Investors Pay $4m for a Piece of awe.sm

In the US, social media data platform provider awe.sm has announced a $4m financing round. The funding will be used to expand the team and develop the platform.

The investment round was led by Foundry Group and GRP Partners and also included existing investors Neu Venture Capital and new investors kbs+p Ventures. Foundry Group MD Ryan McIntyre will join awe.sm's Board of Directors.

awe.sm's main product is an API that software developers use to add performance tracking to the social features of their web sites and online applications. The awe.sm platform is low entry subscription-based and the company claims 'a level of granularity that doesn't exist with any other cloud-based platform.'

Mark Suster, Partner, GRP Partners, said: 'In a world where companies are mindlessly paying money for 'Likes' or 'Followers', we welcome the new era in which people will use awe.sm data to start spending their social media budgets on real metrics like customer conversions. I believe the end of the hype phase of social media has begun.'

Jonathan Strauss, awe.sm's co-founder and CEO, said: 'Our customers today are businesses that use detailed performance metrics to focus on driving profitable customer acquisition and revenue growth rather than vanity metrics.'

Web site: www.awe.sm .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.