QuBit Raises $7.5M in Series A Funding

Ingrid Lunden of TechCrunch reports, "QuBit, a big-data startup whose analytics platform helps e-commerce sites with customer personalization, is today announcing that it has raised a Series A round of funding — $7.5 million led by Balderton Capital with participation from existing angel investors. As part of the deal, general partner Bernard Liatuad — who founded and sold Business Objects to SAP for $6.8 billion — will join QuBit’s board. The London-based company, which was founded by four ex-Googlers in 2010, may be best known for OpenTag, a cloud-based product that lets sites manage tags from multiple analytics, marketing and ad services from one place. The funding will be used to continue to develop that, as well as a new larger SaaS analytics platform, launched just this week, and to make a stronger push into the U.S. market and the rest of Europe."

Lunden continues, "Graham Cooke, QuBit’s America CEO and one of the co-founders, says that the four ex-Googlers chose London as its initial base because — from their experience at Google in product, marketing and engineering — they saw that the UK was one of the most acute markets when it came to e-commerce. Proportionately, people spend more money and time online here than in other countries, but sites here also grapple with some of the worst conversion problems, too — meaning they get a lot of visits that aren’t converting to sales."

Read more here.

Image: Courtesy QuBit