Umbel announced today it has raised a $8 million Series B led by Cielo Private Equity. The Austin-based company is targeting an additional $12 million with this round.Umbel sells customer data management products to agencies and CMOs of major brands. The company was founded in 2010 and raised $3.7 million in 2012 in a Series A round led by Austin Ventures.
Founder and CEO H.O. Maycotte (pictured right) said in a press release the new capital will allow Umbel to expand the company’s sales and marketing efforts and tap the market opportunity of data analytics with new tools and potential acquisitions.“We are incredibly excited to have this momentum boost,” Maycotte said in a statement. “I have assembled the best leadership team in Austin and am confident that funding and the team combined will allow our business to accelerate and crack open new industries.”
Cielo Managing Partner Lisa Harris also joined the Company’s Board of Directors. Cielo also led the Series B investment in Gravitant, which was purchased by IBM two weeks ago.
“We hear consistently from CMOs that they recognize the significance of data, but most businesses are scrambling for basic control and ways to leverage it,” Harris said in a statement. “Umbel has the best platform in the industry to drive real outcomes and we are excited about its global potential.”
In July, Umbel left its offices at The Nokonah and subleased 20,000 square feet of the Seaholm Power Plant from athenahealth. At the time, the company said it expected to double its headcount of 60 by the end of the year.
