Written by Alex Bredeen
Clarity Stack secures £1.67M in latest investment round
Award-winning SaaS platform, Clarity Stack, have raised £1.67M investment from Fuel Ventures in their latest investment round to expand their presence globally and help more clients grow their businesses.
What is Clarity Stack?
Clarity Stack specialise in B2B data, insight and lead generation. The company is registered in the UK and US with the main office in Warmington, near Peterborough, and employ more than 30 people across the two locations. The software is available on a subscription model and caters to businesses around the world with more than 700 active clients.
When and why was Clarity Stack founded?
Clarity Stack (formerly known as Meet Hugo) was founded in 2018 with the aim of helping B2B businesses to sell better. The company provides a complete suite of business tools built on cutting-edge technology, complemented by a team of expert researchers, to provide clients with the data, insights and high-quality leads that will increase their sales. Since 2018, the company has served more than 2,000 clients around the world and employs more than 30 people across the offices in the UK and Florida.
Ben Harper, founder and CEO of Clarity Stack, said: “We’re delighted to close this round, and think the alignment between us and Fuel is going to be the perfect match for us as we look to expand quickly. We’ve reached £2m ARR whilst bootstrapping, and now want to take the next step in our business’ journey.
“Clarity Stack’s mission is to help businesses sell better, and our insights, data, and leads solutions are perfect for any B2B business. 76% of businesses achieve a positive ROI by using our data within 3 months, and we believe we now have the rocket fuel we need to reach new markets, work with more businesses, and accelerate our growth.”
Shiv Patel from Fuel Ventures said: “Typically we only make around 10 investments each year from our main fund, so this shows two key things: first, the conviction we have developed in our meetings with Clarity Stack and second, how big of an opportunity we see in this industry. We’ve looked really heavily into the space over the last two years and have never had conviction in the other companies we’ve seen, but this is the first time where we’ve all come off a call and said this is a company that we have to invest in.
“We’ve really bought into the business model and their plans for the future. More importantly, what they have achieved in a short amount of time with very limited capital into the business has shown us that they know how to allocate cash whilst running a tight ship. Our investment will help them to find new areas of growth and invest heavily into the product, so future growth can be maintained at the speeds they’re currently going.
“Whilst there’s a huge amount of work that we will need to help deliver alongside the Clarity Stack team, we believe our experience from our portfolio and previous ventures will be able to guide and assist them. Furthermore, the potential of this market is enormous - there’s nothing stopping Clarity Stack from eating their competitors' lunches moving forwards.
“Clarity Stack has the potential to be the upstart in the market. We love backing companies where other investors may see huge risk through a variety of reasons. Our portfolio attests to this!”
The investment will mainly be used to grow Clarity Stack’s presence globally, power innovation and the products available, and to provide more sales data and insights to their clients.