Melbourne social marketing startup Tiger Pistol has raised its second $1 million in what investors have described as a pre-Series A capital raising round.
The company, co-founded by second-time entrepreneur Steve Hibberd, provides a user-friendly marketing platform to small businesses looking to advertise on Facebook.
Today’s funding announcement comes with the launch of a new Crowd Intelligence marketing platform, which combines all the data Tiger Pistol has collected from its “several thousand” small business users into data-driven campaign instructions.
New users will be asked to provide information like the type of business, location, customer characteristics and current status on Facebook. Tiger Pistol compares the resultant profile against its data and automatically generates instructions based on the most successful campaigns to date.
Tiger Pistol launched in May 2012 with its first $1 million in angel funding from investor David Solomon and others.
The second round of funding was led by new technology venture fund Rampersand, and also included Soloman and other existing shareholders.
Funds will go towards marketing and growth, with Tiger Pistol likely to launch a Silicon Valley office within 12 months.
Rampersand co-founder and managing partner Paul Naphtali said he was drawn to the business by the team, its technology, and business relationships. Tiger Pistol has deals with NAB, UBank and Ben & Jerry’s and works closely with Facebook.
The fund now holds a minority stake in the company; Naphtali said “the sky’s the limit” for Tiger Pistol, suggesting that an IPO and buyout were possible outcomes.
“There were 1,500 beta users last May and the business has doubled every quarter since,” he said.
“This is a market that’s growing exponentially and there are a bunch of very big companies trying to solve this problem.”
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