NEW YORK: Memo has raised $10 million in a funding round at a $60 million valuation.
The company, which gives PR pros access to readership data as another tool in their measurement arsenal, plans to use this injection of capital to invest in all areas of its business, focusing especially on product and engineering. The objective is to continue to expand the data and insights brands can access via Memo’s platform.
“We’ve really only begun to scratch the surface on how this data can inform comms strategy and we’re constantly amazed by the many different use cases we see for it across our customer base,” said founder and CEO Eddie Kim. He added that the funding would also be used to accelerate the company’s publication partnerships.
This series A funding round was led by Flex Capital. They join VC firms that have invested in Memo, including Founder Collective, Susa Ventures and MHS Capital. Earlier investors include Jonah Goodhard, former founder and CEO of Moat, and Matt Minoff, the former chief digital officer of Meredith.
“Earned media is strategic to every major company, ytet for so long, the PR industry hasn’t had reliable data,” said Auren Hoffman, founder partner of Flex Capital and former founder and CEO of Liveramp. “Some of the best companies solve the most obvious needs hiding in plain sight.”
Memo will continue to work with clients such as Google, Walmart and Samsung. The platform has also added clients and publishers including AT&T, Kroger, The Verge and Fast Company.