The location-based social media pioneer Geofeedia has secured $3.5M in a Series A funding round – and helped stop a potential school shooting in Arizona
Who knew that social media monitoring could help stop a potential school shooting in Arizona? Well, these days it can – because of companies that supply real-time intelligence to law enforcement like Geofeedia did last year.
A startup specializing in location-based social media intelligence, Geofeedia announced today that they have secured $3.5M in Series A funding. This round of funding will allow the startup to branch out into their market.
The company, which was founded in 2011 by Phil Harris, Mike Mulroy and Scott Mitchell, is both a pioneer and market leader for location-based social media monitoring. Based out of Chicago, Geofeedia supplies a technology platform that allows everything from security groups to marketing companies to monitor social media from anywhere around the world, supplying real-time, actionable intelligence to them. Not only is this startup’s patented technology innovative, it’s becoming increasingly popular.
The company’s growing list of customer’s currently boasts a number over the 300 mark, and includes corporations like McDonald’s and Dell, leading news outlets like the AP, BBC and CNN, and major law enforcement agencies like the Los Angeles County Sheriff’s Department.
“Location-based social media monitoring is transforming the way organizations obtain and respond to intelligence. From marketing and security at the largest mall in the United States to enabling law enforcement to protect more lives, prevent crime and react quickly to crisis, Geofeedia is providing actionable insights that powerfully impact security and brand engagement,” said Phil Harris, CEO and cofounder of Geofeedia, in a statement.
This round of financing is being lead by Hyde Park Venture Partners (Hyde Park VP), a capital fund known for investing in early stage technology companies primarily in the Midwest, with a particular focus on Chicago. Hyde Park VP is joined by Blue Vista Ventures and Glade Brook Capital. Funding was also received from prominent angel investors Tim Kopp (former CMO of ExactTarget), David Gupta (founder and CEO of SDI Enterprises), and Gene Delaney (former president at Motorola), all of whom not only contributed to this funding round, but will also be joining Geofeedia’s board of advisers.
On track to keep on tracking
This is Geofeedia’s fourth round of funding, having previously raised $290K in 2011, $699K in 2012, and $500K in 2013.
With this new investment round, Geofeedia plans to expand its already successful subscription-based service. “This financing will propel us to our next stage of growth. This year we’ve grown our revenue over 350% from Q1 to Q3. We expect to more than double our team within the next year and to triple our user base and revenue,” said Harris.
It’s no wonder that Geofeedia’s platform is popular with corporations — the platform’s abilities are almost scary. Users who use the geo-tracking service can search for a city, address or location name, and even draw a virtual perimeter around the specific area they’re interested in. After they’ve pinpointed the area they want, they can access — in a matter of seconds — geo-tagged social media content from social media hubs such as Twitter, Facebook, Instagram, YouTube, Flickr, and Picasa.
Finally a monitoring tool has come along that not only helps businesses make money (which so many of them do), but also saves lives.