But losses mount for the home furnishings e-retailer that went public in October.
The funding will allow the company to focus on market expansion for its two social media marketing apps, SocialCompass and SocialCentiv.
DALLAS (May 13, 2013)—HipLogiq announced today that it raised a total of $5 million in series A funding, with a majority of the capital coming from Hadron Global Partners, a division of Carriage House Partners (CHP) and RLB Holdings. The funding will allow the marketing software company to focus on market expansion for its two social media marketing apps, SocialCompass and SocialCentiv.
Anthony Lanza, founder of CHP, says not only does HipLogiq fit nicely within its portfolio, but the start-up has substance. “There are several things that get us excited about this company,” Lanza says. “Bernard Perrine, HipLogiq’s CEO and co-founder, was one of the Kinko’s co-founders. That tells us there is good business sense in addition to technology and marketing expertise. Also, the company has three approved patents and 11 on file. CHP is especially interested in funding unique companies with innovative technology, and patents usually signal that a company is serious about longevity, as well as interested in protecting itself in a very fast-moving technology space.”
HipLogiq hired patent attorney Roger Maxwell at the start to navigate the process and protect the company’s innovation. “Roger is a big part of our vision,” says Perrine. “From the beginning, we knew our software would give us credibility. Technology start-ups aren’t unique, but our software is. And with market confidence and funding behind us, those are the things great companies are built on. We are looking forward to a lot of success together.”
HipLogiq’s patented Engagement Engine™ software lets SocialCompass and SocialCentiv use relevant key words, geo-targeting, and key influencer ratings to deliver highly targeted consumers to clients. Those clients can immediately reply directly to the potential customer with an offer. Currently, SocialCompass is an enterprise solution where SocialCentiv is designed for smaller businesses. SocialCompass clients see conversion rates as high as 65 percent with an average of 16 percent; SocialCentiv launched in March and already has more than 1,000 clients registered.
HipLogiq began in October 2012 as Social Compass, an enterprise solution for social media marketing. Co-founders Adam Root, Lindsey Madison and Bernard Perrine designed SocialCompass to help companies target and engage customers over social media in a meaningful, results-driven way. SocialCentiv – launched in March 2013 – works similarly for small to medium businesses, but as a web-based, do-it-yourself solution. During the design of SocialCentiv, leadership decided it was time to evolve the company into an idea factory that produces the most innovative, successful applications in their market space. As a result, HipLogiq also launched in March 2013. For more information, go to www.hiplogiq.com or visit them on Facebook or Twitter.