Unmetric nabs $3.2 Million in Series A
Date: Tuesday , May 01, 2012
Unmetric, a social media benchmarking company catering to Fortune 500 companies, has raised $3.2 million in Series A round of funding led by Nexus Venture Partners. The fund will be used to continue developing its benchmarking platform. In addition, the fund will also help the company to expand its team of talented engineers and sales people. Using a combination of advanced algorithms and human computing power, Unmetric delivers data and benchmark insights, such as content strategy, engagement, growth, timing and frequency of tweets and posts on Twitter and Facebook, for various industry sectors.
The platform was launched in September 2011 since then Unmetric has been aggressively acquiring new customers, targeting the largest brands, and has got companies like Citibank and Nestle as clients. With IDC projecting that the social media analytics industry will grow by 38 percent through 2014, the company supplies a distinct, high-demand service that keeps companies from flying blind with their social media efforts. The company also announced an innovative addition, the Unmetric Score, to its platform. The score gives marketing managers and Chief Marketing Officers a snapshot of exactly how their brand performs next to others within their industry. "The Unmetric Score provides intuitive and industry-first social media benchmarks. It is an intuitive, yet comprehensive way to gauge performance every month," says Lakshmanan Narayan, CEO & co-founder, Unmetric. The company is headquartered in Chicago with offices in Chennai and Coimbatore.
Talking about the market size of the company and competition, Lakshmanan adds, "Our estimate of the potential of the social media applications market is of the order of $1 billion. Of this, benchmarking is expected to account for a couple of hundreds of millions of dollars. Our current "competition" is a couple of junior executives slaving for five days to pull out a report that will have less than five percent of the detail that we are capable of generating".