Montreal-based SweetIQ announced this morning the close of a $4.2 million Series A round, led by Plaza Ventures, with participation from Rothenberg Ventures, Desjardins-Innovatech, Otimo Retail Group, and Real Ventures (a follow-on investor). In addition to the funding announcement, Matthew Leibowitz, Partner at Plaza Ventures, will join SweetIQ’s Board of Directors.
SweetIQ produces a local marketing automation platform, which it says has tripled annual revenues for the second straight year. Used by over 100 brands and marketing agencies across North America, SweetIQ says the new funding will fuel growth in the U.S. market, while also allowing the company to double its size and accelerate product development.
“Over the course of the next few months, we’re adding a horde of new offline data sources that will further enhance our attribution model, with the goal of not only enabling our clients to better understand foot-traffic generated from local marketing initiatives, but also be able to predict it,” said Mohannad El-Barachi, co-founder and CEO of SweetIQ.
El-Barachi added that the data source expansion will come from new partnerships with major directories and offline data providers.