Mobile developer support specialist Instabug picks up €43.5 billion investment
Instabug, a startup that provides a service for mobile developers to fix bugs, has raised €43.5 million ($46 million) in a Series B round of investment.
Instabug was founded in 2013, and launched its first beta in 2015. By 2016, the company had publicly launched, but has recently expanded into monitoring bugs on mobile apps. CEO and co-founder Omar Gabr noted that in 2017, as long as an app was not crashing, it was functional. Now, users expect mobile apps to not just avoid crashing, but to run well too.
The investment is led by Insight Partners, with participation from Endeavor and Forgepoint Capital, following approx. €4.7 million ($5 million) in Series A funding led by Accel in 2020. The new capital of Instabug is reported to be around €51 million ($54 million).
The company saw record growth in 2021, when the annual recurring revenue reportedly doubled. Instabug also started working with new clients such as DoorDash, Verizon and Porsche. Gabr says Instabug is working with many of the top 100 apps on the app stores.
The company’s software reportedly reached 2.7 billion mobile devices in 2021, apparently helping customers resolve 4.2 billion issues.