Geofeedia Scores $17 Million Infusion
Geofeedia partners with hundreds of companies that use its subscription-based platform.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Chicago-based social media monitoring company with a significant presence in Indianapolis has landed a major investment. Geofeedia says the $17 million round of funding, led by Boston-based Silversmith Capital Partners, will help advance its online platform designed to allow clients to analyze real-time social media data.
Geofeedia’s platform monitors and collects data from social media channels including Instagram, Twitter, Periscope and YouTube. The company boasts clients including CNN, the NCAA and the Mall of America. Geofeedia says, in 2015, it added 200 customers, grew from 17 to 50 employees and experienced year-over-year revenue growth of 250 percent. In March 2015, the company closed on a $3 million round of funding led by Hyde Park Venture Partners.
In a release from Geofeedia, Chief Executive Officer Phil Harris said, "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. 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."
Founded in Chicago in 2011, Geofeedia announced plans last April to invest $2.9 million and add up to 336 jobs at its downtown Indianapolis office. At the time, Vice President of Product Management R.J. Talyor, a former ExactTarget executive, cited Indy’s “tech vibe” and pipeline of talent as reasons for the company’s expansion.
In September, the company added to its senior management team.
Silversmith Capital Partners, founded in 2015, is a growth equity firm that manages $460 million in capital. The firm says its mission is to "partner with and support the best entrepreneurs in growing, profitable technology and health care companies." As part of the investment, Silversmith co-founder Todd MacLean will join Geofeedia’s board of directors.