socialmedian: Social Media Monitoring Service Scout Labs Raises $4 Million

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Social Media Monitoring Service Scout Labs Raises $4 Million

Source: paidContent.org

Oct 14, 2009

Summary

Scout Labs, which provides a web-based platform which companies use to monitor online chatter about their products, has raised $4 million in a round of funding, according to an SEC filing. The startup said earlier this month that it had raised a round but did not say how much money it involved. Cash comes from new investors El Dorado Ventures and Javelin Venture Partners; existing investor Minor Ventures also participated. Scout Labs says it will use the new funds to pay for marketing and sales efforts and to increase the amount of data the company indexes for its clients. The service made its public debut in February.

The crowded social media monitoring space has seen lots of activity in recent months: Microsoft (NSDQ: MSFT) announced in September that it was readying an entry into the market; Alterian bought up Techrigy, which sells social media monitoring and analytics tools in late July; and also in July, social media monitoring firm Collective Internet added $3 million in funding. Release.