Sydney-based SaaS startup Truescope has secured $6.2 Mn in seed funding from venture capital firms Investible and Jelix Ventures.
Founded in 2020 by industry veterans John Croll and Michael Bade, Truescope’s Cloud-based SaaS integrated platform harnesses millions of social media posts to provide immediate insights to assist its customers with reputation management, competitive intelligence and crisis communications.
“My motivation came from a love of the industry, working with the right people, and really understanding that there was so much more that could be done for a communications professional - if we started from the ground up with no legacy software, we could build something great for them,” CEO John Croll told the media.
Within a year of its launch in Singapore, Truescope roped in 50 clients, securing contracts amounting to $2 Mn. The knowledge of the Singapore market contributed to the numbers, admitted Croll.
The startup is now looking to step foot in the US market while accelerating its engineering and technology innovations for the platform.
“The US market is 20 times the size of the Australian market, and I've been working with some people over in the States for the last year, researching the market, making sure we've got the right people,” Croll said adding, “We've started hiring our growth team in the US, who are moving over there to be present most of the time. We wanted to build a global platform from day one, so we've been testing the market, testing the platform, and ensuring we've got a great fit.”
“We are really happy with the platform, but now we've got some great investors, who put a lot of trust in us, so we've got to work hard and make sure we give them a great return,” Croll added.
Commenting on their investment, JELIX Ventures’ Founder and CEO Andrea Gardiner said, “The Truescope business is unlike any business in the media intelligence space. We are delighted to be partnering with John and Michael, and we look forward to following their success in their mission to better inform communications around the world.”
Echoing the sentiment, Daniel Veytsblit, Investment Director at Investible, said, “With John and Michael’s vision, deeply relevant industry expertise, and innovative product spanning multiple media channels, we recognise the huge potential to support Truescope in its continued global expansion.”