've opened another tab or stepped away from the computer and only counting those who are actively engaging.
The site's revamp now offers context to the data as well. Sites can compare their traffic to other sites and view at the sources of traffic for individual pages. Incoming traffic is now sliced and diced into social and search categories as well. The idea is to make social content front and center in the Chartbeat charts, Haile said. All of these features, as well as the iOS app, are included in the same $10 per month subscription fee.
Early investment for Chartbeat came in the form of a $3 million Series A from Index Ventures, with participation from a slew of investors: O’Reilly AlphaTech Ventures, Jeff Clavier, Lowercase Capital, Founder Collective, SV Angel, Lerer Ventures, Jason Calacanis, Josh Stylman, Peter Hershberg, Alex Zubillaga, and Fritz Lanman. The reported $1 million raised by the company earlier this year is included in today's round, bringing it's total VC backing to $12.5 million
[Disclosure: SV Angels and Lerer Ventures are investors in PandoDaily. Image via Marcusnelson]