India: Synup raises $6m from Vertex Ventures to fund expansion plans

Vertex Ventures. Photographer: Sam Kang Li/Bloomberg

Synup, a software provider that helps companies manage their online presence and reach, has raised $6 million in a Series A round led by Vertex Ventures, the company said in a statement.

Prime Venture Partners, a seed-stage venture fund based in Bengaluru, also invested in the round. Synup, which focuses mainly on small and medium companies in the US, claims its solution has been used in more than 50,000 locations across the US and Canada. The three-year-old start-up will use the fresh funds to expand its sales and marketing efforts and in product development. The company also aims to grow 10 times in the next three years.

Synup started off as an online business listing provider, helping companies generate leads by registering them on websites such as JustDial and Craigslist. It currently manages business listings on over 50 websites in the US and Canada and employs 40 people. The Bengaluru and Delaware-based start-up mainly looks at automating local marketing for SMEs and small stores. It manages a company’s location data, presence, reputation and analytics.

It does this by tracking thousands of business profiles online and monitoring customer/business interactions to provide automated marketing and leads. The company said it aims to expand into Europe and the UK by 2018.

“We have built a unique and cost effective solution and have seen some excellent growth so far and aim to take this to other geographies soon with a wider product offering,” Ashwin Ramesh, founder and chief executive of Synup, said in a statement.

Synup’s biggest competitor in the US, Yext, recently went public and raised $115.5 million in an initial share sale in April. Other competitors include NinjaCat, Raven Tools, UpCity, among others.

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.