Qwoted, the rapidly growing communication tech platform, has closed a $3 million funding.
This round of seed funding was led by venture capital firm Third Prime and included co-investment firm Gaingels, pre-seed investors Prosek Venture Partners and Vested.
It also included a mix of communications firms, including Integral, Caliber Corporate Advisers, Haymaker PR, FHS Partners and Red Lab.
Caleb Silver, editor in chief of Investopedia, David Siegel, CEO of MeetUp, and Tom Rovak, senior advisor to Fahrenheit 212, were highlighted as additional investors.
With this investment, Qwoted aims to augment its growth by enhancing its technology capabilities and adding premier talent to its sales, marketing and media success teams, to build brand awareness and onboard new customers.
Daniel P. Simon, Qwoted’s CEO and co-founder, said:
“This funding will directly support Qwoted’s mission to help journalists and industry experts to find each other more easily and build long-term relationships. Securing this investment is a testament to the value that Qwoted is bringing to its users.”
Already, Qwoted boasts nearly 40,000 users, including over 200 paying users since its launch in 2019. Revenues have grown nearly 2000% over the past year.
Qwoted uses artificial intelligence to connect media with matching sources and PRs, and also prioritizes helping small businesses via its Small Business Hub which provides small businesses with tips and information to secure media coverage easily.
Keith Hamlin, managing director, Third Prime, added:
“Qwoted is more than a PR tool. It’s a platform that presents an opportunity to reimagine earned media and the role that traditional PR plays in connecting various players in the industry. We are thrilled to issue this investment that will support Qwoted’s work to democratize access to earned media and benefit its constituents, including agencies, established companies, publishers and small businesses.”
Harvey Hudes, CEO of Caliber Corporate Advisers, said:
“We’re committed to leveraging technology to help our clients get in front of the right journalists at the right time, particularly in today’s fast-paced news cycle. As early adopters of Qwoted, we’ve seen the role that this platform plays in supporting our team to keep a pulse on the media landscape, and we look forward to supporting its evolution as investors.”
Binna Kim, president and co-founder of Vested, commented:
“Qwoted is transforming how media relations practitioners build relationships with reporters and secure coverage. We are excited to continue our investment in the platform and to see Qwoted provide a better way to a better story.”