NEWS26 October 2012

Source Metrics raises $1.6m in funding

Financials North America

CANADA — Source Metrics, an Ottawa firm that specialises in reporting and analytics on social media channels, has secured a $1.6m round of funding from GrowthWorks and the government agency FedDev Ontario to rebrand itself and roll out a new enterprise-level product.

The company, formerly known as Swix, is run by Scott Lake, who is also the co-founder and former president of Shopify and has 11 employees. It targets advertising agencies running social marketing campaigns for large clients, as well as the in-house marketing departments of big companies, offering them a platform which integrates social media publishing, campaign tracking, and listening and engagement functions.

The platform can currently perform analytics on about 20 different social networks and reports on a dedicated dashboard. The company says the funding will help establish the new name and create a stonger dashboard that gives enterprises immediate access to all of their prime social media data.