Tech startup Synup, which helps local businesses to manage their online presence, has closed a $6 million (approx Rs 40 crore) Series A round of funding led by Vertex Ventures along with existing investor, Prime Venture Partners.
The startup will use the fresh funding to expand its sales and marketing efforts as well as for product development. The company said in a statement that it will expand into Europe and United Kingdom by mid – 2018. Synup is a Bangalore-based startup with operations in US&Canada. The company competes with the likes of Yext in US and VendAsta from Canada.
What does Synup do?
Synup offers a cloud-based Software-as-a-Service product for local businesses or SMEs to manage their online presence via multiple tech-based tools. It lets a local business to update/ manage its location data, presence, customer reviews, and business analytics across business listing companies and search engines. It also manages SEO for the businesses, as Synup works with 50 local search platforms such as Google Search, Yelp, Facebook, Yellow Pages etc.
Synup says that local businesses are currently getting discovered in hundreds of fragmented consumer platforms on the web & mobile, and most of these listings have to be manually updated across all the platforms and it takes approximately 8 hours a week for a store manager to just update location data. The listings also do not provide the business with any analytics or insight into user reviews. So, Synup steps in here and does all of these for a local business.
Previously, Synup had raised Rs 3 crore in a round of seed funding led by Prime Venture Partners (then AngelPrime Partners), back in 2014, and was launched in 2015. The company claims that it achieved $1 million in annual recurring revenues in the first 9 months, and since then over 50,000 businesses in the US & Canada have used its solutions. The company also claims that it has started to generate a positive cash flow and aims to grow ten-fold in the next 3 years.