The funding helps OpenWeb attain unicorn status at a valuation of $1B. Here are the top-line bullets you need to know.
OpenWeb, a social engagement platform that helps online publishers and brands control social media content, has raised $150M in a Series E round, drawing participation from The New York Times, Dentsu Group, Samsung NEXT, and Insight Partners, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based OpenWeb, formerly known as Spot.IM, is an audience relationship platform that uses AI and machine learning (ML) to create trusted spaces for hosting online discussions.
- The startup aims to foster healthy web conversations, while simultaneously helping digital publishers and brands build direct relationships with online audiences.
- The company has reportedly witnessed millions of conversations across thousands of communities with 100M+ monthly active users on its platform.
- Over 1,000 publishers use OpenWeb’s technology, including Yahoo!, Penske Media, Hearst, and News Corp.
- OpenWeb currently has over 150 employees in its offices in New York, Tel Aviv, and Kiev.
WHY DOES THE MARKET MATTER?
- The global social media management market is projected to grow at a CAGR of 23.6% and reach a value of $41.6B by 2026, according to Markets and Markets.
- The market’s growth is fueled by the increasing need for competitive intelligence, higher smartphone penetration, the need to generate ROI from social media strategies, increasing user engagement, and elevated customer expectations regarding their overall experience.
- Covid-19 has led to a boom in the market for social media management vendors as more content and data shifts online.