An early trailblazer among customer data platforms, mParticle, has raised $45 million in a Series D funding found, the company announced today.
The funding round, led by Arrowroot Capital, takes the total investment in mParticle to more than $120 million. The deal means Arrowroot Capital managing partner Matthew Safaii will join mParticle’s board of directors.
In a statement, mParticle claimed it would use the latest capital injection to further roll out CDP services that are compliant with an increasing web of data privacy laws. The company will also use the funding to ramp up its ability to integrate with third parties.
“The expectations that consumers have are constantly growing, and meeting the needs of the brands who deliver those experiences are constantly evolving,” mParticle CEO Michael Katz said.
The Series D funding round comes at a time when investors have grown increasingly wary of investing in data-led marketing technologies. A report from Forrester found that venture capital investment in the space would drop $7.2 billion in 2019 to $1.8 billion in 2019. CDPs, however, are proving popular with power brokers because they feel more assured that such technologies will not fall foul of tightening data privacy laws being introduced around the world.
An addition to the funding round, mParticle also announced another bit of news: a partnership with the data onboarding giant LiveRamp. The two companies claim the partnership will help brand marketing departments extend their audience reach and reduce the time it takes to onboard data.
LiveRamp and mParticle’s joint offering will extend the number of marketing interventions brands can use the CDP to engage with their customers—such as serving them with an ad and then measuring its performance—from 275 to more than 550.
“Our partnership with LiveRamp is the first of many that will help our customers exponentially expand their reach to deliver exceptional customer experiences wherever their consumers maybe,” mParticle head of identity Todd Schoenherr said.