, the Chicago-based leader of location-based social media analytics, announced a $17 million round of funding today.
The round was led by Silversmith Capital Partners, with an investment of $15 million, with the additional funding coming from existing investors. The capital infusion will be used to further develop Geofeedia’s map-based platform that allows organizations to predict, analyze and act on real-time data from social media sources including Instagram, Twitter, Sina Weibo, Periscope, Vine and YouTube.
“The new capital enables us to meet the tremendous demand for our products, expand into new segments and increase the breadth and quantity of new datasets that our geo-spatial algorithms analyze,” said Phil Harris, CEO and co-founder of Geofeedia, in a statement. “We are tremendously excited to partner with the Silversmith team to leverage their experience with hyper-growth SaaS-based platforms and we couldn’t be more delighted with the next phase of our development together as we tackle these very large market opportunities together.”
Geofeedia's Board of Directors will also be joined by Todd MacLean, managing partner and co-founder of Silversmith.
“Geofeedia’s trajectory is remarkable given this market didn’t even exist five years ago. The company’s product sits at the intersection of the three macro waves in technology — cloud, mobile, and social — and provides enormous value to a diverse set of end users,” said MacLean in a statement. “We founded Silversmith to partner with entrepreneurs in companies that, like Geofeedia, have been capital efficient in scaling rapidly to a point where they emerge as market leaders. We are thrilled to partner with the Geofeedia team and believe our deep experience in SaaS and specialty data businesses can add fuel to an already impressive fire.”
The social media data-monitoring service grew from 17 employees to 50 and in 2015 and experienced year-over-year revenue growth of 250 percent. Its services are used by journalists and a number of brands including Dell, CNN, the NCAA and the Mall of America to provide everything from news content to data used in risk assessment. The company also works with local, state, and federal governments to provide intelligence for first responders about emerging situations.
The company has raised $23.7 million to date.
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