Manchester tech unicorn Matillion has reported losses of over $60m, almost double last year’s $32.6m, even as revenue rose to $84m, up from $57.3m for the year to January 31 2023.
The group blamed its continued investment for the figures as it filed its latest results showing the $64.4m reverse.
R&D expenditure in the year was $33.7m, up from $22.1m, while outlay on sales and marketing rose from $43.8m to $74.8m. The company also increased its headcount from 449 people to 600, including senior appointments in sales and marketing.
The form also moved into a new Manchester HQ during the year and added that it continued to invest in internal product development in support of its strategy, with new releases every six to eight weeks increasing the functionality of its software.
Cash at hand at year-end stood at $144.9m, a decrease of 32 per cent from the prior period.
Matthew Scullion, chief executive and co-founder, said: “Matillion, continues to focus on tackling the challenge of wildly improving the productivity of data engineering teams to unlock data’s potential.
“It’s a huge need and therefore also a large opportunity, reflected both in our top-line growth and also the continued investment we make in the team and core technology – including the launch of our new platform, the Data Productivity Cloud (launched June 30th 2023).
“Of course, long-term profitability remains critically important and Matillion is on track to achieve those goals, with a strong balance sheet, top-line growth and strong unit economics.”
In 2021, Matillion raised $150m in a funding round led by General Atlantic, its second triple-digit round of that year, helping it towards its unicorn-worthy valuation of $1.5bn.
