- Toucan Toco, a leader in data storytelling, has completed its first-ever round of funding, led by Balderton Capital, the venture firm headed by Bernard Liautaud, founder of Business Objects
- This €12 million capital increase opens a new chapter for Toucan Toco, which has been self-financed since its founding in 2014
- The objective of the fundraise is threefold:
- Accelerate Toucan Toco’s growth in Europe and the United States
- Expand Toucan Toco’s range of solutions
- Strengthen its technological leadership through the development of ready-to-use applications
Toucan Toco, created five years ago by Kilian Bazin, Charles Miglietti, Baptiste Jourdan and David Nowinsky, has completed its first-ever fundraise of 12 million euros.
To date, the founders and their team have succeeded in building a profitable and fast-growing company without external investors, however, the new funding will enable Toucan Toco to enter a new phase of growth and conquer new markets.
Toucan Toco offers a unique data storytelling solution which helps organisations provide actionable insights to non-technical business users, including CxOs, HR directors, financial managers and operational staff, such as those at Renault-Nissan, which uses the technology across its 5000 car dealerships.
Toucan Toco’s platform provides simple-to-use and easily accessible mobile apps with a strong UX design, which helps large companies reach high end-user adoption rates of up to 90%. With a drag-and-drop interface and pre-formatted data visualization templates, which can be easily connected to multiple data sources, Toucan Toco can be implemented rapidly, and as it does not require learning a new language, the solution can be used by everyone, not just specialists.
Accelerating Toucan Toco’s growth in Europe and the United States
Simplicity and ease of use have already led to Toucan Toco’s technology being used by over 120 customers, including more than 50% of CAC 40 enterprises in France and household names such as l’Oréal, BNP Paribas and Sodexo. President Emmanuel Macron and his ministers also chose the solution to track the progress of his reforms.
Already present in four European countries and the United States, Toucan Toco now plans to accelerate the distribution of its technology, particularly on the other side of the Atlantic. Over the next year, the company will aim to double its team in the United States. CEO Charles Miglietti will also relocate to Boston, while at the same time, a new country manager will be appointed in the Netherlands to create a structure similar to the Paris office.
Charles Miglietti, CEO and co-founder of Toucan Toco, said: “With this funding, we want to accelerate our growth, in Europe, and particularly in the United States. We want to go further and become a leader in each of our markets.”
Structuring and strengthening the Toucan Toco offer
In parallel with international development, the company will continue to package up and extend its technology to sectors including Human Resources, Financial Services and IT Services.
Toucan Toco has also developed a new Embedded Analytics offering, which acts as a CMS for data visualization. Saas products can now embed the Toucan data visualization interface within their products to easily offer analytics capabilities to their customers.
“By setting up the Embedded Analytics offer, we are expanding Toucan’s mission by equipping other technological players with an analytical building block at their fingertips that will enable them to win the support of their customers and users at a lower cost,” added Charles Miglietti.
Establish Toucan Toco’s technological leadership
This first fundraise will also enable Toucan Toco to push simplicity to the next level with a new “business in a box” product. This self-serve product will offer a wide library of ready-to-use data storytelling templates. Users will be able to pick one and connect it with various data sources, such as Stripe, Shopify or LightSpeed in a few clicks, creating a bespoke tool in minutes.
“We have this desire to remain craftsmen in our production but industrial in our international distribution” adds Charles Miglietti.
Balderton Capital, a strategic partner
This first round of funding was led by Balderton Capital. Bernard Liautaud, Balderton’s Managing Partner, and founder of Business Objects, the pioneer of the modern BI industry, has now joined the board alongside Edouardo Sanchez, former VP of MicroStrategy. In recent years, Balderton Capital has also invested in other companies such as Talend, Sunrise and Aircall.
“Worldwide investments over the past two decades have amounted to more than $200 billion, but BI is still not fully delivering on its promises. Toucan Toco has the ability to complement first-generation BI players such as MicroStrategy, Cognos or Business Objects without having to spend a fortune. Thanks to this unique positioning, we have managed to be attractive to a venture firm like Balderton Capital to support us in the years to come” observes Charles Miglietti.