E-commerce startup Triple Whale raises $25 million to grow its Shopify data platform
After raising $27.7 million in Series A funding about a year ago from investors including a Warby Parker co-founder, the Columbus, Ohio-based Triple Whale has added another $25 million to grow its Shopify data platform, bringing its fundraising tally to $52.7 million.
Since its launch two years ago, Triple Whale has grown 1,400% year-over-year growth, with over 5,000 brands now using its platform to connect the dots that are not otherwise possible via the Shopify website. So, what’s behind Triple Whale’s success?
Today, Shopify is used by online sellers in over 175 countries around the world and over 4.4 million e-commerce sites are built with Shopify, according to data from Builthwith. So, it’s no surprise that a vast majority of Shopify users need an ecosystem of tools to not help them manage all aspects of running their stores but to make sense of the data generated from their sales.
Although Shopify provides some analytics and metrics, however, merchants need tools to bring all the data into one place, which in turn helps merchants improve their conversion numbers and get better insights required for their marketing campaigns.
That’s where Triple Whale comes in. Triple Whale’s analytics platform provides tools to help brands manage all aspects of running their stores including an all-in-one, easy-to-access tool to help them locate key metrics and derive instant insights into the performance of their advertising campaigns.
To further meet the demands for its service, Triple announced today it has closed a $25 million Series B round from NFX and Elephant, with strategic participation from Shopify. The fresh funding is on top of the $27.7 million raised in March 2022, which consisted of a $24M investment led by Elephant VC, alongside a previously undisclosed $2.7M seed round led by NFX, and an additional $1M raised with notable participation from individual investor Shaan Puri.
“I took the spreadsheets that I was using to track my ad spent and the overall KPIs that I needed to watch, and we took that and we productized it and made it into a mobile app that a lot of people liked,” Orbach explained. “We took a lot of the playbook from what we learned in D2C with influencer marketing and really applied it to a community that we found on Twitter — which was very influential in the D2C space and we used that playbook to get a lot of the traction.”
Triple Whale provides brands with a clear, quick, and transparent view of metrics that matter, integrating merchants’ data from Shopify, Facebook, Google, TikTok, and other popular apps.
About two years ago when Apple finally rolled out its iOS 14 privacy feature that prevented Facebook, it became apparent that many Shopify store owners could no longer rely on data they were getting from Facebook, so the Triple Whale team kicked into high gear and built a new attribution system for its users called Pixel), which today is now core of its platform.
But Pixel is just the beginning. Triple Whale said it’s building an automated tool based on machine learning and generative AI-based that will automate the attribution and real-time data.
“The data coming from Facebook was just a mess. There was no way we could make any sense of it. And so we said, we have to build attribution,” Blank explained. “First of all, our clients are suffering because they don’t have visibility, but also, if we want to start building automation, we need to correct data.”
Founded in May 2021 by AJ Orbach, Ivan Chernykh, and Maxx Blank, Triple Whale is an analytics platform built for Shopify brands looking to scale their businesses. The Triple Whale platform combines centralization, visualization, and attribution in an easy-to-use dashboard that presents and illustrates KPIs in a simple and actionable way, making sophisticated insights into advertising performance accessible for any Shopify retailer. Triple Whale said that brands using its platform generated over $14 billion in sales last year alone.