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TL;DR: Marketers are under extreme pressure to deliver revenue to their company. They spend billions of dollars to acquire customers online, but $19 out of every $20 spent is wasted because buyers don’t get a relevant buying experience and leave. That’s why we built Mutiny, to automate growth engineering for all companies and turn their wasted marketing spend into revenue.
Today, I’m thrilled to announce that we have raised $50M at a $600M valuation from Tiger Global and Insight Partners, with participation from prior investors Sequoia Capital, Cowboy Ventures, and Uncork Capital.
The round also includes current and former CMOs from world-class companies like Atlassian, Carta, Condé Nast, Figma, Salesforce, Snowflake, Square, Visa, and Uber who see in Mutiny a new and massive opportunity to change the way companies grow revenue.
This incredible group of investors were eager to join our mission of helping companies grow faster by cutting the waste out of their marketing spend.
"Mutiny has seen unbelievable growth and momentum, quickly becoming a secret weapon of the world's fastest growing companies," said John Curtius, Partner at Tiger Global. “Every company out there stands to benefit from Mutiny because, simply put, it helps them grow their revenue faster.”
TechCrunch covered Mutiny’s Series B announcement here.
Companies spend billions of dollars to acquire customers online, yet $19 out of every $20 they spend is wasted.
Here’s why: a buyer clicks on an ad, lands on some generic website, doesn’t understand why they should buy and leaves. The marketing team looks at the data, tries to make a better ad, and then spends more money to repeat the cycle.
Sound familiar? The unfortunate truth is that’s how 99% of companies try to grow. But the problem is not the ad – it’s a conversion problem.
Large tech companies try to fix this poor performance by hiring hundreds of engineers and data scientists to customize their marketing for different buyers. I know this first-hand because I did this at Gusto – we built an engineering team to cut the waste out of our marketing.
Sounds cool, but in reality it was so expensive and utterly complex, but absolutely necessary to the growth of the business. Few companies can afford this luxury.
That’s why we built Mutiny, to automate growth engineering for all companies and turn their wasted marketing spend into revenue.
To understand where we’re going, I find it helps to first look back at where we’ve been. Marketing has had 2 distinct evolutionary phases and we are about to enter the third.
Phase 1: Mass media. Think Mad Men, TV and magazine advertising. All marketing spend went towards reaching the most people possible.
Phase 2: The internet. Google and Facebook shifted 60%+ of media and advertising spend online. Still, $19 out of every $20 spent is wasted because companies don’t yet have the technology to bring all those potential buyers over the finish line in the form of revenue.
Phase 3: The revenue revolution. With the rise of data/AI and the pandemic moving most commerce online, we are now entering phase 3. Instead of spending money online to acquire leads, companies must find ways to generate revenue online. This starts with having full command and control of the buyer's journey.
Some of the world’s fastest growing companies such as Notion, Snowflake, Qualtrics, Dropbox, Carta, and Brex use Mutiny to convert their visitors into customers. The secret behind why these companies are able to grow so quickly is because they understand the major shift in how their buyers, well, buy.
“At Notion, we are doubling down on online acquisition channels as we rapidly grow. Mutiny has helped us scale our online spend by letting our team quickly build better web experiences without requiring engineers," said Olivia Nottebohm, Chief Revenue Officer at Notion. "After seeing Mutiny increase our conversion rate from paid ads by up to 60%, we quickly expanded Mutiny to the rest of our website. Mutiny has been a great partner for Notion as we continue to grow globally."
The most exciting part of this fundraising round was seeing how much our vision resonated with CMOs. CMOs are responsible for revenue targets, but they lack the technical resources required to do their job. It’s very frustrating because they are not in control of their own destiny. Pretty much every top CMO I talked to immediately got what Mutiny was trying to do. It was very validating.
“Marketing teams are becoming more and more dependent on engineering to be successful, which makes growth a resource game not everyone can play. Mutiny's approach is completely new and ultimately why I wanted to support them. Their technology gives every CMO the power of a large technical team." said Jill Hazelbaker, SVP of Marketing and Public Affairs at Uber.
Trust me, the revenue movement is just getting started. I can feel the momentum with every conversation I have with CMOs, Mutiny customers, and other company builders.
The best way to make sure you’re building the necessary skills to smooth the transition into the revenue revolution is to surround yourself with others solving the same problems as you. Every inflection point starts and ends with community.
And that’s exactly what the M2 community can do for you. M2 is a community of revenue-driven B2B marketers at the fastest growing companies in the world. M2 gives you unprecedented access to top CMOs, exclusive events, and a vetted group of ambitious peers. Apply here.
Mutiny owes a massive thank you to our early supporters.
Our customers have trusted us to grow their businesses and help fast-track their careers. Without that trust, we wouldn’t have been able to move as quickly as we have. It’s safe to say that we’ve got the best customers in the world.
And of course our investors who understand our vision for how companies will grow in the future and wanted to join us for this incredible journey.
Learn how top B2B marketers are using conversion to grow and apply it yourself.