Stockholm-based SaaS startup My Telescope has raised 2.5 million euros in a seed funding round. The round was led by Finnish VC Vendep Capital and Estonian VC Trind Ventures. The company’s platform, thanks to real-time Share of Search data, enables users to monitor market trends and be up to date about their brand strength and the long-term impact of their campaign effectiveness, and also offers its users the opportunity to gain insight to intervene when necessary. With the latest capital, the startup managed to reach a total of €3.1M funding.
My Telescope raises €2.5M to help measure and predict the effectiveness of marketing investments in real-time
This Swedish SaaS startup helps marketers and brands utilize real-time Share of Search data to prove their marketing activities are business-critical and reduce the need for surveys and focus groups.
Swedish market intelligence and search startup My Telescope has raised €2.5M in seed funding led by Vendep Capital and Trind VC to help marketers and brands measure and predict long-term trends in demand creation following their strategic marketing investments. My Telescope will use the funding to accelerate its growth and entry into the US market.
My Telescope uses Share of Search analytics to measure and predict the long-term impact of market trends, brand strength, and campaign effectiveness in almost real-time. By utilizing My Telescope’s platform, marketers and agencies get actionable insights for strategic decision-making and helps them to predict and avoid upcoming dips in market share. Marketers can then more tangibly justify marketing investments to their management, clients, or external stakeholders.
“The problem is that a lot of money is invested into building a brand, but previously there hasn’t been any way of proving in real-time that the investment is actually driving you anywhere. It basically means that the whole industry pumps money into a black hole and waits months to find out the results.
However, the correlation between what people search and sales numbers and market share has been scientifically proven. My Telescope helps the marketing industry to prove the impact much faster through almost real-time analytics, reporting and dashboards on the Share of Search data – and that marketing investments generate business-critical impacts,” says My Telescope Founder and CEO Rodrigo Pozo Graviz.
“We provide a predictive view of where your marketing efforts are taking you. With the help of our investors, we are excited to go to the USA, THE original home of brand building, and unleash the potential that lies in Share of Search data to help make decisions that maximize sales and margin impact,” continues Graviz.
Unlike its competitors that just calculate and visualize Share of Search from Google data, My Telescope bolsters the use of search data with its proprietary AI solution that scans, visualizes, and more importantly, analyzes sentiment data. Data taken from the media, social listening, forums, and product reviews can be used to gain deeper insights into the underlying intentions behind the search activity. Through this deep data analysis, My Telescope is able to provide more actionable recommendations for future marketing investments.
“We are living in the time of data-driven tactical marketing that’s based on accurate, measurable, and comparable metrics. My Telescope is bringing the same measurability also to strategic marketing while adding predictability and real-timeliness helping brand marketers and marketing agencies not only to see the rearview mirror, but also the road ahead. With the size of the strategic marketing visibility challenge combined with the massive market potential, and with an experienced and highly driven team, we very quickly built strong conviction to invest in My Telescope,” says Sami Ahvenniemi, Partner at Vendep Capital.
“Measuring how many people search for you, rather than your competitors, is a fast, cheap, and potentially powerful way of measuring the strength of your brand. But raw search data tells you nothing about why people are looking for your brand online or how they perceive it.
High search volumes could be because of bad PR. That’s why My Telescope is solving a real need in the market, as they can distinguish between positive and negative search results, and help us plan for, and fight against, any predicted market share dips,” says Tim Spencer, Chief Strategy Officer at Fluency M&C Saatchi.
To date, My Telescope has raised €3.1M in total funding. My Telescope is trusted by clients within industries such as FMCG, consumer goods, heavy industry, defense, automotive, and charity.