Less than a year into Bob Moore’s most recent venture, Crossbeam, he and cofounder Buck Ryan have announced they’ve raised a $12.5 million Series A round.
The collaborative data platform helps companies build partnerships while acting as an escrow service for data — allowing companies to find overlapping customers and prospects with their partners while keeping that data private.
When we checked in with Crossbeam last month, the data platform had gone live and onboarded more than 100 companies (including some local ones).
The team had also released products, been featured on the “How I Raised It” podcast; and won first prize at PACT’s Phorum demo pit.
The data analytics startup formally launched at the beginning of 2019 with about 10 full-time employees after the cofounders first started working on the idea in 2018 within the office of Stitch, one of Moore’s earlier companies.
Moore, a figure among Philly’s tech ecosystem who saw his two prior startups get acquired (RJMetrics in 2016, Stitch in 2018) also said the team planned to add 10 more employees by the end of the year.
Now, a month later, Moore and Ryan are announcing their Series A raise. The company will use the funding, led by FirstMark Capital with participation from existing investors First Round Capital, Uncork Capital and Slack Fund, to “continue to grow the Crossbeam network and the value we create for our customers,” Moore said.
Also on the list of investors? B2B brands HubSpot Ventures and Salesforce Ventures.
“These iconic B2B brands are not only key tech integrations for our platform, but also partnership supernodes whose partner ecosystems — which encompass thousands of partner companies — represent the magnitude of the opportunity at hand,” Moore said.
The team has also welcomed Matt Turck, who joined the board as FirstMark Partner.
“Crossbeam resonated with me as a quintessential example of a data problem that’s poorly addressed by spreadsheets and other ad hoc solutions,” Turck said in a statement. “As more and more businesses build the capabilities to harness and leverage their own internal data, the next stage will likely involve sharing data across organizations as a routine business practice.”
It seems like the company’s swift growth won’t be slowing down any time soon, or going anywhere. Moore ended his fundraising announcement saying the company will continue to expand both its Philly and remote teams.
At the beginning of this year, when Moore had just launched a third venture in Philadelphia, he explained his math behind why founding in Philly didn’t just feel right — the numbers were right too.
“If you take something away from this analysis, it shouldn’t be that ‘Philly is all you need,”‘ he wrote. “Quite the contrary, it shows that Philly shines brightest as part of a bigger picture.”
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