Unmetric has raised $3.2 million in Series A financing led by Nexus Venture Partners. Unmetric will use the funds to continue developing its benchmarking platform and further expand its team in the US. Headquartered in Chicago, the Unmetric platform was established to give Fortune 500 companies and other large global brands performance data around which they can benchmark their social media efforts.
How do big brands stand up to competitors? Well, the old adage applies: keep your friends close and your enemies even closer. Today Unmetric Inc., the Internet’s first social media benchmarking company tailored for Fortune 500 companies, debuts its Unmetric Score, a compilation of over 24 qualitative and quantitative metrics measuring online brand performance vis-à-vis competitors.
Today, Unmetric is also announcing it has raised $3.2 million in Series A financing led by Nexus Venture Partners. Unmetric will use the funds to continue developing its benchmarking platform, enabling companies to better survey and analyze the content strategy of a brand and the key terms that are triggering customer engagement. Unmetric will also be using the round to further expand its team in the U.S.
“Brands around the world today are witnessing an explosion in opportunities to reach customers through social media,” said Jishnu Bhattacharjee from Nexus Venture Partners. “We’ve seen many social media monitoring and listening tools, but what impressed us most about Unmetric is that its technology platform uniquely mines the much-needed benchmarks from the deluge of social media data to provide firms with actionable insights on how they are performing against their competitors.”
Using a combination of advanced algorithms and human computing power, Unmetric delivers data and benchmark insights for various industry sectors that were previously unavailable, such as content strategy, engagement, growth, timing and frequency of tweets and posts on Twitter and Facebook. Brands are finally able to answer the basic business question of “Are we doing well?” when it comes to their social media presence.
The Unmetric Score, announced today, is an innovative addition to the Unmetric platform, and is designed to take benchmark algorithms to the next level. The score gives marketing managers and Chief Marketing Officers a snapshot of exactly how their brand performs next to others within their industry.
Here’s how it works:
The Unmetric Score is a scientific blend of 24 quantitative and qualitative social media metrics, weighted and balanced to produce a single, benchmarkable score.
The number is normalized to give brands a score between 0 and 100.
The best performing brand within the sector is assigned a score of 100. All other brands within the sector are scored relative to this.
Scores are unique to each sector and cannot be compared across sectors. A score of 80 in the Aviation industry is different to a score of 80 in the Banking industry.
The scores are updated at the beginning of each month and calculated based on the previous month’s data.
Each brand receives a separate score for its Facebook and Twitter profiles, and when used in tandem with the Unmetric platform, the Unmetric Score supplies brands with a snapshot of their competitors’ performance. Unmetric even hosts a public scoreboard that presents the Unmetric Score in a table for each sector, making it easy to view how performance changes from month to month.
“The Unmetric Score provides intuitive and industry-first social media benchmarks,” said Lakshmanan Narayan, CEO and cofounder of Unmetric. “With companies like Pepsi and Coke, or Ford and GMC hinging on their rivalries to drive business and engage their customers, the Unmetric Score is an intuitive, yet comprehensive way to gauge performance every month.”
Since the platform was launched in September 2011, Unmetric has been aggressively acquiring new customers, targeting the largest brands in the world, and counts distinguished companies like Citibank and Nestle as clients. With IDC projecting that the social media analytics industry will grow by 38 percent through 2014, Unmetric supplies a distinct, high-demand service for brands that stops companies from flying blind with their social media efforts.
About Nexus Venture Partners:
Nexus Venture Partners is a leading Venture Capital fund, investing in early and growth stage companies across sectors. Its principals, with extensive investing and operating experience in North America, India and across the globe, understand the unique challenges faced by startups and believe that it takes more than capital for a company to succeed. Its partner companies have access to the entire Nexus team for help in recruiting talent, forging new alliances, opening doors to new customers, shaping the strategy and connecting with best of breed advisors or board members.
Unmetric Inc. is headquartered in Chicago and works with clients across the world. The Unmetric platform was established to give Fortune 500 companies and other large global brands key performance data around which they could benchmark their social media efforts and answer the question “Are we doing well?”.