Adam Schoenfeld, Aviel Ginzburg and Damon Cortesi have sure come a long way since they started their company under the moniker Untitled Startup more than three years ago. For one thing, they’ve got a real name now: Simply Measured. And a real business: 50,000 users of its social media analytics tools.
They’ve also just scooped up some real money to the tune of $8 million in a deal led by Bessemer Venture Partners. Prior to this round, Simply Measured had raised just $900,000 from Founder’s Co-op and others. It also had operated at a profit in what CEO Schoenfeld called a “scrappy Seattle style.”
“We didn’t need the money to keep the lights on, but we’re thinking big about the opportunity ahead,” said Schoenfeld of the latest financing. He added that Bessemer has a solid track record of backing software-as-a-service and social media startups, including Twilio, Box, Eloqua, LinkedIn and Pinterest.
As a result of the deal, Bessemer’s Ethan Kurzweil will join Simply Measured’s board. The company now employs 40 people, with plans to double in size by the end of the year.
In addition to the funding, Simply Measured has added Google Analytics reporting to its lineup, a move that Schoenfeld said will help differentiate it even more from competitors.
“We’re the first company in our space to deeply bridge social media data with web analytics in a way that doesn’t require a data science degree to use,” says Schoenfeld. ”Others have bolted on basic stats, but when you take a peek at our reports, you’ll see how we’re pushing things to a new level of insights while maintaining ease of use from web dashboard to Excel and PowerPoint.”
Customers using Simply Measured’s analytics tools include American Express, AOL, Billboard, Edelman, Microsoft, Samsung and UFC. Companies, who typically pay between $1,500 and $2,500 per month, use those tools to analyze social media traffic and determine social medial influencers. And while the startup had operated on a profit after its last capital raise, with the new funding in the bank, they plan to sink into the red.
“We … had most of our last round in the bank, but now we’re pushing the gas harder and have recently intentionally moved expenses past revenue on a monthly basis,” he said.
Previously on GeekWire: Launch Pads: Simply Measured turns photo studio into HQ