Varos, a data sharing platform helping companies compare their KPIs to their peers, has emerged from stealth and announced its $4m seed financing round led by Ibex Investors. Varos is also an alumnus of Y Combinator, the prestigious startup accelerator.
Varos is pioneering a new category of data analytics that’s challenging traditional taboos around cross-company collaboration. Varos’ platform helps its users understand their own performance vs. direct competitors by unlocking data that is currently stored in different silos. In fact, a growing base of 250+ users is already automatically feeding marketing data to Varos’ platform, and in return seeing how they stack up against others in their space and stage. However, Varos is not planning to stop there, and is already planning its expansion across additional operative departments, such as finance, product, and sales.
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“Companies are flying blind today by evaluating their business performance compared to their own historical data alone. They don’t know whether they’re doing a good job compared to companies like theirs, and there aren’t good options for deep competitive analysis,” said Yarden Shaked, Co-Founder and CEO of Varos. “Through Varos’ data co-op model, businesses can connect their data and see how their metrics compare to similar companies at similar growth stages.”
“Since all of our competitive data is crowdsourced via API integrations with our customers’ tech stack, the data is accurate, pulled in real time, and requires no maintenance by customers,” added Lior Chen, Co-Founder and CTO of Varos, and also a veteran of Israeli’s storied 8200 unit.
This round of funding will go towards adding additional data sources, expanding its product offering, and scaling up marketing. “Today, companies have to regularly choose where to invest their limited resources. Instead of guessing where they have room for improvement, businesses can use Varos to identify where they are underperforming relative to their peers, where they should double-down, and ultimately how they can spend their time and resources in the most effective way,” Shaked added. “We envision a world in which companies don’t constantly have to reinvent the wheel, but rather learn from each other.”
About Varos
Varos provides eCommerce and SaaS companies with real-time benchmarking to similar companies for their core business metrics. Instead of flying blind, our customers use us to see how they stack up to peers, find under-performing metrics