Instabug just raised $5 million in a Series A round led by Accel, an American VC firm. The round was also joined by prominent angel investors such as Amr Awadallah, co-founder of Cloudera, and Jim Payne, founder and CEO of MoPub.
The new investment will allow the startup to accelerate their plans, double down on their vision, and grow faster. They’re preparing to unveil a new line of products in the coming few months.
“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.
Omar Gabr, Co-founder and CEO, Instabug
Instabug is designed to streamline the communication between Quality Assurance and Developers which is very relevant now since all is working remotely. Since the COVID-19 outbreak, Instabug has seen a massive surge in usage; 45% since January. With more people spending their time at home, there’s more app downloads and more app usage.
Currently, thousands of apps are using Instabug including 28 of the top 100 apps on the App Store. Instabug is currently serving 2.2 billion devices worldwide.
Competitors like Crashlytics and HockeyApp were acquired and we’re seeing a lot of their customers migrating to Instabug.
Omar Gabr, Co-founder and CEO, Instabug
Instabug was founded by Gabr and Moataz Soliman. It went through Y Combinator in 2016 where it raised its seed round from Accel. Initially, the tech startup started with a simple way for testers and beta users to report bugs by shaking their devices and quickly gained popularity among developers. As years passed, Instabug evolved into a platform that provides mobile apps with contextual insights about how their apps are performing in its production environments, by adding Crash Reporting, In-App Surveys in addition to it’s Bug Reporting product.
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