Crimson Hexagon, a Boston-based provider of social data analysis, raised $20 million in growth equity financing in a round led by Sageview Capital. Prior to the investment, the company had raised $17.5 million in funding.
BOSTON – March 8, 2016 – Crimson Hexagon, a leading provider of social data analysis to inform strategic enterprise decision making, today announced it has raised $20 million in growth equity financing in a round led by Sageview Capital. The funding enables Crimson Hexagon to add capabilities to its solution while also expanding its global sales and marketing team and infrastructure.
The investment comes amid unprecedented growth for Crimson Hexagon. Over the past 12 months, the company’s customer base has expanded by more than 75 percent and the platform now boasts more than 10,000 active users. Over the same period, Crimson Hexagon expanded its team in the U.S. and abroad by 50 percent, growing its London employee base and staffing new offices in Chicago and San Francisco, with more to open in 2016. Additionally, the number of posts in Crimson Hexagon’s social data library has surpassed 850 billion and is on course to reach 1 trillion by the end of 2016.
“Crimson Hexagon is a true market leader with a tremendous customer list and is now positioned to expand its core capabilities to accelerate growth,” said Dean Nelson, partner at Sageview Capital. “Sageview provides growth capital to leading companies with demonstrated success and large market opportunities. We look forward to working with Crimson Hexagon as the company continues to dominate a growing market and delivers a strong return on investment for its customers.”
A mature offering in a market of upstarts, Crimson Hexagon has delivered aggressive organic growth while maintaining capital-efficient operations. The company had raised only $17.5 million in funding prior to this investment round, relying on its proven executive team and market-tested platform to deeply align with users’ needs. The platform allows brands and agencies to have easy access to timely, actionable information about consumers’ opinions of their products, services and brand promises.
“Brands and agencies are using Twitter data to inform all aspects of their strategy,” said Chris Moody, vice president of data strategy at Twitter. “We’re excited to see Crimson Hexagon raising funds to further enhance the products and services it delivers across the enterprise.”
Several new OEM and partnership relationships will also be key to continued momentum. For example, Crimson Hexagon recently announced:
- An OEM partnership with Birst, a business intelligence and analytics provider that helps brands turn unstructured data sets into analytics initiatives;
- The integration of anonymized Facebook topic data into its platform, which offers customers real-time access to the topics and interactions of Facebook’s more than 1.55 billion monthly active users; and
- The expansion of its unique preferred analytics partnership with Tumblr to provide brands and agencies with greater insights into visual context on Tumblr.
Stephanie Newby, CEO of Crimson Hexagon, said, “We have completed a critical check list: a first-class experienced team, robust technology that is easy to use and a client base hungry for more: more data, more analytics, more insights. With this foundation, and with Sageview Capital as our partner in this next important step, Crimson Hexagon is ready to extend its market leadership position.”
Crimson Hexagon was advised by Shea & Company, LLC in connection with the financing.
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About Crimson Hexagon
Crimson Hexagon is the global leader in consumer insights from social media data. Powered by patented technology and an in-house data library of more than 850 billion posts, Crimson Hexagon’s platform helps hundreds of brands and agencies answer critical business questions through the insights derived from social data. Clients include leading global organizations such as General Mills, Starbucks, Paramount Pictures, Microsoft, and Twitter, and leading agencies such as TBWA, VML, BBDO, Saatchi & Saatchi, Ogilvy, Edelman and Digitas. Find us on Twitter @crimsonhexagon and on Tumblr.
About Sageview Capital
Sageview Capital LP is a private investment firm providing growth capital to small and mid-sized companies in the technology, business services, and financial services sectors. The firm’s investments include Alfresco, Avalara, Demandbase, EverBank Financial, GoPro, MetricStream, Reflexis and United Capital, among others. Sageview was founded in 2006 and is led by Ned Gilhuly and Scott Stuart, former partners of Kohlberg Kravis Roberts & Co. (KKR) and Dean Nelson, former head of KKR Capstone. The firm has offices in Greenwich, Connecticut and Palo Alto, California. For more information, visit www.sageviewcapital.com.