TECH MONEY

Austin startup TrendKite lands millions more to fuel growth

The fast-growing software company will use the new money to ramp up development and product launches.

Posted November 7th, 2016

TrendKite, which helps clients gauge the effectiveness of their public relations, has landed an additional $16 million to fuel expansion.

Founded in 2012, the Austin-based company makes analytics software that lets agencies and brands measure and analyze the impact of their print, broadcast and online media coverage.

Investors in the deal include Adams Street Partners, Battery Ventures, Mercury Fund and Noro-Moseley Partners.

A year ago, TrendKite raised $10.7 million. The new infusion brings the total funding the company has received over the past two years to $35 million.

"This fundraise is all about accelerating our company growth, while increasing R & D to fuel our product roadmap and launches, and continuing to increase our market share in a $32 billion marketing technology market," Erik Huddleston, TrendKite CEO said. 

TrendKite has signed more than 1,000 customers including Nike, Hershey, Johns Hopkins School of Nursing and the NBA's Memphis Grizzlies.

Sports teams like the Grizzlies use the software to track everything from what's being said about their players to fan sentiment and the overall perception of the team's brand.

TrendKite does not disclose financial details, but said it has doubled its customer base every six months, and posted a 500 percent increase in revenue in the past year. 

The company, which is headquartered downtown at 800 Brazos, has increased its headcount over the past 12 months from 60 to 146 workers. It is currently hiring in a number of areas including sales and development.

Along with the investment, Jeffrey Diehl, managing partner of Adams Street Partners, will join the TrendKite board.

"TrendKite has build a rapidly growing company by focusing on what matters - developing a product and a culture focused on solving the problems faced by their customers," Diehl said in a written statement.

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