District-based TrackMaven, a software maker that allows big brands to monitor their online marketing efforts, has added $14 million in venture capital to its bank account, executives said Tuesday.
Chevy Chase-based New Enterprise Associates, one of the company’s early financial backers, spearheaded the investment. Silicon Valley Bank and Bowery Capital also contributed, which brings TrackMaven’s total funding to $21.7 million to date.
Founder Allen Gannett said in just two years the company has added a roster of clients that includes government contractors, clothing retailers, sports teams, media outlets, insurance providers and hospital systems.
They include Martha Stewart Living, NPR, the National Basketball Association and Eddie Bauer, among others.
“What’s going on is every marketer is faced with this challenge that they have tons of content they need to create and they don’t know what they should create,” Gannett said. “They’re just kind of guessing.”
TrackMaven aims to solve that problem by allowing marketers to keep tabs on each piece of marketing content they touch, such as a Facebook post, Instagram photo or newspaper article. Marketers then compare how that content resonates online compared to the company’s past marketing efforts and the efforts of their competitors.
TrackMaven has 40 employees at its office near Dupont Circle. Gannett said the money will allow him to hire additional sales representatives, account managers, designers and engineers.
Gannett also said the company continues to develop its software with a goal of giving marketers the ability to predict the success of a campaign before it even launches. This would allow them to determine which marketing channels are worth the time and investment, he said.
“Marketers have a blessing and a curse in that there are more ways than ever before to reach their audiences,” Gannett said. “The issue, though, is you have to create consistent, quality content across all those channels to be effective. You can’t phone it in.”
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