Irish social media start-up Eagle Alpha raises $1.2m in second funding round of 2014
Analytics company plans to increase product development and recruitment ahead of 2015 Series A round
Dublin social media analytics start-up Eagle Alpha has today announced that it has raised $1.2m in its second funding round of the year, taking its total investment in 2014 to $2.7m.
The deal was backed by high-profile investors in the industry including UBS’ Roberto Hoornweg and individuals from Barclays Capital, CQS, Deutsche Bank and Schroders.
Founded in 2012, Eagle Alpha uses technology to gather useful insights from the web. Its first product Web Watch offers real-time news and views from the internet and is currently used by 40 big-name clients across London, New York and Connecticut.
It intends to launch its second product, Internet Insights, in early 2015 which will look to offer insights from the internet on the world’s largest 1,000 stocks and macro topics.
This latest round will be used for product development and the recruitment of engineers to build on its current tech team, having recently hired Twitter’s former technical architect Evan Weaver.
Eagle Alpha CEO, Emmett Kilduff, commented on the news: “We’re seeing a change in the market as it wakes up to the value of the web, and we’re reacting to this by building out our capabilities.
Kilduff explained that another round of fundraising is also in the pipeline:
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“This funding round enables us to focus on execution in the near term that will hold us in good stead for a large Series A funding round early next year.”
New investor Hoornweg, former co-head of global fixed income at UBS, added:
“Capturing relevant and actionable information in a timely manner from the web has become impossible without intelligent technology. Eagle Alpha’s Web Watch offers an innovative solution that adds value to clients with a simple and scalable business model.”