Singapore-based incubator Red Dot Ventures has announced that it’s ploughing S$600,000 (US$490,000) of seed funding into compatriot startup The Stakeholder Company. Founded last year, The Stakeholder Company, is a data-loving, influence-mapping solution for large corporations to visualize their corporate or market structure - or that of their rivals.
The Stakeholder Company - let’s call it TSC for short - describes itself more succinctly in this pitch from the founder:
This is CRM meets six degrees of separation meets big data issue mining. Essentially it’s your stakeholders relationship mapping on demand, cutting edge intel at your fingertips, and it saves our customers literally years of building the right stakeholder network.
It has lots of major brands across many sectors as its clients, including the likes of HP, Nokia Siemens, and chemical corporation Syngenta.
Despite the global customer base of TSC, it currently has little more than 30 staffers across 5 country offices. The founder is Terence Lyons, who formerly worked in a similar context at Microsoft as the ‘global stakeholder engagement lead’. From Singapore, he tells us some plans for the cash:
The funding will be used primarily to build our V2 solution portfolio [for data management] and increase the size of our dev team. That team has a big program of rapid releases planned over the next four months that cover mobile apps (iOS, etc), new big data mining algorithms, network visualization, etc.
Asked about expanding further to get closer to TSC’s clients, Terence replied:
Presently we are two full-time staff in Singapore (four by January), 28 in India, one in Australia, one in France, and one in the UK. We grew 400 percent this year so, yes, expansion is definitely on the cards and we should be opening a London office in Q1 next year to take advantage of our momentum there. Typically this brings us closer to the HQ’s of our clients though in reality we work on many projects across many countries so it’s the deciders with the budget that we try and stay close to.
Regular readers might recall that Red Dot Ventures is one of eight incubators inducted into the Singaporean government’s Technology Incubation Scheme (TIS) earlier this year. The incubator’s previous investment was a similar seed sum put into digital security startup Innova Technology last month.