Narrative, a startup that makes it simpler to purchase and promote knowledge, is saying that it’s raised $three million in further seed funding.
The spherical was led by Glasswing Ventures . XSeed, Tuhaye and Revel additionally participated.
Once I first wrote in regards to the firm two years in the past, it had already raised $2.25 million, and its enterprise revolved round a market for knowledge. Founder and CEO Nick Jordan advised me that’s nonetheless what Narrative presents — however clients have additionally began utilizing its software program to handle knowledge transactions past .
“Shopping for or promoting knowledge sounds actually easy — anyone can write in a board deck … ‘We’re going to amass knowledge, we’re going to distribute knowledge,’” Jordan stated. “However it’s far more complicated. As a purchaser you need particular information, you’re shopping for for a number of events. Each vendor sells knowledge in a distinct format. Broadly talking, there’s a ton of fragmentation.”
And but, these transactions do occur, with or with out Narrative . However Jordan stated corporations have “traditionally constructed their very own programs out of duct tape and prayers,” and so they usually lack options that “appear extremely trivial, like reporting how a lot knowledge was offered or purchased.”
With Narrative, alternatively, companies don’t have to spend the time and assets to create this infrastructure, and so they get a device that permits them to observe, and hopefully develop, their complete knowledge enterprise.
As this occurs, the broader panorama round shopping for and promoting consumer knowledge is altering, due to GDPR, the California privateness invoice and the potential for extra regulation.
Jordan acknowledged that when GDPR went into impact, Narrative noticed “a reasonably precipitous drop in knowledge made out there within the EU.” On the similar time, he stated, “The business as a complete grew up a bit,” and that’s made the know-how extra interesting to some clients, as a result of it gives “full transparency between the customer and vendor.”
“It [gives] you the power to do your individual due diligence and ensure the information you’re getting is compliant, primarily based by yourself studying of GDPR legislation,” Jordan stated.
In reality, he claimed that Narrative actually began to see a optimistic response from clients within the second and third quarter of final yr — coincidentally or not, proper as GDPR was going into impact.
“This cash is de facto to point out that we’ve discovered product market match,” Jordan added. Which means investing in gross sales and advertising — and if that pays off, Narrative can most likely exit and lift an even bigger spherical.