Madrid-based location intelligence startup Geoblink has raised $6 million from Elaia Partners and Nauta Capital. The round includes public grant money from the Government of Madrid and public tech funding initiative Neotec CDTI.
The new funds will be invested in its SaaS product for physical stores to enhance their location-based marketing data and improving in-store networks, forecasting sales, expansion, and distribution strategies.
The company will focus on improving sales growth at home and in France and the UK; it mainly serves the retail, fast-moving consumer goods, and real estate sectors and gathers public and private data, which is ran through machine learning algorithms.
“We want to make Geoblink the absolute leader in location intelligence and really help businesses of all sizes to use data to improve their bottom line and gain competitive advantage,” said CEO Jaime Sanchez-Laulhe.
“Throughout the investment process, we’ve had the opportunity to talk to a number of Geoblink customers and have been really impressed with their feedback in terms of ROI and the quality of the location intelligence provided by the company,” added Elaia partner Samantha Jerusalmy.