Exclusive: Marketing tech Storyblok launching new U.S. entity
Storyblok, a marketing tech company, is launching a U.S. entity by early 2024 to bolster its reach to North American customers, CEO Dominik Angerer tells Axios exclusively.
Why it matters: Retailers are looking to build seamless content experiences for users on digital channels, and Storyblok lets companies create content across multiple channels quickly and scalably.
Details: The Linz, Austria-based company is exploring the best corporate formation options, and it is enlisting an independent lawyer to help it set up the legal infrastructure.
- It is working with Deloitte in Austria on all the tax and accounting topics, Angerer says.
- The company has started building out its U.S. leadership team, hiring one New York-based C-level person which the company will later announce, Angerer says.
- It is also building out its sales and marketing teams on the ground.
By the numbers: About 30% of its 235-strong workforce is dedicated to the U.S. time zones, and about 45% of its current marketing spending is going toward the U.S. market as a whole.
- Around 30% of its current annual recurring revenue comes from the U.S. and it hopes to double that so that the U.S. represents about 55% of its ARR next year.
- Angerer declined to share revenue figures.
How it works: Storyblok has a headless content management system that can be used by developers and non-technical users like marketers and content creators to help it manage content across websites, apps and other digital interfaces.
- Retailers such as Adidas, Oatly and Pizza Hut are some of its customers.
- Storyblok aims to build an application marketplace that supports its plug-ins, extensions and additional apps that can be used with its platform.
What they're saying: "We can go faster if we have a local entity," Angerer says, stripping out about two to three weeks from the sales cycle and helping customers more quickly.
- With its local presence, the company is hoping to establish more interpersonal connections with its existing customers, potential prospects and agency partners, he says.
Catch up fast: The company last raised in 2022, taking in a $47 million Series B raise co-led by Mubadala Capital Ventures and HV Capital, with 3VC and Firstminute Capital participating.
- Storyblok has raised $58 million to date.
What's next: Storyblok will begin talking to investors again soon as it embarks on its ambitious growth plans, Angerer says.
- "We might take in some more money, depending on how many opportunities we can generate in the next couple of months," he says.
- Angerer says the company expects to reach profitability by 2025's end.
The intrigue: Storyblok plans to create a dedicated U.K. entity later in 2024.
- Other potential future regions to expand into include Australia, Indonesia, Malaysia and Singapore, as Storyblok already has customers there.