US-based consumer data software provider Second Measure completed a $20m series A round yesterday that included Citi Ventures, financial services firm Citi’s strategic investment arm.
The round was co-led by investment banking firm Goldman Sachs and venture capital firm Bessemer Venture Partners (BVP), and the company said it has now raised a total of $25.5m in funding.
Founded in 2015, Second Measure has created a platform that uses analytics technology to study consumer spending and business performance data in order to help investors and businesses make more informed decisions.
The company will put the funding into expansion, product development and the growth of its technical team.
Luis Valdich, managing director of Citi Ventures, said: “What sets Second Measure apart is its platform’s ability to support real-time, ad-hoc queries with high accuracy and massive scale.
“This unlocks new and powerful use cases for corporates and private equity investors that go beyond the traditional use cases for transactional spend data among public market investors. We are excited by the opportunity ahead for Second Measure and are proud to help the company fulfil its potential.”
The company had previously received $2m of seed funding from investors including BVP, Y Combinator, Foundation Capital, Norwest Venture Partners and Shasta Ventures in 2016, and it also identified Jefferies Investment Group, part of financial services group Jeffries, as a backer.
