The investment round was led by Menlo Park-based venture capital firm New Enterprise Associates with participation from Greycroft, AV8 Ventures, Eniac Ventures and other individual investors. The round gives the company a total of $57 million in funding.
Embrace will use the funding to expand its product suite, bolster its executive leadership team and hire new talent. The company claims it has increased its staff by more than 400% since its last funding round in 2019.
“With nearly all companies moving to digital-first engagement with customers, mobile has become a business-critical initiative,” Aaron Jacobson, partner at New Enterprise Associates, said in a statement. “We believe Embrace is poised for explosive growth, and we're thrilled to partner with Eric and the team to capture the massive opportunity of mobile.”
Embrace’s funding comes alongside the launch of its latest product, Data Intelligence, which gives organizations “full visibility” and in-depth data on their mobile users’ experience, the company said in its announcement.
Embrace was founded in 2016 by Eric Futoran, the company’s chief executive, Fredric Newberg, its chief technology officer, and Maggie Shih, its former chief operating officer. Embrace’s platform offers insights for companies’ mobile apps to help them improve user experiences by identifying and solving problems.
Embrace has more than 100 clients, including Hyatt Hotels Corp., GOAT Group, Depop, Dave, Cameo and ChowNow.
“For businesses competing in the modern mobile ecosystem, continually delivering great mobile experiences while innovating rapidly is incredibly difficult,” Futoran said in a statement. “Mobile has so many variables to contend with that companies cannot afford to make decisions on guesswork.”
Embrace Raises $45 Million in Series B for Mobile Data Platform
