Narrative BI raises $1.2 million. Among investors are Ukraine’s Adventures Lab and Digital Future
The US startup Narrative BI raised $1.2 million in a pre-seed funding round. The Ukrainian venture capital firms Adventures Lab and Digital Future, as well as other funds and angel investors, participated in it. Adventures Lab told AIN.UA the details of the deal.
About the startup
The startup was founded by Belarusian Michael Rumiantsau, who now lives and works in the United States. Previously, he founded the company FriendlyData, acquired by ServiceNow in 2018. Michael worked for the acquiring company for a while but then decided to launch a new business — Narrative BI.
Rumiantsau founded Narrative BI last year in San Francisco. The company developed a beta version of the new service in August 2021. It has already been put to use by 70 customers. During the testing period, the program processed data from over 8 million unique users. Having undergone beta testing, the product is now fully launched.
The startup provides an analytics b2b platform that automatically generates insights for marketing and sales teams based on companies’ data in Google Analytics. It can be connected to existing marketing, CRM, and product analytics tools to get insights from company data without the help of an analyst (they are provided as a news feed):
As the startup’s founder explained in a commentary to Forbes, “Every time something unusual happens with your data, it means something to your business. We make sure you know about it before it becomes a problem.”
The startup has recently posted its solution on ProductHunt. It is registered in the US, but employees work globally. There is also a team in Ukraine.
Elysium Venture Capital, FinSight Ventures, Joint Journey, and angel investors, including Nick Bilogorskiy (who heads the Trust and Safety team at Google), Eugene Vyborov (co-founder of the fintech startup YayPay, which was sold for more than 17 million euros in August 2020), and others participated in the pre-seed round together with Adventures Lab and DigitalFuture.
Andrew Kryvorchuk, the Managing Partner of Adventures Lab, explains why the project interested investors so much:
“We believed in the project because it solves an obvious and serious problem. Also, because there is a successful founder behind Narrative BI, who exchanged a comfortable office and a significant income for the opportunity to create a new business.”
What the funds will be used for
The money raised will be used to further develop the service and expand the startup team.