MomentFeed, a provider of Proximity Search Optimization software, announced it has closed $10 million in funding led by private equity firm Level Equity. Previous investors Signia Venture Partners, Draper Nexus, and DFJ Frontier also participated. To date the company has raised more than $38.3 million in funding.
MomentFeed helps multi-location brand marketers capitalize on the digitally-driven consumer, who turns to their mobile device to research nearly every purchase. This same consumer increasingly prioritizes convenience over brand as demonstrated by the rise in unbranded “near me” searches such as “grocery store near me” on Google and other discovery networks.
To succeed in this new era, the most recognized, multi-location brands have turned to MomentFeed to ensure their brand is visible when nearby consumers search. The company’s Proximity Search Optimization platform helps brands effectively manage local listings, local reviews and ratings, and local social media across hundreds or even thousands of locations.
MomentFeed CEO Nick Hedges credits the success and growth of the company to an obsessive customer focus that has become even more important as the company helps its clients maintain high levels of digital visibility during COVID-19.
“Interest in MomentFeed has grown significantly as multi-location brands look to influence a purchase decision that often starts with a mobile search, a trend that has accelerated during COVID-19,” said Hedges. “Brands want to be the first to show up in mobile search results with accurate, trustworthy information that instills confidence and drives sales. We believe we have the best platform in the industry to help our clients achieve these goals today, but also recognize there is opportunity for innovation to help our clients continue to excel. This funding will help us do just that.”
The capital infusion will fuel MomentFeed’s efforts to meet growing demand for its Proximity Search Optimization platform, helping multi-location brands continue to outperform competitors in proximity discovery, reputation, and loyalty. MomentFeed is committed to being the platform innovation leader and will more than double the size of its research and development team by the end of 2020.
Earlier this month the company unveiled its most recent innovation, a Proximity Search Optimization Dashboard that helps multi-location marketers more easily stay on top of the five key factors needed to target and convert local consumers.
“We are very excited by the direction that MomentFeed is headed in and are delighted to have the opportunity to lead this new round,” said Sarah Sommer, partner at Level Equity. “This is an already large and now accelerating category as MomentFeed becomes business essential. We are really pleased to be able to support MomentFeed in this next wave of innovation and growth.”
“As we look ahead to the next decade, we see massive greenfield opportunities to reimagine how online and offline experiences are connected. We remain steadfast in our mission to unite mobile consumers with brands locally,” said Hedges.