Embrace, a la-based startup that offers a mobile-first application performance management platform, today announced that it has raised a $4.5 million funding circular led by Pritzker faction quest Capital. This brings the company’s total funding to $7 million. brand-new investors Greycroft, Miramar Ventures and Vy Captial also participated in this circular, as did previous investors Eniac Ventures, The Chernin faction, Techstars Ventures, Tikhon Bernstam of Parse and others.
Current Embrace customers include the likes of Home Depot, Headspace, OkCupid, Boxed, Thrive marketplace and TuneIn. These companies use the service to get a good view of how their apps perform on their users’ devices.
As Embrace CEO and co-founder Eric Futoran, who also co-founded entertainment company Scopely, argues, too many similar services mostly focus on crashes, yet those only constitute a tiny number of the actual user experience issues in most apps. “To an enormous extent, crashes are solved,” he told me. “The crash percentages are often 99.8 percent crash-free and yet users are still complaining.”
That’s because there are plenty of other issues beyond code exceptions, which many tools focus on almost exclusively, that can force an app to close (think memory issues or the OS shutting down the app because it uses too many CPU cycles). “To users, that looks like a crash. Your app closed. But in no path, that’s a crash from a technical perspective,” Futoran noted.
Raising this brand-new circular, Futoran told me, was beautiful simple. Indeed, Pritzker approached the company. “It was not fundraising,” he said. “They sat us down and said, ‘we want to fund you guys,’ which I find beautiful unusual. So I’ve been calling it a pre-emptive circular.” He also noted that having Pritzker involved should aid open up the mid-west marketplace for Embrace, which is mostly focusing on enterprise customers (though Futoran’s definition of “enterprise” includes the likes of digital-first companies like Headspace).
“We saw many organizations trust Embrace’s seamless and innovative optimization platform to quickly identify and resolve any user-impacting issues within their apps, and we’re optimistic about the future of the company in this growing marketplace,” said Gabe Greenbaum, a la-based partner for Pritzker faction quest Capital. “We look forward to this next level in the company’s growth voyage and are honored to partner with Eric and Fredric to aid them earn their vision.”
The company plans to use the brand-new funding to increase its go-to-marketplace capabilities, and grow its faction to build out its technology.