Insight Partners led a US $46 million Series B fundraising round for Instabug on 17th May 2022, a firm that promises to assist mobile developers monitor, discover, and resolve bugs within apps.

The funding comes little over two years after the company raised US$ 5 million in a Series A round led by Accel, which increased its stake in the new round. 

Forgepoint Capital and Endeavor joined the round as new investors. The latest funding takes the company’s total stock raised to US $54 million.

What the founder has to say:

 Instabug CEO and co-founder Omar Gabr:

“Our goal is to ensure that developers and engineering teams working on apps have complete visibility into how the app works and performs. We aim to equip them with the necessary tools to be proactive. For example, they can observe if there’s a problem and figure out what’s going on before a customer complains or rants on Twitter.

founders of Instabug

Mobile phones have been around for 15 years, but they have become the primary method we interact with brands and services since the epidemic. Mobile used to be excellent for giant firms, but today it’s a must-have — a core product, not simply a channel or marketing tool.

There are so many app options available that customers will remove one and replace it with another if they don’t like it. Companies can no longer afford to react to problems. The missing piece of the jigsaw was combining performance monitoring and crash reporting. We use the information we collect to improve our product. They can now see the complete picture of every phone encounter and determine whether the customer has a positive or negative experience.”

About the company:

Logo for instabug

The company was created in 2013 and first published its offering in beta in 2015, and then publicly debuted in February 2016. Consumers have higher expectations from the apps they use, and organizations must be more proactive to prevent bugs from appearing in the first place, prompting its recent move to expand into monitoring.

In 2021, the company’s software was installed on 2.7 billion mobile devices, processing 110 billion mobile sessions (up at least 20 times over 2020), and assisting customers with 4.2 billion difficulties.

With so much enterprise adoption, Instabug spent more money last year on compliance and security so it could onboard huge organizations like banks and telecoms. One of the key drivers of the company’s revenue development has been attracting more enterprise clients.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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