Social analytics and big data company Frrole has raised $245k from several investors including Google’s India MD Rajan Anandan, former head of Yahoo India R&D centre in Sharad Sharma and Eka Software founder Manav Garg via crowdfunding website LetsVenture, reports TechCrunch.
The Bangalore-based Frrole has a social intelligence engine that can analyze millions of data points in real-time to build a local buzz graph, which offers news updates to users on a neighborhood, city and country level. It also offers a social newspaper app on the web and on iOS and Android, which aggregates tweets to offer news updates across various categories like Technology, Business, Sports and Entertainment among others.
The company was part of Microsoft Ventures’ third batch in August last year. It’s technology was also used by TimesofIndia.com to create a social news hub on Indian election, along with trends and sentiments for candidates and parties in real-time, based on the analysis of related tweets.
SEBI has been talking of coming out with guidelines to help Indian startups raise funding easily. LetsVenture seems to be the only company in the sector that is targeted at startups and functioning. There are others such as PikAVenture and FundMyPitch, but they are still in beta. In the past BlueGrape had also used the platform to raise the same amount in funding.
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The product can be integrated with DIY e-commerce suites like Shopify, Bigcommerce and Magneto thus eliminating the need for sellers to manually enter the sales details into accounting software such as Intuit’s QuickBooks. The company charges $19-$59 for its services depending on the usage. The company will use the funding to grow its team, build more product and extend sales and marketing activities. It is also working on a target of achieving 1,000 paying customers by the end of this year.