The Pinterest Analytics platform, Curalate, recently raised $3 Million in a Series A financing program.
The funding process was led by NEA, First Round Capital along with MentorTech Ventures, who also assisted the company during 2011. Sometime back, the investors had also funded Curalate with $750,000 as seed round financing.
As part of the new financing program, Patrick Chung (News - Alert) representing NEA and Josh Kopelman of First Round Capital joined the Curalate board as directors.
The new funding will enable Curalate to not only expand its existing platforms, but it will also help the marketing and product development sections.
Curalate provides both analytics and marketing tools for the visual web and enables brands to monitor brand engagement on visual social media sites such as Pinterest.
Curalate’s backers are not investing their money on the Curalate name as unlike its competitors, Curalate has taken an independent approach. The investors are obviously delighted to note that within a year, Curalate has already signed customers that include Whole Foods, Grammys and Gap.
Patrick Chung of NEA feels that Curalate will only further extend its dominant position in an emerging market, where brands are trying to capitalize on visual sites like Pinterest, thanks to the fresh capital and its talented management team. He goes on to add that Curalate doesn’t depend on Pinterest’s platform as it creates an exclusive layer of data that belongs to Curalate and its customers.
Apu Gupta, the founder and chief executive officer of Curalate insists that the company’s tactic of utilizing image recognition is far superior than their keyword-based competitors. Besides, Curalate recently revealed that over 48 percent of the popular Pinterest pins connected to expired pages on retail sites.
This will also help brands to increase their revenue as they will now be able to now track via Pinterest, so that the brand can then improve how it interacts with a site like Pinterest.
Edited by Carlos Olivera