Simply Measured Raises $20M for Social Media Analytics
Trinity Ventures leads a Series C round of funding for the social analytics company.
Simply Measured, a provider of social media analytics software, raised $20 million in a Series C round of funding led by Trinity Ventures with participation from Bessemer Venture Partners, Four Rivers Group, MHS Capital and other existing investors.
As the role of social media in the marketing organization increases and expands, so does the need to accurately measure the performance of social activities. While social listening tools have provided businesses with a way to view conversations from a high level, Simply Measured aims to provide more accurate measurement of marketing campaigns and help companies obtain actionable information from their data.
Simply Measured's software allows companies to collect insights from Facebook, Twitter, Instagram, LinkedIn, YouTube, Google+, Tumblr and Vine and compile the information into visual dashboards that can be easily shared across an organization.
"We see reporting and analytics as a 'must have' component of social media marketing and, in turn, for the broader marketing function," said Karan Mehandru, a general partner at Trinity Ventures who will join the Simply Measured board of directors, in a statement. "There is tremendous opportunity for further growth and we look forward to working with the Simply Measured team to help marketers leverage their social media strategy in practical and meaningful ways to improve customer acquisition, engagement, retention and support"
According to Simply Measured, it has experienced a nearly fivefold increase in paid users over the past year and has more than doubled both its revenue and number of customers. Its customers include Kia Motors, Pepsi, American Express, Billboard, Samsung, Chipotle and the Seattle Seahawks.
The company has expanded its workforce to 115 full-time employees and plans on doubling that number this year.
"This round of funding … enables us to invest in our product and team for the long term," said Adam Schoenfeld, CEO and co-founder of Simply Measured, in a statement.
Simply Measured raised an $8 million Series B round from Bessemer Venture Partners in October 2012. Previously the company raised $900,000 from MHS Capital and leading angel investors. This investment represents their Series C round and brings their venture capital total to $28.9 million.
Simply Measured's social analytics software is available in Social, Professional and Enterprise pricing structures. The company also offers a free 14-day trial of its product.