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FullStory, which sells analytics tools for apps and websites, has secured $25 million in new equity financing, filings with the US Securities and Exchange Commission show this week. TechCrunch was unable to independently confirm the investors, and the company did not respond to a request for comment by press time. But according to Crunchbase, the infusion is FullStory’s first since August 2021, and will bring the company’s total revenue to around $200 million.
Atlanta-based Full Story was founded in 2014 by Bruce Johnson, Joel Weber and Scott Voigt when they wanted to build a product that would help brands create better customer experiences on web and mobile. Before starting FullStory, the co-founders — all graduates of the Georgia Institute of Technology — teamed up in the early 2000s to form a DevOps company, Innuvo, which was acquired by Google in 2005 for an undisclosed sum.
Originally conceived as a marketing tool, FullStory focused on analytics, customer success and engineering after the co-founders realized the tool they had created to figure out why their initial idea wasn’t working had business potential.
Today, FullStory collects and organizes digital experience data and uses AI to gather insights from behaviors. The platform reconstructs the user journey with vector-based graphics, displaying metrics such as highlights, scroll depths, pinch-to-zoom frequency, and copy-and-paste. FullStory can also search for possible “conflict events” to see how often they correspond to failure to convert (ie, completing a desired goal, such as making a purchase). Scheduled reports and automated alerts, meanwhile, track progress and attention-grabbing anomalies when the touch is leading nowhere with a flashing JavaScript snippet.
FullStory says its approach provides an easy way to understand whether a customer is, for example, comparing shopping or simply doing a search. In a previous interview, Vogt said a home improvement retailer used FullStory to identify an uptick in sales of garage rugs during the pandemic and improve its marketing materials.
A look at FullStory’s digital customer experience monitoring dashboard.
The digital transformation efforts spurred by the pandemic were a boon to FullStory, which has more than 3,200 clients including Groupe, Automattic, Peloton, Fidelity and JetBlue. In the year By 2021, the company – backed by VCs including Permira; Kleiner PerkinsGV, Stripes, Dell Technologies Capital and Salesforce Ventures – says annual recurring revenue is up more than 70% year over year.
FullStory claims to have analyzed more than 15 billion user sessions by 2021, including nearly 1 trillion clicks, text highlights and scrolls.
“As people manage more of their work and personal lives online, companies across industries are embracing FullStory for the insights they need to deliver premium digital products and experiences,” Voigt said in a recent press release. FullStory’s comprehensive DXI platform provides a unique view of real user behavior and reveals ‘unknown unknowns’ to drive product analytics, UX research, conversion optimization and more.
Building unique digital experiences is an obvious challenge. Fifty-eight percent of consumers believe most brands have no influence on what they buy, and nearly half can’t tell the difference between the experience, according to a Gartner poll. Part of the problem is that the push for digital experiences without adequate bug testing and a full understanding of what motivates customers to try them is on the next C-suite.
Dead links, crashes, and invalid forms can ruin companies’ apps and websites. Not only do these present disruptions to work and leisure, they can also result in overwhelmed customer service teams, understaffing and hours-long wait times. Customers are less forgiving – 64% admit to jumping to a competitor following a poor customer experience.
The need for more thoughtful deployments has benefited not only FullStory, but also rivals in the digital customer analytics space, such as Clotrac. Glassbox and Decibel are probably the scariest, having raised tens of millions in venture capital between them.
Keen to set the pace (or at least maintain it), FullStory expanded its leadership team in 2021, hiring Edelita Tchepko as CFO and Google veteran Jim Miller as VP of Recruiting. Will Schnabel joins the company as SVP of Alliances and Partnerships, bringing experience in creating partnerships and integrations from his time at Accenture and IBM Watson.
FullStory has increased its headcount to over 500 by 2021, with teams around the world San Francisco, London, SydneyAnd Singapore beyond Atlanta.
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