Radar raises $55 million Series C led by Insight Partners
It's been said that startups are a marathon, not a sprint. Sometimes startups feel like sprinting a marathon. In any case, running a race is harder with headwinds than with tailwinds.
In 2020, we faced some serious headwinds. As a geofencing platform, we power use cases related to people moving around the world. And in early 2020, as COVID-19 and lockdowns spread, people stopped moving around the world. Our customers were hurting, and we were hurting, too.
But we kept running.
Since then, people have started moving around the world again. New consumer habits have taken root, including curbside pickup, delivery, and contactless payments. All of these use cases require location services to do well, and innovative companies like Panera, Afterpay, and Sleeper are partnering with Radar to meet rising customer expectations.
Headwinds have shifted to tailwinds, and today our business is growing faster than ever.
To help us run even faster, we're excited to announce a $55M Series C led by Insight Partners, with participation from existing investors Accel, Two Sigma Ventures, and Heavybit. Matt Gatto from Insight and our CTO Tim Julien have joined the board.
2021 was Radar's best year yet:
- Growth: We doubled revenue and saw over 10,000 signups. We saw deeper adoption in existing verticals (like retail, restaurants, and payments) as well as adoption in new verticals (like fleet tracking, delivery, gaming, and healthcare).
- Team: We doubled the size of our team and welcomed new leaders to product, sales, and marketing.
- Brand: We changed our domain name from radar.io to radar.com.
- Product: We extended our lead as the top geofencing platform. We enhanced Trips for advanced pickup, delivery, and fleet tracking use cases. We added new POI datasets and enhanced the coverage and accuracy of Places and Regions. We launched Beacons for micro-location use cases. And we redesigned our dashboard and documentation.
- Partnerships: We deepened relationships with our technology partners (like Olo, Airship, Braze, Branch, and mParticle) and our solution partners (like Hathway, WillowTree, Bottle Rocket, and Credera).
- Privacy: We extended our lead in location data privacy and security, with advanced access controls, new settings for data retention and minimization, EU datacenter and single-tenant support, and SOC 2 type II compliance.
2022 looks even brighter. There's never been a better time to build location infrastructure, and there's never been a bigger need.
Our vision is location infrastructure for every product and service. We're still just getting started, and we're hiring across the board, including engineering, design, product, sales, customer success, BD, and marketing. Come help us build the future of location services.
We wouldn't be here without the support of our team, our customers, our investors, and our partners. Thank you!
Let's keep running.
— Nick, Coby, and Tim