Vancouver’s Klue to double workforce after raising US$62m

B.C. startup specializes in competitor intelligence

Klue founders Sarathy Naicker, left, and Jason Smith | Submitted

A Vancouver startup specializing in scraping data from its clients’ competitors has just scraped together some big-time capital that will result in a doubling of its own workforce.

Klue Labs Inc. revealed Wednesday the close of a Series B funding round that drew US$62 million from investors.

This follows a US$15-million raise that closed last year and US$4-million raise back in 2017, bringing total funding to US$81 million. This latest round was led by Tiger Global with participation from Salesforce Ventures.

Klue gathers data from clients’ competitors to keep them updated on changes to websites, products and customer reviews.

Its machine learning technology then filters through and curates the collected data to offer updates to organizations looking for an edge in sales and marketing.

The new capital injection is being earmarked for product development and expansion into new markets.

Meanwhile, a Klue spokeswoman told BIV in an email that the company also plans to double its workforce in the coming year, growing its 150-person workforce to 300 employees.

The company has more than 300 enterprise clients with about 100,000 users tapping its services.

Customers have included Vancouver’s Hootsuite Inc., Ottawa’s Shopify Inc. (TSX:SHOP) and U.S.-based Cisco Systems Inc.