Tags : cotweet, Twitter
CoTweet raises $1.1 million
Twitter CRM web platform provider CoTweet has raised $1.1 million Series A in a round that included Baseline Ventures, Founders Fund, First Round Capital, SV Angel, Maples Investments and Freestyle Capital.
CoTweet offers a web based Twitter client focused on business and customer management. Accurately described as a CRM platform, CoTweet allows Twitter account owners to allocate multiple user access to a Twitter account, the allocation of “assignments” (allocating Twitter reply or tweet duties to workers), keyword monitoring, and “on duty notifications.” In conjunction with the round, CoTweet has moved into public beta, and for the first time anyone can sign up and use the service (it’s currently free, but they’ll be introducing paid versions later this year.)
I had the opportunity to try CoTweet a couple of months back, and although its not a service I could find a use for personally, this isn’t to say that others won’t find it utterly brilliant. The key with CoTweet is business based Twitter management in that it adds a management layer on top of Twitter, making Twitter easier to use in a business. What I would note most of all about CoTweet in a growing sea of Twitter clients (both web and desktop based) is that it’s original and unique. This is a service that both meets a need, and doesn’t try to compete in the me-too stakes that we see in most other clients.
The only odd thing about the round was the number of investors: six VC’s in a $1.1 million round? Either its a sign that the investors individually weren’t willing to spend more of their own money on the business model, or alternatively CoTweet split the round up so as to tap into the collective wisdom of all six. I’m actually thinking given how smart the folks at CoTweet are that it may well be the latter, but likewise meeting the demands of one or two VC’s can be taxing for most firms, I’d hate to imagine what dealing with six would be like.
Full press release on CoTweet here.
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