Helsinki-based startup Leadfeeder that supports B2B companies in generating new leads using website analytics, has secured €3.1 million in series A funding round led by Endeit Capital, a Dutch growth capital firm along with Finland’s Vendep Capital and Superhero Capital participating.

As per the Finnish company, the new capital will be used to further enhance its AI-driven lead automation tool, and to expand the Leadfeeder team with goals to grow internationally. The Series A investment comes post a 12-month duration that witnessed the startup cross the €4M ARR mark and procure around 3,000 paying customers.

Regarding the problem the company has set out to solve, Pekka Koskinen, Co-founder and CEO of Leadfeeder said in a statement that B2B companies attempt to generate sales leads via their website, however, 98 percent of visitors never share their contact details.

To resolve this, Leadfeeder makes use of Google Analytics data to unveil the names and actions of companies visiting a website. That information is then uploaded to a company’s existing CRM and email marketing tools, persuading the sales department in the direction of possible B2B customers that have previously expressed an interest in its services, stated sources familiar with the process.

Koskinen further elaborated that the leads comprise of company background and decision-maker data, which is directly sent to the customer’s CRM. On getting this kind of intent data into the CRM, the sales department is well-informed about the visitor activities on their website and can direct its sales efforts toward potential opportunities, Koskinen added.

Leadfeeder’s usual customer base reportedly includes sales and marketing departments at small and mid-sized B2B firms, in the U.S and Europe. Most of the customers belong to software or professional services industry, which has high sales lead value and does active outbound sales, Koskinen added.

The startup gains revenue from charging customers a monthly subscription fee depending on their website traffic. The starting price being $59 per month with customers often paying about $110 per month, cited credible sources.