Those who know me well as an investor know that I take structured notes on companies I meet with every day, in my own format, which includes a few takeaways that I find interesting, as well as a rating that allows me to stack rank companies in any given week/month relative to each other. When we first met Adam, Aviel and Damon from Simply Measured, and learned more about the company and their vision for owning a big chunk of the $20B being spent on marketing technology, I distinctly remember starting to take notes, much like any other meeting, but then stopping 5 minutes into the conversation and simply writing – “Invest!”
Today, as we announce our investment into the company, I wanted to share a few things that stood out in our interactions with the team that compelled us to partner with them:
1. The difference between a good product and a great product is the last 10%, and this team has undoubtedly doubled down on that last 10%! Combining the raw horsepower of Microsoft Excel with the visual appeal of a modern web interface is rarely seen in one complete and easy to use package, but this team somehow managed to achieve that elusive harmony of form and substance. That maniacal focus on the product has allowed the company to win hundreds of enterprises and agencies, who had previously been at the mercy of antiquated enterprise software.
2. Social media marketing is becoming the front door to the CMO’s house. The first wave of social media marketing saw point tools that allowed social media marketers to “shout” and “listen” across social media channels like Facebook. Today, whether you’re a brand, agency, small or large enterprise, the plethora of marketing channels, individually silo’ed social media tools, and the need for a single destination for your reporting needs creates the perfect opportunity for Simply Measured. Marketers are quickly realizing that the next wave of innovation in social media marketing revolves around proving ROI through analytics, and Simply Measured is positioned perfectly to cater to that need (I shared my thoughts in 2012 on this topic here).
3. A SaaS product is only as good as the team’s ability to market and sell it. At Trinity we’ve had the good fortune of being associated with multiple high-growth SaaS companies like ServiceMax,New Relic, Act-On Software, Jama Software, RJMetrics and others. While these companies span many verticals, the single common thread among all of them (besides Trinity!) is a laser focus on dominating their initial market/audience, a frictionless selling approach that starts with delighting the prospect/customer and a winning team that has an unfair advantage over competitors. Simply Measured exemplifies all these traits. That, in turn, has powered their year-over-year revenue growth rate, net negative churn, leadership in this segment and a raving customer base amassed by a relentless desire to make their customers better (social media) marketers.
We are “simply stoked” to be partnering with this team, and our friends at Bessemer and MHS Capital, to help fuel the next phase of explosive growth for Simply Measured. On a more personal note, I’m looking forward to working with my friends – Adam, Aviel and Damon – in playing a small role in helping them realize their inspiring vision and goals.
To the entire Simply Measured team – Welcome to the Trinity family!