Synup raises US$6M to help businesses manage location data, presence, reputation, analytics
Synup works with both digital agencies and businesses directly to manage their listings on over 50 of the most important local search destinations
Synup
Bangalore-based startup Synup, which provides SaaS-based solutions that enables local businesses to manage their online presence, today announced it has completed a US$6 million Series A round of financing, led by Vertex Ventures. Existing investor Prime Venture Partners participated in the round.
The investment will help Synup to expand its sales and marketing efforts, as well as broaden and accelerate product development.
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With over 40 employees currently, the startup is looking to hire across all sections of the business. Synup also plans to expand into Europe and the UK by mid-2018.
Currently, local businesses are getting discovered in hundreds of fragmented consumer platforms on the web and mobile. Most of these listings have to be manually updated across all the platforms and it takes approximately eight hours a week for a store manager to just update location data. The listings also do not provide the business with any analytics or insight into user reviews.
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Synup offers a local marketing solution that makes it easy for businesses to manage their location data, presence, reputation and analytics. Synup claims it tracks hundreds of thousands of business profiles and monitors millions of interactions to provide businesses with automated marketing as well as insights. It also manages and boosts local SEO efforts for agencies, enterprises and small businesses with multiple locations.
The firm was launched in 2015 by serial entrepreneur Ashwin Ramesh. With operations in the US and Canada, Synup claims to have achieved US$1 million in ARR in the first nine months.
Synup works with both digital agencies and businesses directly to manage their listings on over 50 of the most important local search destinations. Additionally, it tracks customer reviews and analyses rankings on different search engines.
In the next six months, the company wants to go beyond location data management and offer a wider breadth of products to its customers. The company is bullish on its growth as out of the total 28 million local businesses in the US, only about a million (3.57 per cent) use automated location-marketing services like Synup.
Ben Mathias, Managing Partner, Vertex Ventures, said: “Synup has been able to solve a difficult problem in a market that is largely underpenetrated. Their strong early customer traction is a testament to the efficacy of their approach to address this massive market opportunity.”
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