Our Investment in Umami Analytics: Privacy first, Open Source Web analytics
We are excited to announce that Race Capital has led the $1.5M Pre-seed round for Umami Analytics, a privacy-focused, open-source, lightweight Google Analytics alternative.
We are thrilled to partner with Mike Cao, Brian Cao, and Francis Cao on this journey to revolutionize web analytics!
Nowadays, most site owners/websites/startups rely on web analytics to understand their user base and make key decisions. Google Analytics and Facebook Pixel are often installed without much thought as many do not know of any alternatives.
Over 65% of the top 10M visited websites are currently using Google Analytics or Facebook Pixel. However, these solutions are close sourced, take ownership of the user’s data, and are not privacy-focused.
Umami Analytics solves this with an open-source, privacy-first approach, enabling all site owners and users to own their data and remain privacy compliant.
Rapidly growing but still underserved privacy, data, and analytics market
Advertising accounts for the majority of Alphabet’s (>80%, generating $147B in 2020) and Meta’s (>90%, generating $114B in 2021) overall revenue. Google Analytics and Facebook Pixel itself are completely free to use as they are large drivers for their core advertising business. To optimize for click-throughs from ads, the privacy of site visitors is compromised with personal data and personally identifiable information (PII) collected, often without the visitors even knowing.
In fact, the French and Austrian authorities have both recently ruled the use of Google Analytics specifically to be considered a violation of GDPR.
According to Gartner, ~65% of the world’s population will have their data covered under privacy regulations by 2023, compared to 10% in 2020.
We expect Umami to be one of the pioneers in the privacy-first data analytics space and cater to this rapidly growing but still underserved market.
Experienced, Tenacious, and Technical founders
We at Race Capital always look to partner with strong technical founders with domain experience and Mike, Brian and Francis are perfect examples of this.
Umami was born out of Mike’s frustration with using Google Analytics, as he wasn’t able to have full control over the data that was collected. He built the first open-source version of Umami in just 30 days.
Furthermore, the three brothers previously worked on analytics products at Adobe and Blueshield, giving them a more in-depth understanding of the typical user pain points and unfair insights on what core products and features are needed to solve them.
Amazing traction and open source adoption
Umami is one of the fastest-growing open-source analytics software, with over 4.6M package downloads and 11K Github stars to date. This type of traction is very rare for an early-stage company and is a very clear indication that there is a growing demand.
We look forward to working closely with Mike, Brian, Francis, and the Umami team to redefine the future of privacy web analytics.
