Seattle-based Simply Measured announced this morning that it has raised a $20 million Series C round of capital, led by Trinity Ventures. Prior investors such as Bessemer Ventures, MHS Capital, and others took part in the funding event.
The company’s last raise took on $8 million in a Series B, led by Bessemer.
Simply Measured provides tools for tracking social media. It sounds simple enough, but the bet behind the company is that its products are matching a growing market — companies’ increased interest in social media — and that corporations are willing to shell out to keep tabs on what’s going on. Having taken a peek at Simply Measured’s customer pool, or at least a piece of it, the bet seems reasonable.
I have to confess a soft spot for the firm. Back when Simply Measured was a duo in Seattle with a grip of seed money and a very honest name, Untitled Startup, it was Damon and Aviel with the idea of building something. What that something would be wasn’t clear. Now, just over four years after I covered their $250,000 seed round, they are all grown up. Gone are the days when they launched Tweet Weather, Row Feeder, and Tweep Search. If you get the irony of that statement, welcome to Seattle.
What will the company do with the funds? As per usual, it’s going to be spent on hiring, product development, and the company namechecked international expansion in a call.
I want to see what’s next for Simply Measured because the firm is a combination of the old — revenue, customers, and Excel — and the new — social, tweets, etc. Does the company work on its revenue ramp and exit to the public markets after a Series D? Or does it find a home inside a larger company? What’s obvious is that it now has the capital to grow. How big it will grow is their decision.
Top Image Credit: Them.