NewsWhip Books Loss Of €327,000
NewsWhip, the Dublin company that tracks trending stories and sells the info to news organisations, booked a net loss of €327,000 in the year to end October 2013.
Based in South William Street and with an office in New York, NewsWhip developed a web app called Spike that supplies deep data on trending stories to journalists, editors, marketers, and PR agencies.
According to the company: “Our clients are leaders in their fields: The Huffington Post, editors at the BBC, writers at Think Progress, social media editors at ABC, PR consultants at Resource. Spike is also used by many freelancers and small PR firms. We pride on keeping it easy to use, and inexpensive."
Through its consumer site, NewsWhip, and smartphone apps on iOS and Android, any consumer can find stories that people decided are worth sharing.
NewsWhip's technology tracks a huge volume of content, claiming to add 250,000 new stories to its databases each day, including content published in English, Spanish, French, Dutch, German and Portuguese.
Says the company: “Minute by minute, we get their 'social velocity', a formula of the new tweets, shares, likes, comments and other buzz the story receives. Our patent-pending technology uses social velocity as a ranking mechanism, sorting through stories and ranking them based on where they're from (US, Ireland etc), what they're about (Gossip, Tech etc), and a host of other filters.”
Enterprise Ireland invested €250,000 in NewsWhip Media Ltd in June 2013. The 31 October 2013 balance sheet shows equity invested of €172,000, the same as a year earlier, but there is a long-term creditor item of €850,000 on the balance sheet that wasn't there before.
The NewsWhip team outside their South William Street office
NewsWhip's cash last October was €583,000, up from €33,000 a year earlier. Year-end debtors amounted to just €6,000.
Paul Quigley and Andrew Mullaney co-founded NewsWhip in 2011. In 2012, the company attracted angel investment from the NDRC, New York-based entrepreneur and investor Shane Naughton and UK-based Meridian Growth Capital.
In September 2013, the Company announced a seed investment of $1.1m, which presumably relates to the €850,000 liability in the abridged balance sheet. (August 2014)