February 4, 2014
TrackMaven, under the leadership of CEO and founder Allen Gannett, today announced a successful $6.5 million Series A funding round. The funds came primarily from New Enterprise Associates (NEA), Bowery Capital, and Acceleprise Ventures.
The majority of said funding will be going towards product growth, sales and marketing, and expanding to about 50 employees in their Washington D.C. office. In addition, NEA General Partner Harry Weller, known for investing in Groupon, Cvent, Eloqua, Vertica, and SourceFire, will join the board of directors alongside Joe Payne and Sean Glass.
TrackMaven offers brands a way to understand and determine what success looks like as it pertains to digital marketing efforts. That is, the platform provides data and insights from 15 different marketing channels across paid, owned, and earned media so brands can benchmark, track, and improve their digital marketing efforts.
“There is a tremendous need in the market for a competitive intelligence tool of this caliber,” says Weller.
Weller and NEA have first hand experience with that market-need as they’ve been a client with TrackMaven since before the investment. Their familiarity with the platform and how it works provide a unique perspective when it comes down to deep expertise in data analytics and business intelligence.
“It can be hard to create content and report on your digital marketing channels,” says Gannett.“For them [NEA] it was a problem they actually had in their organization. So, not only do they understand the marketing and business side of things here, they also understand the customer side.”
The partnership between TrackMaven and NEA, paired with the funding, will ensure that the platform keeps running in a positive direction. And something tells me they won’t stop until they’re considered the platform of choice for leading brands and marketers.
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