Trio Of Location Platforms Start 2016 With Collective $90 Million In VC Money
Euclid, PlaceIQ, and Foursquare all announced fundings between $20- and $45 million on Thursday.
Investors are not holding back support for location-based marketing if a series of completed funding rounds in a single day are any evidence. Place-based discovery app developer Foursquare, location analytics platform Euclid, and geo-data PlaceIQ all unveiled their respective capital raising on Thursday, signaling that tech backers are placing their bets on the providers of online-to-offline marketing.
Here’s a rundown of the trio that received a collective $90 million from venture capitalists.
Foursquare Resists Doomsayers
The former social check-in app has more lives than a cat, but that doesn’t stop tech industry observers from continuing their constant cycle of vigils and death-watches. About two years, ago, the one-time startup darling rebranded itself to focus more on social discovery and has has since pivoted into a wider location marketplace as of last year with the introduction of its agency-focused geo-targeting database Pinpoints.
Still, its last funding round valued the company at $250 million — half of what its previous fundraising round had been, noted Recode in advance of Foursquare’s release of the funding news on Medium. Recode’s Peter Kafka says the round “represents Foursquare’s last chance to build the big-time business it has always promised to build.”
In addition to the funds, some leadership changes were noted as well. CEO Dennis Crowley was promoted to executive chairman and former COO Jeff Glueck will take over as CEO, suggesting that the company recognizes that there is a serious call for change.
Amount raised: $45 million
Investors: Union Square Ventures, Morgan Stanley, Andreessen Horowitz, Spark Capital, and DFJ Growth
PlaceIQ Looks To Support International Growth, Exec Hires
PlaceIQ, the New York company who recently moved from their smaller office in the Flatiron building to a much larger office in Bryant Park. The move coincided with PlaceIQ’s plan to expand their workforce by at least 50 by the end of the year. The company also made three prominent hires at the executive level, nabbing employees from big name backgrounds like Microsoft, AOL, and Experian and their new SVP of Channel Sales, Eddie Smith, comes straight from Twitter.
Amount raised: $25 million
Investors: PlaceIQ did not include the names of their investors in any press materials.
Euclid Promises Swift Retail Set Up
Euclid, the San Francisco based startup that uses a store’s existing wi-fi signal to offer strong location analytics of mobile usage in-store. CEO Brent Farson told GeoMarketing that Euclid is able to get location analytics up and running at a retail location within an hour-and-half after signing an agreement.
Among their investors is Gold Sky Capital, whose Managing Partner Charles Carmel says “Bringing data into the physical world presents a massive global opportunity.”
Amount Raised: $20 million
Investors: Cox Enterprises, Groupe Arnault, Benchmark Capital, NEA, and Gold Sky Capital