If you have followed our adventures you have seen that we regularly express ourselves on the fact that we have not raised funds until now.
If you read us to the end you also saw that we were not dogmatic on the subject 😉
We are announcing today’s funding of €12 million with Balderton Capital, which naturally leads to the question: why now?
In this article, we will explain why we have chosen to raise funds and to support our growth in 5 points.
1. Are we still confident to invest in the BI market?
Yes, we are, the market isn’t saturated. The successful product we offer exists thanks to our customers. This means we created something truly unique in the data value chain.
The main idea is to find a unique positioning in the data value chain. If we had raised money five years ago, we wouldn’t have the product we have today that allows us to occur in BI market.
To speak truly, if we would have been funded before we would probably have done a “cheap” Tableau Software or Power BI for specific industry X or Y. This is not what we have done. We have done a full and powerful platform but we took the risks with our wonderful clients to do it right outside the “self-service BI” segment.
The time we granted to perfect it allowed us not to burn important steps. The achievement was well worth 5 years of refinement, it is now time to step on it!
2. Are we still a local player?
No, we are not. After founding Toucan Toco in 2014 from France, 2 years ago we expanded commercially in Spain, Italy, then in the Netherlands and the United States. It took 5 years to identify the best performing businesses for our market.
Thereby, in 2019 we have defined 4 Go To Market (GTM), Data Storytelling Platform, People Analytics, Retail and Embedded to accelerate our expansion in France and abroad. We built the core of these GTM with our « GTM Overview », resuming target companies, target persona, key messages to deliver and align our team.
To go a step ahead, we’ve reached a point where we need cash to fuel international expansion.
Thus, Toucan Toco is developing two strong teams in the Netherlands and the United States, on the same structure as the French team.
We will double our teams in the United States in 2020, with the arrival of Charles Miglietti, CEO and co-founder, in Boston. At the same time, Yann Toutan, former CEO of Econocom, will be appointed as the country manager for the Netherlands.
3. Have we reached the limits of our product?
No, today our techno platform can be used in different business scenarios. It works on-premise or on Cloud and can be easily updated by customers themselves.
Our product is ready to scale. We want to improve the organization with new business lines.
First test with Embedded Analytics, with dedicated resources for dev, product, marketing, and sales, to offer a solution for SaaS Entrepreneurs and Product Managers that allows them to easily present analytics within their product.
Then scale with other Business Lines like “Business in a box” with the purpose to have Toucan Toco ready-to-use applications available.
4. Are we in a “billion-dollar-company” trajectory?
Yes, we are, for 5 years, we have had 100% growth per year. To maintain this course, funding became an essential lever.
Worldwide investments in BI over the past two decades have amounted to more than $200 billion, with very poor results, as BI is still not fully delivering on its promises. Toucan Toco has the ability to complement first-generation BI players such as Microstrategy, Cognos or Business Objects without having to spend another fortune.
Thanks to this unique positioning, we have managed to be attractive to Balderton Capital through personality like Bernard Liautaud to support us in the years to come. Bernard is a pioneer in the BI market, founder of Business Objects, he knows and understands the challenges of today’s market.
As one of the 3rd generation BI companies and with our unique position, Toucan Toco is among the candidates that can be considered as the leading player in the coming years.
5. Is Toucan Toco ‘s culture going to change?
No ! We want to stay craftsmen in our production but become industrial in our international distribution.
Toucan Toco‘s culture is not meant to change.
Toucan Toco’s culture is definitely part of its success, inside the company, but also outside with its partners, clients, and the ecosystem. Our culture helps us influence and drive our market. We now have more means to enhance it and broadcast it a lot. Our funding is a growth objective to keep up our company and fill our teams with ambitious thoughts to be fully part of this new chapter.
We succeed in combining a high-performance work environment with a high degree of care. This is rare in the software industry and it’s one of our real strengths. We remain convinced this is what will allow us to have the quality of execution that will lead us to play in « the big league ».
Baptiste, David, Charles & Kilian
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