Newswhip to Accelerate Growth with $2.5M Debt Funding

News analytics platform Newswhip has closed a $2.5 million (€2.2 million) debt financing round as the company seeks to accelerate growth in the coming year .

The funding comes from Element Finance, the company’s second in Ireland. The debt is non-dilutive, meaning Element does not take an equity stake in the business.

The funding will be used to invest in the product, further develop it to generate real-time insight into news and information delivery, and also grow its team, with staff expected to increase by a third over the course of the year. coming year.

Newswhip started the year with 22 people on its engineering team, with plans to grow to 50 by the end of next year. The company said it will add new roles in data engineering, software development, machine learning and artificial intelligence.

Go Viral

Founded in 2011 by Andrew Mullaney and Paul Quigley, Newswhip’s core business is tracking the spread of news and stories across the web and social media, using its technology to predict which stories are likely to go viral.

Its clients include the Associated Press, Condé Nast and the Washington Post, as well as non-governmental organizations (NGOs) such as Amnesty International, Médecins Sans Frontières and the World Health Organization.

However, the company also saw a new market for its work with big brands.

“Brands are increasingly looking to us to quantify and understand all the stories and narratives they want to watch about themselves and political and social issues,” Mr. Quigley said. “So just like newsrooms are using us to find out what stories are going to be important today, now brands like McDonald’s and Ford are using us for that, and that’s been our biggest area of ​​growth this year.”

“Program People”

Brand revenue has grown by around 60% in the past 12 months, Mr Quigley said, and the company intends to focus more on this market in the coming months in what he described. as a “major shift” for Newswhip.

“It’s a time where all of these narratives and stories collide, especially around public policy issues like vaccines and politics. There’s no good technology to track what’s going on, which stories dominate , which stories people program, which stories engage people.

“We now believe that there is a need for this technology in the market and we want to be the world leader in this field. We want to move from a niche technology to a must-have technology for brands as well as newsrooms. »

This focus will also help its original customers, as brands and NGOs would use the same platform, meaning any further development would be available to all aspects of the business.

Although Newswhip secured $2.5 million, Quigley said the company would consider new investments next year to continue to scale.

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