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.

Adam Schoenfeld

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 GeekWireLaunch Pads: Simply Measured turns photo studio into HQ


Comments

  • http://blog.daryn.net daryn

    Congrats to an awesome team with an awesome product, both of which just keep getting awesomer.

  • http://twitter.com/kirbywinfield Kirby Winfield

    This is the right way to do it if you can – get profitable, get scale via sub $1M seed raise. This gives you tons of leverage on the A round, I bet these guys maintained a nice solid ownership stake. Good luck Adam, and hit those milestones!

  • http://whoisjohngalt.tumblr.com/ CWE

    How appropriate that the video thumbnail is their booze rack. Congrats!

  • http://twitter.com/alwaysbshipping Tom Leung

    Awesome news. Congrats guys and agree with Kirby that it sounds like a very founder friendly outcome as well :-)

  • http://josephsunga.com/ Joseph Sunga

    Congratulations — couldn’t happen to a better group of folks!

  • http://fearmyblog.com/ tacanderson

    A true Seattle success story in the making. It’s been great watching these guys.

  • anthonystevens

    That’s a lot of scotch. Well done lads.

  • http://www.twitter.com/Shih_Wei Veronica Sopher

    Congratuations and high fives all around!

  • http://www.facebook.com/toddseattle Todd Humphrey

    Kick-butt team building a world-class company the way it should be done. Congrats to all of them!

  • http://www.scoutzie.com/?utm_source=disqus&utm_medium=display_name&utm_campaign=disqus_display Kirill Zubovsky

    Congrats guys. Another awesome Seattle company.

  • http://twitter.com/nkaiser Nathan Kaiser

    Very, very excited for the whole team! World domination awaits :-)

  • http://www.facebook.com/profile.php?id=94500172 Kyle Kesterson

    It’s been amazing watching the sizeable(pun) rocket ship take off from Untitled to doing laps in orbit! So stoked for you all, can’t wait to see what building you take over next!

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