ⓘ Featured image: Instabug co-founders: Moataz Soliman (L) & Omar Gabr (R); Credits: Crunchbase
Founded in Cairo Egypt in 2014 and now also has a headquarter in California, US, Instabug yesterday announced that it has raised $5 million in a Series A round from Accel, with participation from some angel investors including Amr Awadallah, co-founder of Cloudera and Jim Payne, founder and CEO of MoPub.
This is the second investment of Accel in the startup. Instabug raised $1.7 million from Accel back in 2016 in a seed round. The latest funding round for Instabug has raised its total funding threshold until now to around $8 million.
Founded by Egyptian entrepreneurs Moataz Soliman (CTO) and Omar Gabr (CEO), Instabug provides mobile developers with real-time insights throughout their app life cycle, with its bug and feedback reporting, secure crash reporting and in-app surveys.
Commenting on the investment round, Gabr in a statement said,
“We’ve been working with Accel since 2016 and we’re very excited to continue our partnership. We grew 120% in revenues in the last 12 months, adding dozens of Enterprise customers. We’ve always been running a disciplined business, we’re almost profitable for some time now. This is what made our fundraising fast in the middle of all the current events. Our fundraising conversations with Accel started after the pandemic outbreak.”
The company in a conversation with Crunchbase claimed that it’s platform is witnessing a huge 45 percent surge in its usage amid the COVID-19 pandemic situation, since it is designed to streamline the communication between QA and developers, which is very relevant now, as many are working remotely.
The exact plans related to the utilisation of funds aren’t revealed but it is natural that the company will be deploying the fresh funds towards catering to its ever-expanding user base.