Great PR Helps Data Observability Unicorn Reach New Heights
Data is king in today’s technology-forward world. In fact, 90% of businesses currently say data and analytics are key to their organization’s digital transformation and operations.
That’s why Monte Carlo, a provider of an automated data observability platform that is trusted by such major companies as Fox, jetBlue and PepsiCo, is on a mission to accelerate the adoption of data by reducing data downtime, especially as more businesses seek to integrate data into their processes.
A relatively new market, data observability, which refers to an organization’s comprehensive understanding of the health and performance of the data within its systems, is becoming increasingly important for companies. According to Gartner research, poor data quality costs organizations an average of $12.9 million per year. By investing in data observability, companies can avoid significant financial loss, improve data quality and drive better business decisions, which makes this kind of data management platform all the more essential.
But in its pursuit to become the undisputed data observability leader, spearheaded by its impending Series D funding announcement, the company had to contend with breaking through the noise in the market during the worst possible time: a market slowdown.
In late 2021, Monte Carlo sought to build momentum in anticipation of its Series D funding in early 2022, which would take the company to stratospheric new heights, allowing it to join the ranks of other data unicorns such as Databricks, Starburst and Fivetran.
But what should have been a time of celebration turned into an extended period of uncertainty due to the market slowdown. In 2022, the supply chain crisis raged on, Russia invaded Ukraine and inflation rose to unprecedented heights globally. In short, the market was in shambles.
While the company wanted to create buzz around its financial milestone, it needed to be mindful of the financial plight in the world. So, Monte Carlo turned to PR firm Bospar and its integrated marketing and public relations services for help to navigate the delicate situation.
Bospar immediately began formulating a PR strategy that would best serve the data observability platform company’s needs while being conscious of the current state of the market. The Bospar team was tasked with four objectives for this critical PR program:
- Manage the client’s PR ahead of the Series D funding
- Lead the announcement strategy
- Secure top-tier coverage
- Launch the data management company into unicorn status
Bospar began working to prepare for the company’s funding in early January while seeding the market well ahead of the big announcement. The Bospar team provided PR counsel about how to approach the media during the market slowdown. That way, the client could make a splash with the funding news while being considerate of the climate. The former journalists on Bospar’s staff shared their personal experiences and professional perspectives for how best to approach this situation, building trust with the client and ensuring that the PR program for the company was successful. Bospar’s PR counsel was that the funding announcement should be made in May of 2022.
Targeted media outreach
The public relations team identified top-tier targets, including Forbes, TechCrunch and Bloomberg, to which to provide specific exclusives, working with the client to hand pick key reporters and decide on what would be offered. Bospar also collaborated with journalists and the client to ensure all rolling exclusive offers were successfully executed.
Additionally, the PR campaign delivered embargoed news to a wider audience and followed up with reporters (using Bospar’s trademark Politely Pushy approach) before, during and after announcement day to keep the client top of mind. Bospar engaged with the media regularly, ensuring the client’s presence in the space was consistent and thoughtful.
To boost Monte Carlo’s visibility before the announcement, the public relations strategy included a steady cadence of media engagement using the company’s product, customers, surveys, momentum and, most importantly, thought leadership. The Bospar PR team worked with the client’s team to secure contributed content opportunities, identify and apply for relevant speaking and awards opportunities, and establish co-founders Barr Moses and Lior Gavish as data observability experts and have them engage with media often.
Bospar’s PR efforts proved fruitful, with Monte Carlo’s Series D funding announcement receiving 40 pieces of coverage, which included placements in top-tier publications like:
- The Wall Street Journal
Top-tier coverage had a combined 3.9 billion UVM, which allowed the client to reach a bigger audience and increase awareness of its brand.
The PR program garnered trade coverage in media outlets such as InfoWorld, CB Insights and The New Stack, with over 315 pieces of coverage from October 2021 to July 2023. The company also got top-tier recognition from CNBC’s Top Startups for the Enterprise, which put the spotlight on its achievement in the data observability space. The overall success of the PR program led to Monte Carlo’s consistent presence in the industry and trade press as the category creator and leader of data observability.
Here is a sampling of stories that Bospar secured surrounding the announcement:
- Monte Carlo raises $135M Series D at $1.6B price, showing that unicorn rounds are still a thing
- Monte Carlo set to boost data observability with $135M raise
- Monte Carlo’s Series D and the Future of Data Observability
The future with Bospar
The client was thrilled with the PR program’s results and found the partnership extremely valuable during a landmark moment. And, ultimately, the company decided to continue working with Bospar to further solidify its industry leadership position.
The Bospar PR client now has a valuation of over a billion dollars and revenue reaching double-digit millions. This client clearly recognizes Bospar’s high value, too.
“Thanks so much for your great work. So grateful to partner alongside y'all! Great work today, team. Thanks for being incredible partners! ”
— Molly Vorwerck, member of the founding team and head of content and communications