Today, Factual is pleased to make an exciting announcement: that we have raised $25 million in funding for our Series A round. The financing was co-led by Andreessen Horowitz and Index Ventures, with participation from Michael Ovitz and SV Angel (Ron Conway). In addition, Ben Horowitz and Danny Rimer, from Andreessen Horowitz and Index Ventures respectively, will join the Factual board of directors.
We plan to use the funds to accelerate our rate of growth, expand our data offerings and services, and hire top quality talent, particularly engineers. With that last goal in mind, we recently decided to open an office in the Bay Area (in addition to Los Angeles and Shanghai) in order to expand access to the technical talent pool.
From providing POI data to Facebook Places, to powering Newsweek’s America’s Best High Schools project, to assisting scrappy start-ups and app developers, Factual is committed to working with partners large and small who have a need for good, accurate, and affordable data. Since releasing several premium datasets this September – including our Local/POI data – we’ve seen a tremendous upsurge of demand for our offerings and services. Consequently, to keep up with that demand, work with more partners, launch more features, and release more premium datasets in a variety of categories, our goal is to beef up our recruitment and hiring efforts – which this new round of funding will certainly allow us to do.
To quote one of our investors and new board members, Ben Horowitz: “Factual is a key player in the emerging data-as-a-service market, with the potential to fundamentally impact how people and businesses use data to make decisions.”
This first round of funding represents a great milestone for Factual, capping off what’s been an exhilarating year for our company. It’s a testament to the hard work we’ve put in thus far, and the demonstrated power of our technology. With the new funding and support of our superstar team of investors, we can become a driving force in the open data revolution that’s transforming the web (and the world) as we know it!