PinMeTo raises funding from D-Ax
The location based startups PinMeTo helps companies get the right location data about their business on the biggest platforms such as Google, Facebook and Foursquare. The company caters primarily to retail, restaurants and hotels. Clients of PinMeTo inlcude Fitness 24 Seven, Elite Hotels, Malmö stad och Clarions.
”Much of the information on Google and Facebook are generated through users, which means that sometimes addresses and opening hours are not right. Therefor there will be problems with customers who don’t find the right location” CEO and Co-founder Daniel Melkersson explains.
Investment by D-Ax
Now, the investment company D-Ax, with Axel Johnsson Group at the helm, has invested in the Malmö-based PinMeTo. The investment is at a multimillion-dollar range, but a closer sum has not been announced. D-Ax will also take place in the board of directors. The serial entrepreneur Niklas Eklund will take over as chairman of the board.
”D-Ax becomes operationally involved in the company, which was part of the deal. They have the experience to run international Internet companies, which we don’t. They know how PinMeTo can become a major global company” says Daniel Melkersson.
D-Ax has created great international successes such as match.com and Bookatable. The investment company consists in addition of Axel Johnson Group also Niklas Eklund, Johan Siwers and Christopher Persson.
So far, PinMeTo has focused on developing the underlying software in the product, but with this investment, the company can now focus on making the program more user-friendly and grow it’s user base. Now the work begins with a frontend solution; the first features will be released in a few weeks and the full release is expected in the summer.
Currently, PinMeTo sells its services directly to the businesses and organisations. In the future, the company aims selling to intermediaries, such as web- and PR-agencies.
”As soon as we are done with the frontend, this will be a software that anyone can use. We will focus those working with marketing for retailers to see it’s uses.” Daniel Melkersson says.
The investment by D-Ax is the second investment PinMeTo has raised since the launch in 2013. The first round was last year, when venture capitalist and serial entrepreneur Lars Wingefors invested € 160,000 in the startup. This autumn, PinMeTo expects to expand the business by hiring additional staff for sales and marketing. Later on, CEO Daniel Melkersson says that more developers, service- and supportfunctions will be needed.
PinMeTo is indeed heading for an exciting future!