Compass, the company that crowdsources data on startups’ growth, has today launched a new product aimed at helping investors, accelerators, incubators and consultants better track the health of companies they work with.
Compass Monitor‘s launch coincides with the announcement of a new $2 million round of funding from ex-Thomson Reuters CEO Tom Glocer, NEA, Profounders and Crosslink.
The new product allows users to track data about an entire portfolio of startups in real-time. Data from portfolio companies’ accounts on platforms like PayPal, Stripe, Xero, Google Analytics and Mailchimp can be fed in and compared against benchmarks set by Compass’ database of information, which is now said to include information about more than 30,000 firms.
Compass CEO and founder Bjoern Herrmann tells us that the tool allows investors to save time compiling reports about portfolio performance, while making consultants’ lives easier when hired to fix specific problems within a startup. Paying beta testers included Startup Mexico and Chilean accelerator Magical Startups.
A basic portfolio-tracking version of Compass Monitor is currently available for the launch price of $35 per month, after which it will increase to $49. Plans with more features such as benchmarking are set to launch soon.
Meanwhile, the funding round will be used to hire data scientists, engineers and business analysts that will allow Compass’ offering to be expanded into what it calls “an automated data refinery attacking complex engineering and data analysis challenges.” As startups themselves work on solutions to the world’s problems, it makes sense that someone is working on a way to make their lives easier too.
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