AUSTIN, Texas, March 5, 2015 (GLOBE NEWSWIRE) -- Austin-based TrendKite, a PR analytics and reporting company offering cutting-edge technology for agencies and brands to more accurately and precisely monitor, track, report and analyze quality media coverage, raised another $5 million in funding. Led by Silverton Partners with participation from Mercury Fund, DreamIt Ventures and Capital Factory, use of the proceeds will be to expand distribution and accelerate the IP roadmap as well as to double headcount.
This announcement comes on the heels of TrendKite reporting its customer base grew an astounding 10X in 2014. The demand for easy-to-use software to filter the massive amounts of data into relevant information is increasing exponentially and the funding will enable TrendKite to expand its cloud-based software globally to meet the growing demand. In fact, TrendKite expects to triple revenue in 2015.
"When AJ Bruno and I launched TrendKite, we expected demand for our software, because we came from the PR software world and knew nobody was providing a clear picture of the ROI from PR activities," says Matt Allison, Founder at TrendKite. Erik Huddleston, Chief Executive Officer at TrendKite followed that by saying, "I didn't anticipate the customer traction we have received would be so dramatic. We accelerated this round of funding in order to meet the demand and leverage the opportunity to serve PR professionals who are looking for a simpler way to manage their PR image and measure the effectiveness of their PR efforts."
PR software has traditionally been complex and time-consuming to use, often leading to missed opportunities. TrendKite software uses advanced natural language processing and analytics to better understand the PR landscape so users can deliver more targeted, timely and valuable content.
"It's not often we see a company grow this rapidly with a product in such high demand from the start," says Morgan Flager, Partner at Silverton Partners. "TrendKite has significantly outperformed our growth expectations, motivating us to expedite funding to help them continue their impressive momentum."
"We've been thoroughly impressed with TrendKite's ability to apply modern big data techniques to an age old problem," says Blair Garrou, Managing Director of Mercury Fund. "Media monitoring software hasn't changed in years - which has allowed TrendKite's platform to translate into even greater value for its customers."
Founded in 2012 in Austin, Texas, TrendKite provides comprehensive PR software to agencies and brands to help measure and analyze the impact of their PR efforts across multiple channels with minimal effort. With TrendKite, customers can focus on quality, high-value media coverage rather than just quantity. For more information, visit www.trendkite.com or contact them at email@example.com .
Silverton Partners is an early stage venture capital firm based in Austin, Texas. Silverton collaborates with exceptional entrepreneurs who are committed to attacking growth markets with proprietary products or services. The principals of Silverton Partners have over five decades of venture experience, having been the start-up investors in Tivoli Systems (IPO), Silicon Labs (IPO), Motive Communications (IPO), Sailpoint (acquired by Thoma Bravo) and BlackLocus (acquired by The Home Depot). More information on Silverton Partners can be found at www.silvertonpartners.com.
Mercury Fund is a seed and early-stage venture capital firm. With over $200 million under management, Mercury invests in compelling and novel software and science-based startup opportunities, focusing on technology innovation originating in the U.S. Midcontinent. Since inception in 2005, Mercury has become one of the most active venture firms in the middle of the U.S., becoming a "go-to" fund for entrepreneurs at the earliest stages of idea generation, company formation, and market execution. For more information, please visit www.mercuryfund.com.
CONTACT: Erik Huddleston +1 (512) 298-0100Source: TrendKite