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Social media data-monitoring service Geofeedia has reportedly closed a $3 million round of Series A4 financing.
According to a statement released today, the round brings the startup’s funding total to $6.8 million. Geofeedia also reported that Hyde Park Venture Partners led the round, with contributions from CEO of SDI Enterprises David Gupta, former ExacTarget CMO Tim Kopp, and former Motorola president Gene Delaney.
With the new funds, the startup plans to “hire great talent in both our Chicago and Indianapolis offices...invest in marketing activities, and expand into additional vertical segments,” according to Geofeedia vice president of product management R.J. Taylor.
“We have a huge opportunity to become one of the fastest-growing software businesses in the country. We’ve just reached over 10,000 users on our platform and are on pace to quadruple our customer base in 2015,” CEO and co-founder Phil Harris said in the statement. “This round provides the capital needed to hire the very best talent available so that we can execute on marketing, sales, and overall growth as we expand into even more verticals.”
Geofeedia's recent gains follow an investment of $3.5 million last October. In response to its financial growth, the startup has opened an office in Indianapolis, with intentions to hire 50 employees between its Indianapolis office and original Chicago office in 2015.
“We've seen more than a thousand B2B SaaS companies and never have we seen a startup hit a vein like Geofeedia. They make product and sales look easy by staying true to a core value proposition: location matters,” said Guy Turner, managing director of Hyde Park Venture Partners.
The company uses a cloud-based platform to collect, monitor, and index real-time content from Facebook, Twitter, Instagram, and other social media channels using geolocation. Its database is designed for the use of corporations, marketing agencies, public safety organizations, media organizations, which can search for updates by relevant keywords, time frames, and specific geographical areas.
The startup said its client roster includes McDonald’s and Dell; the AP, BBC, and CNN; and the Los Angeles County Sheriff’s Department.
In its efforts to reach additional markets, Taylor said Geofeedia will be rolling out new features and functionality in the coming months. "We're committed to constant innovation. We've built a product that really resonates with our users, but we know that we can offer them even more. We plan to roll out additional functionality based on what our clients have been asking us for."
