Crayon Raises $22 Million as Startup Builds Competitive Intelligence Platform

By Thomas Price Tuesday, May 4, 2021

As more business owners and major companies look to increase their online presence in order to reach more customers, many are searching for a way to gain a competitive edge in the business. Crayon is a business tech startup that has created a competitive intelligence platform that helps provide insight and strategies to business owners looking to increase online engagement. The company recently closed its Series B funding round, which will help improve business development speed and grow its team of workers to meet new demand.

Artificial intelligence concept.

How Crayon Works and Ongoing Success

Business tech startup Crayon provides a competitive edge to business owners on its platform by analyzing over 100 different data types on their competitors automatically. Additionally, the startup provides the company it works for with up-to-date information on all competitors from price changes, new products, employees and customer reviews, and even launches of marketing campaigns. From there, the business tech startup conglomerates all insights on a single, streamlined platform.

Crayon sets itself apart from its own competitors by tracking over 300 million different sources and discovering nearly 50,000 new data points every day. Alongside notifications that keep all business owners and staff completely in the loop about new insights, Crayon has proven that this approach to competitive intelligence works.

In fact, the company has proven that over 60% of customers see a positive impact on revenue after using the competitive intelligence platform. This figure also represents a 17% increase in effectiveness for the company as well, showing not only that what Crayon does works but the business tech startup is actively getting better as well.

These results have clearly proven the company in the eyes of many business owners as the tech startup now has over 500 customers, including Visa, Dropbox, Discover, Oracle, Zendesk, Adobe, and Spotify. The popularity of the platform has in turn attracted several investors.

Crayon Funding and Future Plans

In the Series B funding round for the company, Crayon raised $22 million in capital. The startup has now raised a total of $38 million. The funding round was led by Baird Capital with participation from Baseline Ventures, Bedrock Capital, C&B Capital, and Oyster Funds. This new funding will help increase the staff at Crayon while also accelerate product development.

Crayon is set to see further expansion as the competitive intelligence market is projected to grow. In fact, the global competitive intelligence market is estimated to be worth $82 million by 2027. This will be achieved through a compound annual growth rate of 10.3%. Considering the significant customer base Crayon has already accumulated, the startup could become the premier company in competitive intelligence as the global market expands.

When commenting on the latest funding round and the effectiveness of the platform, co-founder and CEO of the tech startup Jonah Lopin said, “Traditionally, gathering this data was a highly manual, time-intensive, and expensive process. But today there’s a far better way to compete that’s software-driven. Our platform captures competitive intelligence programmatically in real-time and empowers teams to take timely action towards increased sales and better differentiation in their market.”

About the Author

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Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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