Metaverse data specialist GEEIQ has raised £6.6 million in funding.
The company, which is headquartered in London, will accelerate its scale-up plans, explore potential international expansion and further develop its data platform product.
Launched in 2018, GEEIQ has grown rapidly by addressing a mounting need for data intelligence in the evolving metaverse market, which it defines as virtual gaming and social environments, such as Roblox, Decentraland and Fortnite.
Its platform leverages data from this space, which GEEIQ sees as a natural evolution of social media, to help brands navigate it effectively.
As a result of this technology, GEEIQ has positioned itself as the decision-making point for brands seeking to identify and optimise their virtual strategies, helping them to reach, engage and retain new, virtual audiences. It supports its clients through a subscription-based model with managed services embedded into contracts.
High-profile international brands that have engaged GEEIQ to date include Walmart, Porsche, L’Oreal and Gucci. The platform also helped to ensure the successful execution of Sir Elton John and Universal Music’s ‘Elton John Presents: Beyond the Yellow Brick Road’ virtual Roblox concert and experience – which became the highest-rated concert in Roblox history.
“Global brands have been relying on GEEIQ and this latest investment will turbo-charge our ability to support them further, as well as enabling us to tap into new business opportunities,” said CEO Charles Hambro.
“We want to ensure that our company is as well positioned as possible to help visionary brands gain a data-driven and profitable presence in the virtual space.
“YFM have provided us with outstanding support from the outset of our relationship with them. Going far beyond what a typical investor would offer, they have taken the time to really understand the drivers of our business, which can be challenging in such a new sphere.
“Their comprehensive due diligence approach has been hugely advantageous, as has their help with building out our growth strategy. The YFM team also aided us in appointing a new, highly experienced chair, Michel Cassius, previously of Apple, Electronic Arts and Microsoft Xbox, who is playing a key role in our development.”
Helen Villiers at YFM added: “GEEIQ is testament to the fact that brands are beginning to take virtual environments and the metaverse far more seriously.
“We’re at an inflection point where traditional advertising and social media presence will no longer cut it for brands entering this space. They need tools like GEEIQ for KPI measurement and attribution.
“While many tech businesses operating in this space received extensive investment during the early metaverse ‘hype’ period, GEEIQ continues to operate and thrive and represents a more mature metaverse investment opportunity.
“The business is helping to define the future of these virtual environments as a marketing vertical and has huge growth potential.