During one of my conversations with a CEO of a high growth e-commerce company a few months ago, it was clear that while his business was growing well and they were collecting terabytes of data from various tools, there was no easy way to combine those data sources and get visibility into the functional areas of the business. It was also difficult to understand how customers were engaging with the product or how their buying behavior changed over time without being at the mercy of an army of IT professionals, data scientists/analysts and a plethora of point analytics tools. After having many such conversations with multiple CEOs, there were three things that stood out – (1) that online businesses were drowning in data that was valuable yet untapped, (2) the business user was largely starved by incumbent business intelligence solutions of the last decade that were high touch, and (3) that these business users craved a product that allowed them to gain insights at the speed of thought. The right product needed to be installed in minutes, show instant value with out of the box insights, yet be flexible enough for the end user to slice and dice it anyway they chose, all without involving IT. This is exactly the value proposition thatRJMetrics offers and why many of the CEOs I spoke with chose them to power their Business Intelligence. Today, Trinity Ventures is extremely pleased to announce our latest investment in RJMetrics, a leader in Software as a Service (SaaS) based Business Intelligence for online businesses, allowing them to get actionable insights from all of their stored data.
In the enterprise, the last few years have been marked by a dramatic shift in how software is built, deployed, priced and consumed. Cloud infrastructure and SaaS applications have heralded a massive opportunity in the mid-market and empowered the “Fortune 5 million” to enjoy the same level of sophistication and insights that only the Fortune 500 could achieve in prior decades. At Trinity Ventures, we believe that consumerization of the enterprise, low cost distribution models and SaaS are secular trends that will define high growth technology companies going forward. We have actively invested in this trend by backing leading B2B SaaS companies like Act-On Software, ServiceMax, New Relic and Taulia – companies that are dominating their respective categories by providing the end user – be it a marketer, service professional, app developer or a finance professional, the ability to be more successful at their jobs and enabling them to try, purchase, consume and be delighted by software without involving IT. With our investment in RJMetrics, we are doubling down on that trend to allow all business users to gain actionable business intelligence with a lightweight, yet powerful, SaaS product.
We were struck by the incredible traction that the company had achieved, and a culture that was built with laser focus on putting the customer first – a testament to the leadership of the founding team of Bob and Jake, whom I’ve known now for over a year. It’s no surprise that in a short amount of time, and with limited capital, RJMetrics was able win over hundreds of happy (paying) customers by making them fall in love with their product and their unwavering dedication to the customer. Over and over, we heard RJMetrics’ customers tell us how much they loved the product, the team and the vision. One particular CEO we spoke with, said “It’s the lifeline of my business. It’s the last thing I look at before I go to bed and the first thing I see when I wake up.” However, the most frequent comment we heard from customers was, “This was a no-brainer decision for me.”
So today, as we invest in the company to fuel their growth and partner with this amazing team, I’d like to say that this was a no-brainer decision for us! I am proud to be part of this team and look forward to playing a small role as we continue to win over new customers and delight our existing customers, on the path to building RJMetrics to be the defacto Business Intelligence SaaS company for the online enterprise.
Bob, Jake and to the RJMetrics team – Welcome to the Trinity family!