Greater Manchester’s latest unicorn Matillion has created almost 180 jobs so far this year as it gears up for further global expansion.
The cloud data company now has a headcount of 390 compared to the total of 213 it employed at the end of 2020.
Speaking exclusively to BusinessLive, CEO and founder Matthew Scullion added the Altrincham firm is looking to “double down” on its operations in the US and “triple down” in Europe over the coming years.
Mr Scullion’s comments come after newly-filed documents with Companies House show Matillion’s turnover increased from $16m to $29.9m in the 12 months to the end of December 2020 while its pre-tax losses were cut from $15.5m to $11.8m.
The accounts were filed after the company raised $150m in a funding round led by a US investment giant with stakes in the likes of Gymshark, BuzzFeed and Squarespace which values the business at $1.5bn.
The business secured the Series E funding from General Atlantic with participation from Battery Ventures, Sapphire Ventures, Scale Venture Partners, and Lightspeed Venture Partners.
That funding marked Matillion’s second triple-digit round of 2021, bringing the total amount raised to $310m.
The new valuation meant the business became Manchester’s sixth unicorn – a term meaning a privately-held start-up valued at over £1bn. It joins fellow city-based firms On The Beach, Boohoo, AutoTrader, THG and AO.
In 2020, Matillion’s UK turnover increased from $2m to $2.4m while its sales in Europe more than doubled from $2m to $4.8m.
Its turnover in the US almost doubled from $10m to $19.8m and its sales in the rest of the world went from $1.8m to $2.7m.
The number of its customers spending more than $100,000 rose from 17 to 47 while the average spend of the top ten increased from $256,600 to $623,095.
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more – and the news as it breaks – follow our BusinessLive North West LinkedIn page here.
Mr Scullion told BusinessLive: “We’re losing less money because in the first half of the year we weren’t fully confident of our go to market motion and there was a pandemic on so we took our foot off the gas which allowed revenue to catch up with cost a little bit, reducing the loss.
“That looks good if you think losses are bad but actually to me as a high growth CEO I’d be like ‘yeah the reason why I’m having to cut a loss is because I don’t feel confident about growing as quickly which is why I only grew 67%.
“This year we have added a whole load more cost on and the loss in cash terms will be significantly higher but the company is much more valuable and doing much better because we’re confident to be investing quicker this year.
“As we navigated through the first half of the year, which was materially affected by Covid, I was uncertain as to how the world would play out so we cut back on investment but in the back half of the year as things started to accelerate again we got back into the business of building and scaling and that plays out showing as a reduced loss going into 2021.”
On the rise in the company’s turnover, he added: “Whilst in the overall scheme of things the revenue growth was quite high I actually think it was too low.
“That is why I’m delighted that in 2021 we have accelerated and so the percentage change will be higher.”
On how this year has been going so far, Mr Scullion also said: “2021 has been a great year; not only have we accelerated our growth rate allowing ourselves to invest more purposefully but we made materially improvements to cash efficiencies, sales efficacies, net retention and growth margin.”
Mr Scullion also spoke about the importance of its overseas markets for driving revenue growth.
He said: “90% of our revenue comes from outside of the UK. The majority comes from the US and Western Europe.
“The biggest enterprise software market in the world by far is the US so the fact that’s the majority of our revenue, about two thirds, is amazing. We have cracked America in the way that every boy band wants to as well.
“We are also investing in our European business. We have hired our first native language speakers in our sales teams in France and Germany and we have put more business development resources into Europe as well.
“We will continue to invest heavily in North America and in Europe; we’re going to double down in America and triple down in Europe.
“Matillion has a global total addressable market. We have demonstrated that in our key markets of North America and Western Europe. We will be continuing to invest heavily in both of those geographies and continue to invest in the pursuit of a total addressable market for this sector.”
Matillion also has offices in New York, Denver and Seattle and works with the likes of THG, BT the London Stock Exchange, Tui, Travis Perkins and Cisco.
A statement signed off by the board said: “The directors are delighted that the company has enjoyed another very successful year of strong growth.
“The growing number of customers spending more than $100,000 and the increasing average spend of the company’s largest customers show that the company is making progress with enterprises who represent the largest and most lucrative segment of the addressable market.
“Whilst it is difficult to fully assess the impact of a pandemic on our customers’ businesses and their propensity to use Matillion’s products, indications are that even those industries most impacted, such as travel and hospitality, have continued to spend with us, if sometimes at lower levels, whilst a more general move to decentralised workforces should benefit tools with strong collaborative features like Matillion ETL.
“During 2020, the company experienced strong growth for its Matillion ETL for Snowflake product and by the end of the year it was the largest product both in terms of revenue and number of customers, overtaking Matillion ETL for Amazon Redshift.”
Matillion also works with the likes of Western Union, FOX, Sony, Slack, National Grid and Peet’s Coffee.