Bangalore-based tech startup Synup today said it has raised $6 million in Series A round of financing led by Vertex Ventures. Synup’s existing investor, Prime Venture Partners has also participated in this round.
The investment will help the company to rapidly expand its sales and marketing efforts as well as broaden and accelerate product development, the company said in a statement.
Ben Mathias, Managing Partner, Vertex Ventures said, “Synup has been able to solve a difficult problem in a market that is largely underpenetrated. Their strong early customer traction is a testament to the efficacy of their approach to address this massive market opportunity. We have been impressed with the experience of their team and the thoughtful design of their product, and look forward to helping scale this company.”
Synup is a startup based out of Bangalore and works in the technology space. It offers a complete local marketing solution that makes it easy for businesses to manage their location data, presence, reputation and analytics on an annual subscription basis.
Just after its launch in 2015, Synup achieved $1 million in ARR in the first 9 months, and since then over 50,000 locations in the U.S & Canada have used its solutions. The company has already started to generate a positive cash flow and aims to grow 10x in the next 3 years.
Interestingly, the Synup’s customers are all from outside India at the moment, though they soon expect to “signup” Indian merchants for its services.
The Series A financing builds on an exceptional year for Synup which saw a rapidly growing roster of clients, and market momentum. In the next six months, the company wants to go beyond location data management and offer a wider breadth of products to its customers. The company is bullish on its growth as out of the total 28 million local businesses in the US, only about a million (3.57%), use automated location-marketing services like Synup.
Ashwin Ramesh, Founder & CEO, Synup said, “These are exciting times at Synup. There is an undisputed need for an automated marketing solution for millions of local businesses across the globe. We are fortunate to have partnered with two top tier investors such as Vertex and Prime, who bring both a deep understanding of our business as well as operational expertise. We have built a unique and cost effective solution and have seen some excellent growth so far and aim to take this to other geographies soon with a wider product offering.”
Synup’s founder Ashwin Ramesh is a serial entrepreneur who started his first venture when he was too young. Currently, the company has over 40 employees and is looking to hire across all sections of the business. Synup plans to expand into Europe and United Kingdom by mid – 2018.