My Telescope, a Stockholm-based SaaS platform, announced that it has secured €2.5M in Seed funding led by Vendep Capital and Trind VC. To date, the company has raised €3.1M in total funding. The Swedish company will use the funds to accelerate its growth and entry into the US market.
“The problem is that a lot of money is invested into building a brand, but previously there hasn’t been any way of proving in real-time that the investment is actually driving you anywhere. It basically means that the whole industry pumps money into a black hole and waits months to find out the results. However, the correlation between what people search and sales numbers and market share has been scientifically proven. My Telescope helps the marketing industry to prove the impact much faster through almost real-time analytics, reporting, and dashboards on the Share of Search data – and that marketing investments generate business-critical impacts,” says My Telescope Founder and CEO Rodrigo Pozo Graviz.
Help measure effectiveness of marketing investments
Founded by Rodrigo Pozo Graviz, My Telescope is a market research SaaS solution to measure market trends, brand strength, and marketing campaign effectiveness in almost real-time using Share of Search Analytics.
“We provide a predictive view of where your marketing efforts are taking you. With the help of our investors, we are excited to go to the USA, THE original home of brand building, and unleash the potential that lies in Share of Search data to help make decisions that maximize sales and margin impact,” continues Graviz.
According to the company, Share of Search (SoS) is defined by the number of searches for one brand divided by the searches for all brands defined in a “competitor set”.
According to research published in the autumn of 2021 by the UK’s Institute of Practising Advertisers (IPA), the Share of Search represent 83% of a brand’s SoM, on average. That’s based on over 30 case studies in 12 market categories across seven countries.
Unlike its competitors that just calculate and visualise Share of Search from Google data, the company’s AI solution scans analyses and visualises data from search engines, media monitoring, and social listening to marketers with actionable insights for increased agility.
Data obtained from the media, social listening, forums, and product reviews can be used to gain insights into the underlying intentions behind the search activity.
As a result, My Telescope is able to provide more actionable recommendations for future marketing investments. This helps marketers to justify marketing investments to their management, clients, or external stakeholders.
Currently, My Telescope is trusted by clients within FMCG, consumer goods, heavy industry, defense, automotive, charity, and many more.
Based out of Espoo, Vendep Capital invests exclusively in Software-as-a-Service (SaaS) startups in the Nordics and Baltics. Vendep Capital has €40M under management raised from Finnish private and institutional investors such as Tesi (Finnish Industry Investment) and The Finnish Innovation Fund Sitra.
“We are living in the time of data-driven tactical marketing that’s based on accurate, measurable, and comparable metrics. My Telescope is bringing the same measurability also to strategic marketing while adding predictability and real-timeliness helping brand marketers and marketing agencies not only to see the rearview mirror, but also the road ahead. With the size of the strategic marketing visibility challenge combined with the massive market potential, and with an experienced and highly driven team, we very quickly built a strong conviction to invest in My Telescope,” says Sami Ahvenniemi, Partner at Vendep Capital.
Trind VC invests in startups across Europe, from seed rounds all the way to sustainability, with a focus on ICT (Information Communication Technology).
“Measuring how many people search for you, rather than your competitors, is a fast, cheap, and potentially powerful way of measuring the strength of your brand. But raw search data tells you nothing about why people are looking for your brand online or how they perceive it. High search volumes could be because of bad PR. That’s why My Telescope is solving a real need in the market, as they can distinguish between positive and negative search results, and help us plan for, and fight against, any predicted market share dips,” says Tim Spencer, Chief Strategy Officer at Fluency M&C Saatchi.