EGYPT – Egypt’s software company that provides bug reporting, and app performance monitoring, Instabug, has closed US$46 million in series B funding round to eliminate bugs within Apps
The funding round was led by global software investor Insight Partners, with participation from current investor Accel and new investors Forgepoint Capital and Endeavor.
The raise comes just over two years after the startup raised US$5 million in a Series A round led by Accel, which doubled down on its investment in the latest financing.
With the new funding, Instabug will pursue its aim of providing engineering teams with performance data and issue visibility, as well as product teams with customer insights and direct user input.
Founded in 2013 by Omar Gabr and Moataz Soliman, the start-up assists developers monitor, identifying, and fixing bugs within apps and their impact on user experience.
The start-up has expanded its focus from bug and crash reporting to building out application performance monitoring software “to capture everything around mobile performance.”
The company has reached more than 2.7 billion mobile devices and processed 110 billion mobile sessions, and 4.2 billion issues.
It has also driven a significant increase in year-over-year bookings, adding enterprise leaders such as DoorDash, Verizon, IHG, ABInveb, Porsche, Qualtrics, Gojek, and others to its customer base.
The widely used bug, crash reporting, and performance monitoring solutions from Instabug are critical for mobile developers and organizations who place a high value on understanding the performance of their mobile apps and the user experiences they provide.
Instabug is developing the first mobile observability and performance monitoring platform by expanding on its existing proactive issue detection, sophisticated debugging, and alert management capabilities.
“Our goal is to make sure that the developers and the engineering teams who are building apps have full visibility about how that app operates and is performing,” said Omar Gabr, CEO and co-founder of Instabug.
“We want to give them the right tools so they can be proactive. For example, so they can see if an issue is happening, and understand what’s going on before a user is giving bad reviews or ranting on Twitter.”
The company also has a standard SaaS business model, charging companies that are building mobile apps an annual subscription fee based on how big the app is.