Instabug Secures 46 Million Dollars in Funding to Enhance Mobile App Experience and Performance
Instabug, a startup that aims to help mobile developers monitor, identify, and fix bugs within apps, has raised $46 million in a Series B funding round led by Insight Partners. The raise comes just over two years after the startup raised $5 million in a Series A round led by Accel, which doubled down on its investment in the latest financing.
New Backers Join the Fold
The company’s recent decision to expand into monitoring was driven by the fact that consumers have higher expectations from the apps they’re using, and companies need to be more proactive to prevent bugs from occurring in the first place. According to Instabug CEO and co-founder Omar Gabr, "Four years ago, if an app wasn’t crashing, that was considered good. But now, users increasingly expect apps not only not to crash but to be slick and run well."
Record Growth in 2021
Instabug saw record growth in 2021, with its annual recurring revenue (ARR) doubling and the number of enterprise customers growing by 10 times. The company landed new clients such as DoorDash, Verizon, Qualtrics, Porsche, and Gojek to join existing ones like Clubhouse.
The Importance of Monitoring
Gabr emphasized that Instabug’s software provides developers with a comprehensive view of their app’s performance, enabling them to identify issues before they become major problems. "Instabug is flexible enough to deploy on a single app or for testing in a development environment but can immediately scale to monitor even the largest global enterprises’ app portfolios," he said.
Using Funds Wisely
The company plans to use its new funding towards more hiring and investing in product development. Presently, Instabug has 190 employees, with a predominantly Cairo-based engineering team.
Insight Partners Sees Great Potential
Ganesh Bell, managing director at Insight Partners, said that the firm concluded during its due diligence that Instabug was "developers’ most trusted solution for performance monitoring on the mobile app stack." He added, "Because Instabug focuses on mobile platforms exclusively, we believe it has the best mobile-specific capabilities and comprehensive mobile platform and framework coverage."
Accel’s Continued Support
The fact that Accel doubled down on its investment in Instabug is a testament to the company’s potential. As the tech industry continues to evolve, it’s clear that monitoring and performance optimization will be crucial for app developers.
The Future of Mobile Development
With this significant funding round, Instabug is poised to continue making waves in the mobile development space. Its commitment to providing developers with the tools they need to create high-performing apps will only grow stronger.
What’s Next for Instabug?
As Instabug expands its team and product offerings, it’s likely that we’ll see even more innovative solutions emerge from the company. With a strong focus on customer satisfaction and a clear vision for the future, Instabug is set to become an industry leader in mobile app development.
Stay Up-to-Date with TechCrunch
Don’t miss out on the latest news and updates from the tech world. Follow us on social media or subscribe to our newsletter to stay informed about the most significant developments in the industry.
Related Articles
