Metaverse data analytics and insights company Geeiq (pronounced ‘geek’) has secured $8.2 million (£6.6 million) in a Series A funding led by YFM Equity Partners. The London-based startup said it will use the funds to accelerate the development of its data platform and scale globally.
Geeiq offers metaverse data analytics and insights for brands looking to launch virtual experiences on Fortnite, Roblox and other metaverse platforms. The company already counts the likes of Walmart, Porsche, Gucci, Ralph Lauren, L’Oreal, Tommy Hilfiger and Karlie Kloss among its customers.
Launched in 2018, the metaverse data intelligence startup leverages data from multiple metaverse platforms to help companies navigate the new environment effectively.
Geeiq sees the metaverse as the next step in the evolution of social media, and just like brands have continued to rely on social media analytics to plan their marketing campaigns, the metaverse demands similar attention to help them reach, engage and retain new, virtual audiences.
Commenting on the announcement, Geeiq CEO Charles Hambro said: “Global brands have been relying on GEEIQ and this latest investment will turbo-charge our ability to support them further, as well as enabling us to tap into new business opportunities.”
According to Hambro, his company’s ambition is to position itself in a way that helps visionary brands gain a data-driven and profitable presence in the virtual space.
Hambro also commended YFM Equity Partner’s commitment to the journey amid their leading role in the $8.2 million fundraising.
“YFM have provided us with outstanding support from the outset of our relationship with them. Going far beyond what a typical investor would offer, they have taken the time to really understand the drivers of our business, which can be challenging in such a new sphere,” he said.
On the other hand, Helen Villiers at YFM commented: “GEEIQ is a testament to the fact that brands are beginning to take virtual environments and the metaverse far more seriously. We’re at an inflection point where traditional advertising and social media presence will no longer cut it for brands entering this space. They need tools like GEEIQ for KPI measurement and attribution.”