Social Media Monitoring Attracts Big Investors

by Lori Taylor · 0 comments

social media managementAs social media management grows so too does investment into programs that can help companies analyze the return they are getting for their investment into it. It takes real money to make things happen in the social media landscape, so business owners rightfully expect to know what that money is buying them. There are a host of companies that are trying to master the realm of social media analytics, with varying degrees of success. It is not enough to offer companies a ballpark figure when it comes to their ROI, they real numbers that make sense.
That might be why so much money now is going in to companies that have new software on the books. Eventually someone will be able to tell exactly what you get for every social media click you make.

The lesson for today is, Be kind to your boss. Some far-off day, he or she may be instrumental in funding your next company.

Cambridge-based Crimson Hexagon is announcing a $5 million funding round today from Charles F. Dolan, founder and chairman of Cablevision Systems Corp. Crimson’s current CEO, Patricia Gottesman, joined the company last year; she’d spent nearly three decades working for Dolan at Cablevision. With the new funding, Crimson has raised nearly $10 million.

The company, a spin-out from Harvard’s Institute for Quantitative Social Science, helps clients understand what consumers are saying about their products online — whether on blogs, Twitter, or Facebook. They call it “near real-time market research.”

Gottesman says the company will use the new funding to add to its staff of 14. “We want to expand our account management and client services teams, and also add a new product or two, which will involve increasing the size of our engineering team,” she says. The company will likely hire in Cambridge — where it is outgrowing its current office space — as well as New York, Los Angeles, and London, Gottesman says.

As for the company’s strategic focus, Gottesman says, “We’re aggressively marketing to media clients. They want to understand how to best position their content, whether it’s online video or traditional TV, and they have a keen interest in advertising as a vital component of the digital business model.” She says the company is also expanding in banking and financial services.

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Lori Taylor


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