Launchmetrics today announced that it has raised $50 million in venture capital as it prepares to accelerate international expansion of its data analytics service for luxury brands.
The latest round was led by French state bank Bpifrance and included money from Seventure, Cipio Partners, and Famillie C (Clarins Family). Launchmetrics’ tools help companies in the fashion, luxury, and cosmetic industries find influencers and recruit them for digital campaigns.
“It really highlights the contribution we have been able to bring to our customers and the industry to date,” said Launchmetrics CEO Michael Jais, in a statement.
The company was founded in 2016 with the merger of two other startups: Paris‘ Augure, which developed influencer marketing software and had raised $35 million in venture capital, and New York‘s Fashion GPS, which built technology for the fashion industry and had raised $4 million.
Now officially based in New York, the company says it will use the money to expand in territories such as Asia, the Middle East, and Europe.
That will include hiring at least 150 new employees, investing in product development, and continuing research into visual recognition algorithms. The latter technology allows for such features as auto-tagging brands and products when they are shared online by others.
Launchmetrics also allows clients to measure their media impact online by closely monitoring thousands of brands, media outlets, and influencers. Its platform is constantly crawling the web to keep tabs on these three targets and generate analysis that allows clients to rapidly adapt their campaigns.