Houseware raises $2.1M in seed funding led by Tanglin Venture Partners
By siliconindia | Thursday, 09 March 2023, 04:24:30 PM IST
Houseware, the world’s first warehouse-native revenue engine for SaaS companies today came out of stealth with a $2.1M seed funding round led by Tanglin Venture Partners. The round also saw participation from GTMfund, Better Capital, and prominent angel investors from leading SaaS businesses, including Snowflake, Stripe, Carta, Zendesk, Superhuman, and others. Houseware will use the funding to grow its customer base, expand its team, and double down on alliances with partners like Snowflake to scale its offerings. The company is actively hiring engineering and design talent in India and plans to double its headcount this year.
SaaS businesses worldwide have been under intense scrutiny due to drifting macroeconomic conditions over the past year as they seek to establish sustainable business models. Yet, a key means to unlock growth and revenues remain in the hands of the few: the data teams. Houseware helps commercial and revenue teams make better and faster decisions using their rich data store. The company is on a mission to address access and usability of data through apps, empowering a wider audience in companies beyond data and engineering teams.
“Data and metrics have come into sharp focus over the past 6 months across SaaS businesses with board meetings now seeking answers to the cost of customer acquisition, which lead channels are working the best, or how product usage links to churn. Investors are focused on solid unit economics and the path to profitability, so that a lot will depend on hard-core, disciplined, top-decile business execution. Houseware plans to address these questions for the ecosystem to shape the next decade of SaaS, fuelled by sustainable growth and profitability concepts,” said Divyansh Saini, Co-founder & CEO of Houseware.
BITS Pilani Alumni Divyansh Saini and Shubhankar Srivastava sought to flip the value of the cloud data warehouse from data and engineering teams to the revenue function in SaaS companies. Hence, the eponymous name "Houseware" was born in 2021, literally flipping the word "Warehouse."
Having spent the previous 5 years working at the intersection of data and go-to-market teams in SaaS companies, Divyansh Saini observed that the world of tables, columns, rows, schemas, and metrics that drive the business is completely broken today. The true identity of a user, customer, invoice, or transaction is split across hundreds of point solution tools spread across an organization, such as Stripe, Salesforce, Mixpanel, Gainsight, etc. These tools' plaguing and overpowering nature mean that simple questions like “how many users do we have?” have been left unanswered and key initiatives dropped.
Sankalp Gupta, Partner at Tanglin Venture Partners who led the round, said, “Houseware is building at the cusp of two really broad markets - the modern data stack and system of records like the CRM inside SaaS companies. Divyansh and Shubhankar are exceptional founders with deep product thinking. At Tanglin, we’ve been fortunate to have partnered with them early in their journey and look forward to supporting them as they create a seismic shift in this low NPS, deep TAM market. ”
Houseware enables SaaS businesses to create a true new-age CRM built on the cloud data warehouse for the modern world. Houseware combines the power and depth of the modern data stack (tools like Snowflake) with the beauty and agility of the best of consumerized SaaS (tools like Notion). The unique combination now enables teams to move from simply consumers of data to creators of data-first use cases across the revenue function.
“Executives across the revenue function are under tremendous pressure to find avenues for growth. Metrics and access to these insights to run experiments are at the heart of this problem. Houseware is becoming mission-critical across our users, with up to 30% using the product daily,” added Divyansh Saini.
“During my time as a GTM operator at various SaaS companies, I would have loved something like Houseware. The experience of being able to run with use cases across different segments is powerful for any scaling SaaS company looking to find their alpha (and now even more critical during this downturn),” says Scott Barker, Co-founder & Partner at GTMFund.
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