Synup raises $6 million from Vertex Ventures to fund expansion plans
Bengaluru: Synup, a software provider that helps companies manage their online presence and reach, has raised $6 million in a Series A round led by Vertex Ventures, the company said in a statement.
Prime Venture Partners, a seed-stage venture fund based in Bengaluru, also invested in the round. Synup, which focuses mainly on small and medium companies in the US, claims its solution has been used in more than 50,000 locations across the US and Canada. The three-year-old start-up will use the fresh funds to expand its sales and marketing efforts and in product development. The company also aims to grow 10 times in the next three years.
Synup started off as an online business listing provider, helping companies generate leads by registering them on websites such as JustDial and Craigslist. It currently manages business listings on over 50 websites in the US and Canada and employs 40 people. The Bengaluru and Delaware-based start-up mainly looks at automating local marketing for SMEs and small stores. It manages a company’s location data, presence, reputation and analytics.
It does this by tracking thousands of business profiles online and monitoring customer/business interactions to provide automated marketing and leads. The company said it aims to expand into Europe and the UK by 2018.
“We have built a unique and cost effective solution and have seen some excellent growth so far and aim to take this to other geographies soon with a wider product offering,” Ashwin Ramesh, founder and chief executive of Synup, said in a statement.
Synup’s biggest competitor in the US, Yext, recently went public and raised $115.5 million in an initial share sale in April. Other competitors include NinjaCat, Raven Tools, UpCity, among others.