Bitly raised $20 million in its latest round of funding. This is twice the amount they earned from the last round. Bitly lets users shorten, share and track URLs. The company plans to use the funding to launch new consumer products, like a real-time, viral search engine.
The search engine helps brands track trending news and social media mentions. The search engine is going to be released in private beta. The search engine is something like Matt Lemay, Bitly’s platform manager, showed off at the New York Tech Meet-up last year.
For example, a New York tourist can see which pizza joints or movies are getting a lot of buzz. All in real-time. It’s not Google, but it is promising as a mobile app.
Back when Twitter declared its own URL shortener, many thought it is the end for Bitly. ”They survived the Twitter storm and emerged with a service that isn’t reliant on any one social network,” says investor Joshua Stylman.
Bitly’s main business has been its enterprise dashboard. This allows companies to track their links across different sites, from Facebook, Twitter, Tumblr and beyond. Companies use Bitly to optimize their social media strategy. It shows which articles spread and have the possibility to go viral. Bitly does this all in real-time, even before Google has a chance to update its page rank.
Bitly began life at Betaworks, the Chelsea-based innovation lab. But it moved out this week in a bigger new office.
Source: The Verge