Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
The company collects data from blogs and other web sources for use by other businesses.
AUSTIN, Texas, July 27, 2010 -- Workstreamer, a business listening platform company defining a new category --business information as a service--today announced that the company has secured $3.5 million in funding in its Series A round. The new funds will be used to accelerate user growth, generate sales and meet the increasing demand for workstreamer across enterprise customers and anyone interested in listening to and monetizing real-time business information.
"Having received rave reviews from our thousands of users, we are ready to execute the next leg of our journey and excited to have Austin Ventures as our financial partner,"says Hank Weghorst, co-Founder and CEO of workstreamer.
With the explosion of online information sources, business professionals today are overwhelmed by the breadth and velocity of the new information economy. Workstreamer users are able to "listen" to a myriad of information sources about businesses, including prospects, customers, clients, suppliers, competitors and partners.
Workstreamer collects and filters content from thousands of sources including news, blogs and social collaboration, financial, jobs data and contact networks and delivers only the most relevant business information in real-time, resulting in an information advantage for the business professional.
Tom Ball, Partner at Austin Ventures, said, "We know there is a next-generation information horizon emerging. Workstreamer is well positioned to capitalize on the distinct need for more relevant and timely business information."
Workstreamer is currently in public beta.
Workstreamer is a real-time business listening platform, tailored for business professionals looking to stay informed, relevant and competitive. With its one-click business listening platform, professionals begin listening to customers, prospects, competitors, partners and vendors immediately. Workstreamer adds a layer on top of the social Web, providing significant business intelligence. The company was founded in 2009 by Co-Founders Hank Weghorst and Suaad Sait.
About Austin Ventures:
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for over 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on Internet and information services, software, new media, business services and supply chain, and financial services, AV invests at all stages of company development, from $100,000 in "planned experiments" in early-stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV's strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs.