GetGlue Raises $12 Million, The Foursquare Of Much More
GetGlue, a popular start up that has an app available for Android and iOS, announced that they’ve successfully raised $12 Million in new funding which was led by RHO Ventures.
Previous investors such as Union Square Ventures, Time Warner Inc., and RRE Ventures participated again. What is GetGlue? Essentially, users can “check-in” and let people know they’re watching a TV show, movie, playing a game, listening to music, even what they’re reading or what they’re thinking about.
The company has done really well with crossing the 2 Million users mark and scoring 100 Million check-ins in 2011. In November of 2010, they raised $6 Million.
“GetGlue founder Alex Iskold said as many as 75 TV networks like Walt Disney Co’s ABC, News Corp’s Fox and Comcast Corp’s NBC use GetGlue’s marketing dashboard to reach fans of nearly 700 shows. The fans are rewarded with incentives like virtual stickers and actual gifts for checking in, while the networks hope to mine valuable user traffic data which goes beyond traditional viewership data.”
In regards to profitability, this is, again, a startup in it’s early phase. The company is at least 18 months from making a profit says the founder. Also, as far as what the $12 Million in new funding will pay for, Fast Company has the details:
“The new cash injection will help “the main goal of building up the product, and our user base,” and in 2012 GetGlue also plans to launch new innovations which includes targeting TV guides. Iskold said those have become “stale and impersonal, and we want to change this by introducing the next gen of the guide which is personal and smart and knows your habits and knows your tastes”–and ropes in social facets.”