Mixpanel was a hot startup in 2014 when it nabbed a $65 million Series B on an $865 million valuation, a sizable B round and valuation for those days. Today, seven years after that announcement, the company finally has a C round, a $200 million investment on a $1.05 billion valuation from Bain Capital Tech Opportunities.
The company has gone on record with TechCrunch that there are lots of reasons for the gap, and when it promoted COO Amir Movafaghi to CEO in 2018, it was the first in a series of steps that it took to right the ship.
The company later decided to shut down adjacent messaging and A/B testing products to focus solely on the product analytics market. As it made these moves, it also began to work to improve slipping customer satisfaction metrics like its net promoter score (NPS), which was sitting at 15 when Movafaghi was promoted, according to the company.
As the focus shifted back to the …
