The Keystone Law team led by Nadim Zaman (Corporate Finance and M&A specialist) has advised Decibel Insight on its equity investment round, securing a cash injection from Fidelity’s venture arm Eight Roads with participation from John Simon, via his Ventureforgood investment entity.
Eight Roads lead the investment round, with Keystone advising the company on the complexities of the deal terms over a four-month period that involved a ground-swell of interest and Term Sheets from institutions on both sides of the Atlantic.
Decibel Insight launched in 2014 and counts the likes of Lego, General Motors, Allstate Insurance, and Gucci as customers. The company is powered by machine learning and its tech claims to automatically surface poor or unusual experiences.
When asked to provide some examples of problems Decibel Insight can help spot, CEO Ben Harris says that a large U.K. retailer used the platform to increase its conversion rate by 70 per cent in a critical stage of the funnel.
“Traditional analytics showed them there was dropout in the funnel during checkout, but it wasn’t until they used Decibel Insight that they were able to see why this was happening and fix the problem,” (Ben Harris – CEO).
Decibel Insight, which is headquartered in the U.K., currently employs over 50 people in London, Boston and Denver and will use this external capital to “scale the business and drive continued innovation through data science” (Ben Harris – CEO).
Michael Treskow, Partner at Eight Roads Ventures, who will be joining the board, made the following statement: “Websites are the shop window into modern businesses and Decibel Insight gives businesses the ability to truly understand their users’ online behavior. We are excited to partner with this ambitious bootstrapped team as they transform how companies track and improve customer experience.”
Nadim Zaman of Keystone Law added: “It was a privilege to advise long-term client Decibel Insight and assist CEO Ben Harris in finding the right institutional-partners for the future success of his global business. No sooner had we completed the deal than we were instructed on growth-related workstreams”.