Egypt’s Instabug Announces $5 Million Series A Round Led by Accel
One of Egypt and the region’s most successful startup stories, Instabug’s latest investment will be used to accelerate growth.
Egyptian SaaS startup Instabug has been making waves ever since its launch 2016 and has quickly become the tool of choice for app developers and software houses across the globe by revolutionising the feedback process, allowing testers and regular users alike to easily and efficiently report bugs. Today, Instabug announced a $5 million Series A round, led by Silicon Valley venture capitalist firm Accel, to help accelerate growth. Also participating in this funding round are prominent angel investors Amr Awadallah, co-founder of Cloudera, and Jim Payne, founder and CEO of MoPub.
Already used by thousands of developers and companies across the world - including 28 of the top 100 apps currently in the App Store - Instabug provides mobile developers with real-time contextual insights throughout the entire mobile app lifecycle, thanks to its bug and feedback reporting systems, secure crash reporting techniques, and in-app surveys. In fact, Instabug serves 2.5 billion devices across the world.
Instabug was founded by Moataz Soliman and Omar Gabr. It went through the Y Combinator accelerator in 2016 where it raised its seed round from Accel. “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 outbreak.” says Omar Gabr, Co-founder and CEO.
Instabug has most recently seen a huge uptake amid the Coronavirus pandemic, as many businesses rush to take their presence online through new apps. In fact, they report a 45% increase in usage since January 2020. Also in its favour is the fact that Instabug is designed to streamline the communication between quality assurance teams and developers, and this is more relevant than ever as more and more people across the world adjust to working remotely.
“Last year has been a great year for us. We doubled our revenues, captured a lot of enterprise companies, expanded our team and shipped great features to our product. The new investment will allow us to accelerate our plans, double down on our vision, and grow even faster,” Gabr tells StartupScene.
