NewsWhip launches new funding bid
NewsWhip, the Dublin start-up which tracks the popularity of stories on social media, has begun its second fundraising round to raise up to €1m. The company is already backed by angel investors Hal Philipp, the founder of the Quantum Research Group which was sold for $130m in 2008, Shane Naughton, a founder of Taxstream, and the National Digital Research Centre.
Paul Quigley, chief executive of NewsWhip, said the fundraising was to support product development and marketing.
He said News- Whip's subscription service, Spike, had signed up some of the world's biggest media sites and the company now wanted to target brands interested in monitoring what stories people were sharing or tweeting.
"Social distribution is what we're in," Mr Quigley said. "Brands and companies are interested, we believe, in what stories are engaging people and triggering an emotional response."
Some of the Spike's clients include the Huffington Post, News International and Yahoo. "Our sales flow to date has been journalists trying our product and then selling it internally to our colleagues," he said, "We want to focus now on sales and online marketing."
Mr Quigley, who co-founded NewsWhip with Andrew Mullaney, employs four people in Dogpatch Labs in Dublin's docklands.