Wicket Labs Secures $2.8 Million in Funding to Further Develop Industry-Leading Audience Insights Platform
WestRiver Group Leads Investment Round with Participation of Madrona Venture Group and Divergent Ventures
Seattle, WA(12 Jul 2018)
Wicket Labs, an industry-leading provider of audience insights for subscription video services, today announced $2.8 million in financing led by WestRiver Group with participation from existing investors, Madrona Venture Group and Divergent Ventures. The funding will be used to expand the Wicket Scorecard which gives online video providers a deep analytical view of their current and future audience and to expand the product’s reach to international markets.
The Wicket Scorecard drives audience lifetime value higher for its users. With streaming households in the United States numbering nearly 60 Million (comScore, 2018), it enables media and entertainment companies to gain better visibility into their customers, understand how initiatives impact the business, drive engagement with the service, and promote a happy customer base through the unique CHI score (Customer Happiness Index). The company currently has nine customers and pilots underway including MOTOR TREND,Pure Flix Entertainment, UP Entertainment, and other top TV networks.
"Employing an audience insights platform like the Wicket Scorecard provides our customers with better visibility into their video business," said Marty Roberts, CEO of Wicket Labs. "We give them a unique perspective into their subscribers throughout the entire lifecycle. With the actionable insights provided, they have an advantage in converting visitors to customers, reducing churn, engaging their audience, and driving a better audience lifetime value."
As established and traditional programmers expand to online and new programmers are developing programming solely for online audiences, understanding how these audiences choose content, jump from one piece to another, and feel an affinity for a brand is incredibly important in building loyalty. This round of investment will equip Wicket Labs with the resources to expand their software development team and progress into new digital video business verticals to address the 200+ OTT video services in the US alone, according to Parks & Associates 2018 OTT Market Snapshot.
"Our partnership with the WestRiver Group, in addition to the ongoing support from Madrona Venture Group and Divergent Ventures, will accelerate the capabilities of the Wicket Scorecard as we introduce machine learning applications and expand our sales team internationally," said Roberts.
Anthony Bontrager, Principal at WestRiver Group, will join the Wicket Labs’ board. "The Wicket Scorecard has proven to be a highly attractive solution to enhance audience insights. With the average household in the US streaming around 54 hours of TV per month (comScore, 2018), this is a need many direct-to-consumer video services are beginning to realize they have," said Anthony Bontrager.
About WestRiver Group
WestRiver Group (WRG) is a collaboration of leading investment firms that provides integrated capital solutions to the global innovation economy. The Kirkland, Wash., based company has investment platforms focusing on the technology, life science, energy, and experiential sectors, with flexibility to invest in a variety of asset classes and capital structures. WRG’s established network of partners provides access to investment opportunities and thought leadership, and deep operational expertise allows it to work closely with portfolio companies and lead at the executive and board level. Further information available at wrg.vc.
About Wicket Labs
The mission at Wicket Labs is to level the playing field for media companies in an arena where data determines the winners. The founding team is well positioned with over 40 years of combined experience working for and with the biggest media companies in the world. We are building the Wicket Scorecard as the only audience insights platform for media companies who need unique insights into their video business that drive more informed decision making, and better results. Wicket Labs is a Seattle based company with a commitment to integrity, diversity, empathy, and curiosity. We are looking for colleagues, partners and customers to join our growing team. Further information about Wicket Labs is available at WicketLabs.com.