Singapore’s Tookitaki gains $1m to research consumer targeting in Asia
Tue 6 Jan 2015
Singapore-based consumer data intelligence startup Social Audience Pvt Ltd has secured $1mn (£658mn) in R&D funding for its Tookitaki platform, which seeks to provide companies with hybrid and ‘predictive’ consumer lead-data.
The new investment is headed by Singapore’s Jungle Ventures and Rebright Partners, together with current investor Blume Ventures, and is intended to be used for research and development work for the product, which began life as an AdTech-style ad syndicate and evolved into a Software-as-a-Service (SaaS) product specialising in consumer data intelligence. The work is intended to establish or grow the product’s reach in Southeast Asia, New Zealand, Australia and Japan.
Tookitaki was founded by former Doubleclick engineer Abhishek Chatterjee, together with former Times Group marketing specialist Jeeta Bandopadhay, and received its previous major round of funding from Blume Ventures, Harvard Angels and India Internet Group, who invested $200,000 (£131,000) in the company in 2013. The company also obtained venture capital via Bangalore tech start-up incubator Srijan Capital.
“We help marketers discover their audiences via analysing social graph data,” says CEO Chatterjee. “Simply put, a marketer can define criteria to describe an audience and our machine learning algorithm based on contextual search can “locate” a potential audience. We then provide RTB-based platform to reach out to the discovered audience.”
Tookitaki was initiated via the iAccelerator project at the Indian Institute of Management in Ahmedabad before receiving its 2013 funding.
According to the company, Tookitaki monitors social media platforms such as LinkedIn and Facebook – with Twitter soon to be added – looking to categorise and identify trends and their online adherents, building up a portfolio of ‘off-the-peg’ or bespoke audiences for marketers.
Investor Jungle Ventures believes that Tookitaki has ‘a strong technology proposition’ despite the company’s admitted competition from the likes of competitors RadiumOne, Hearsay Social, Lotame, AddThis, and insurgent players such as Velocity and Perfect Audience. Jungle Ventures’ managing partner Amit Anand said: “Consumer behaviour forecasting is important in responding to strategic and tactical business decisions, especially in marketing and sales, where enterprises are always looking for new technology to help them better target and engage their customers. Tookitaki has a strong technology proposition.”