Software as a service (SaaS) businesses have been under intense scrutiny owing to drifting macroeconomic conditions over the past year as they seek to establish sustainable business models. Yet, a key means to unlock growth and revenue remains in the hands of the few: the data teams. Helping their commercial and revenue teams make better and faster decisions using their rich store of data, Houseware emerges out of stealth with a $2.1 million seed funding round.
The funding round was led by Tanglin Venture Partners with participation from GTMfund, Better Capital, and prominent angel investors from leading SaaS businesses, including Snowflake, Superhuman, Stripe, Zendesk and others. Houseware is on a mission to address access and usability of data through apps empowering a wider audience in companies beyond data and engineering teams.
“Data and metrics have come into sharp focus over the past six months across SaaS businesses with board meetings now seeking answers to the cost of customer acquisition, which lead channels are working the best, or how product usage links to churn. Investors are focused on solid unit economics and the path to profitability so a lot will depend on hard-core, disciplined, top-decile business execution. Houseware plans to address these questions for the ecosystem to shape the next decade of SaaS, fuelled by concepts of sustainable growth and profitability,” said Divyansh Saini, co-founder and CEO of Houseware (left in the picture).
Founded in 2021 by Saini and Shubhankar Srivastava (right in the picture), sought to flip the value of the cloud data warehouse from data and engineering teams to the revenue function in SaaS companies. Hence, the eponymous name “Houseware” was born, quite literally flipping the word “Warehouse.”
Having spent the previous five years working at the intersection of data and go-to-market teams in SaaS companies, Saini observed the world of tables, columns, rows, schemas, and metrics that drive the business is completely broken.
The true identity of a user, customer, invoice or transaction is split across hundreds of point solution tools spread across an organization such as Stripe, Salesforce, Mixpanel, Gainsight, etc.. The plaguing and overpowering nature of these tools means simple questions like “how many users do we have?” have been left unanswered and key initiatives dropped.
Sankalp Gupta, a partner at Tanglin Venture Partners which led the round, said, “Houseware has been at the cusp of two really broad markets – the modern data stack and system of records like the CRM inside SaaS companies. At Tanglin, we’ve been fortunate to support Houseware early in their journey as they crack and create a seismic shift in this low NPS, deep TAM market.”
Houseware enables SaaS businesses to create a new-age CRM for the modern world, built on the cloud data warehouse. Houseware combines the power and depth of the modern data stack (tools like Snowflake) with the beauty and agility of the best of consumerized SaaS (tools like Notion). The combination enables teams to move from consumers of data to creators of data-first use cases across the revenue function.
“Executives across the revenue function are under tremendous pressure to find avenues for growth,” Saini said. “Metrics and access to these insights to run experiments are at the heart of this problem and Houseware is becoming mission-critical across our users, with up to 30 percent using the product daily”
Houseware will use the funding to grow its customer base, expand its team, and double down on alliances with partners like Snowflake to scale its offerings.