Compass, a business monitoring and intelligence service provider, has landed new funding, upwards of $2 million in a second round of funding bringing the total investment to $3 million so far. The funding will see to team building efforts by helping hire analysts and engineers.
The support came from their first institutional investors like NEA, Profounders and Crosslink and strategic investors including Tom Glocer (ex-CEO of Thomson Reuters), Banca Intesa and Oliver Rothschild. Existing investors also participated, including Steve Blank, Allen Morgan, Roger Krakoff, Rhodium, Erik Jansen and Amir Banifatemi.
“With a growing wealth of business data easily accessible, we have an unprecedented opportunity to learn about the nature of businesses and their ecosystems at scale,” said the San Francisco based Compass’ chief executive, Bjoern Herrmann. “By bringing this new insight and transparency into the global business ecosystem we can fundamentally transform the way businesses are run and interact with each other.”
Compass intends to minimize business failure by providing automated, crowdsourced benchmarks and industry insights. Its proprietary Startup Genome Report, is a correlational study based on data gleaned from users of StartupCompass.co worldwide to analyze global trends that guide a startup’s performance.
“So Compass provides intelligence to businesses by crowdsourcing business performance data in exchange for free benchmarks and industry insights. More than 30,000 companies are connecting feeds from PayPal, Stripe, Google Analytics, Mailchimp and other software as a service companies to create a comprehensive database of private technology data,” explains TechCrunch.
In this regard, to enable companies to securely share selected data with investors, advisors or consultants, the tech firm has recently launched Compass Monitor that directly taps data from various silos (Google Analytics, Stripe, Quickbooks, etc.) “to automate the continuous delivery of selected data.“ It saves hours of collecting sharing and reviewing data every week for the investor and entrepreneur, explains their blog announcing the developments.
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(Image credit: Compass)