Bengaluru-based Synup, a software provider that helps companies manage their online presence and reach, has raised $6 million in a Series A round led by Vertex Ventures.
The startup’s seed investor Prime Ventures Partners has also participated in the funding round. Formerly known as AngelPrime, the Bengaluru-headquartered VC firm had infused Rs 3 crore in the company back in August 2014.
With an aim to grow 10 times in the next three years, Synup plans to deploy the latest proceeds to strengthen its technology platform to cater to a larger chunk of merchants, reports ET.
The SaaS-based company, which operates out of Bengaluru, caters to merchants currently in the US, but has plans to start operations in Western Europe and the UK as well by 2018.
“We have 50,000 merchants signed up on our platform using our services presently. We have to increase it to 5 lakh over the next three years. We are already working with 50 major online platforms like Google, Facebook, Yelp, Apple, Yellow Pages,” said Ashwin Ramesh, founder of Synup.
Founded in 2013 by Ashwin Ramesh, Mohan Gopalakrishnan and Karthik Krishnamoorthy (CTO), Synup launched its services in June 2014. Its platform is layered with analytics and data matching algorithm that helps local businesses identify wrong postings, integrate presence across the web, promote and manage user reviews and the action required thereafter.
The startup focuses on providing a tech-based marketing tool for spas, bakeries, fitness centres and so on, and helps companies generate leads by registering them on websites such as JustDial and Craigslist.
Currently, Synup manages business listings on over 50 websites in the US and Canada. It competes with the likes of Yext, NinjaCat, Raven Tools, UpCity, Signpost among others.
Vertex Venture Holdings is a worldwide group of venture capital funds dedicated investments in IT and healthcare. It is a member of Tamasek Holdings, which is focused on venture capital investment opportunities in the IT and healthcare markets through its global family of direct investment venture funds.