NEWS16 March 2011

BackType nets $1m funding for social media monitoring

Financials North America

US— Social media monitoring firm BackType has been awarded $1m in seed funding by a group of private equity investors.

The investment was led by True Ventures with support from K9 ventures, Freestyle Capital, Lowercase Capital, 500 Startups, Founder Collective and angel investor Raymond Tonsing.

BackType operates an analytics dashboard, currently in private beta mode, that trawls Tweets, blogs and Facebook comments and likes to understand the impact of business decisions on social media users.

Techcrunch reports that the firm previously raised $315,000 in two rounds of funding in 2008 and 2009 from investors Y Combinator and True Ventures.