District-based TrackMaven collects $6.5 million from investors

District-based TrackMaven, the maker of software that allows companies to track competitors’ marketing efforts, has raised $6.5 million from New Enterprise Associates and other investors, executives announced Tuesday.

Founder Allen Gannett said the Series A round will allow the start-up to grow its employee headcount from 15 to 50 over the next year, adding positions in both sales and product development.

“Right now we’re in the process of looking for a new office,” Gannett said in an interview. “We’re going to stay in downtown D.C. and through the year we’ll launch a lot of interesting, new, secret products and features.”

TrackMaven’s software allows companies to compare the performance of their marketing campaigns to that of competitors by determining the online channels where rival firms are successfully reaching consumers.

Its clients hail from a variety of industries, including insurance, media, technology, nonprofits, think tanks and sports, Gannett said. He declined to say how many customers TrackMaven has attracted to date.


Allen Gannett is the founder of District-based TrackMaven. The company has raised $6.5 million from investors. (Photos courtesy of TrackMaven/Photos courtesy of TrackMaven)

What do marketers care about at the moment? Gannett said marketers spent much of 2013 creating their own content — articles, videos, photo galleries, etc. — that they can spread around the Web. Now, they want to make those efforts more effective.

For example, January’s polar vortex gave insurance companies an opportunity to create marketing materials disguised as news-you-can-use articles about how consumers can prepare their homes or vehicles for the cold weather.

Gannett said marketers face a challenge when it comes to tailoring those items to the plethora of places where consumers gather information online — news organizations, mobile apps, social networks, digital videos, e-mail, etc.

“They’re trying to keep up with a consumer base which is constantly changing what they’re interested in,” Gannett said.

The fresh infusion of cash builds on $1.25 million in venture capital TrackMaven announced last May at the time of its launch.

Several of the upstart’s initial investors participated in the recent round, such as Bowery Capital and Acceleprise, the District-based enterprise technology accelerator where Gannett is a partner. Other backers include former EmployInsight chief executive Sean Glass, former Condaptive chief executive Hemang Gadhia and former Shutterstock president Adam Riggs.

NEA General Partner Harry Weller, who has previously invested in Groupon, Cvent and SourceFire, will join TrackMaven’s board of directors. Other board members include Glass and former Eloqua CEO Joe Payne.

Follow reporter Steven Overly on Twitter: @StevenOverly

Steven Overly covers the business of technology, biotechnology and venture capital in the Washington region for The Washington Post and its weekly Capital Business publication. In that capacity, he has written about start-up struggles, investment trends and major drug discoveries.
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