Social media monitoring company Brandwatch just raised $22 million. The company specializes in social "listening," tracking conversations online and giving data to brands to influence their strategies.
Brandwatch counts 1,000 brands among its client list, including Verizon, Pepsi, British Airways and Whole Foods. Social analytics are a core tool for marketers, and it's a competitive space that includes companies such as Salesforce, Sprinklr, NetBase, Converseon and a number of other rivals.
"Social data is the oil of the tech world right now, and we’re betting big on our own technology platform," Brandwatch CEO Giles Palmer said.
The company founded in 2007 said revenue doubled last year. In 2012, it raised $6 million from Nauta Capital and Gorkana Group. Highland Capital led the most recent fundraising round.
A first-quarter report from Forrester that analyzes "enterprise listening platforms" ranked the top players in the space based on their offerings, strategy and market presence. Brandwatch was named a "strong performer," a tier below market leaders.