Instabug, the debugging SaaS startup has raised $5 Million Series A, having Accel leading the round, some angel investors also participated in the round, including Amr Awadallah, co-founder of Cloudera, and Jim Payne, founder and CEO of MoPub, which was acquired by Twitter for $350 million in 2013.
Founded in 2014, by Moataz Soliman and Omar Gabr as a bug reporting software for developers, Instabug evolved as a leading software-as-a-service (SaaS) startup with dual headquarters in Cairo, Egypt, and San Francisco.
It provides mobile developers with in-app bug and feedback reporting, secure crash reporting, intuitive in-app surveys, and powerful infrastructure that supports over two billion devices. It delivers Real-Time Contextual Insights throughout the entire mobile app life-cycle, empowering mobile teams to accelerate their workflow and release with confidence.
“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,” states Instabug CEO Gabr.
Gabr adds, “Since the COVID-19 outbreak, Instabug has seen a massive surge in usage, usage grew 45% since this January. With more people spending their time at home, there’s more app downloads and more app usage. Also, Instabug is designed to streamline the communication between QA and developers which is very relevant now since all is working remotely.”
TechCrunch reported that the global app revenues were $39.7 billion in the first half of 2019. The total revenue would be $79.4 billion for 2019, using an annual run rate metric. Assuming that there will be higher smartphone usage per person and penetration per country, these revenues will only continue to grow in 2020 and beyond.