Business intelligence startup SumAll raises $2m in debt funding and buys TwentyFeet

Business intelligence startup SumAll raises $2m in debt funding and buys TwentyFeet

SumAll, a venture capital-backed New York company that gives companies a cloud-based platform to view and analyze data connections, has raised $2 million in debt funding from Silicon Valley Bank.

In addition, the company is today announcing that it has acquired German social media monitoring company TwentyFeet in a move to expand its analytics offering to key European markets.

Terms of the acquisition were not disclosed, but the deal closed at the same time the company secured its line of debt financing.

Dane Atkinson, who is at the helm of SumAll and was formerly chief exec of Squarespace, believes a “well-executed” roll-up/acquisition strategy in this space could benefit his company:

Acquiring TwentyFeet turbocharges our growth and marks our first key step in internationalizing SumAll and extending our reach into the critical European marketplace. We see a roll-up strategy as very viable in our space, and a certainly have other targets in sight.

The TwentyFeet acquisition is SumAll’s first, but thus likely far from its last.

SumAll’s platform basically allows its customers to harness real-time business intelligence based on a wide variety of data sources, including Facebook, Twitter, Instagram, Google Analytics, Google AdWords, Tumblr, Google+, eBay, PayPal and Mailchimp, among others.

SumAll says its ‘connected data tool’, as it calls it, now services over 40,000 companies in more than 30 countries and tracking nearly $4 billion in commerce data.

SumAll is backed by Battery Ventures, General Catalyst, Matrix Partners and Wellington Partners.

Image credit: Thinkstock

Read next: Nokia and Microsoft's downmarket strategy validated? Lumia 520 is reportedly the most popular Windows Phone