This archive report was first published on 13 May 2020.
On May 13, 2020, Instabug announced a significant milestone in its growth journey, securing a $5 million Series A round led by Accel, a prominent American venture capital firm.
According to Instabug, the COVID-19 pandemic has led to a massive surge in usage, with a 45% increase since January. This growth is attributed to the increased reliance on mobile apps during lockdowns.
Instabug provides mobile developers with real-time insights throughout the app life cycle, including bug and feedback reporting, secure crash reporting, and in-app surveys. The platform has gained popularity among developers, with 28 of the top 100 apps on the App Store using Instabug.
Instabug's co-founder and CEO, Omar Gabr, stated, “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 pandemic outbreak.”
With this investment, Instabug aims to streamline communication between QA and developers, a crucial aspect in the current remote work era. The company has acquired several competitors, including Crashlytics (by Google) and HockeyApp (by Microsoft).
