Antenna, a new startup that provides analytics for subscription-based services, has secured $4.2 million in seed funding from Raine Ventures.
The 12-person business intelligence company, founded in February amid “The Streaming Wars,” was built on the idea of helping companies navigate the crowded and volatile direct-to-consumer market. By using underlying transactional data, the company is able to provide insights into services’ growth, user acquisition and churn rate.
As more and more streaming services enter the market and demand from consumers continues to rise during the pandemic, Antenna, in 10 months, has gained attention among media insiders and acquired 10 clients and a six-figure monthly recurring revenue.
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The company plans to use the $4.2 million investment to launch solutions that analyze the impact of content and advertising, and expand beyond the entertainment space into other subscription services like education, gaming, audio, and health and wellness.
The funding was led by Raine Ventures, a venture capital fund that has invested in a number of media companies over the years like Tastemade, Soundcloud and Foursquare, as well as a number of angel investors, media industry founders, executives and thought leaders.
“Antenna’s measurement data is unrivaled in the market, and in a short amount of time, the company has become the new industry standard in subscription data,” said Gordon Rubenstein, managing partner at Raine Ventures.
Antenna’s new-found growth wasn’t entirely expected. The company never intended to launch right before the pandemic and capitalize on a sudden and unprecedented boom from the streaming industry. But like many startups, luck had a hand in the matter, and the analytics company has found itself well positioned to capitalize on traditional media’s transition to digital and mobile.
As the fourth quarter comes to a close, and businesses and agencies attempt to navigate the uncertainty surrounding the pandemic for 2021, analytics companies like Antenna are expected to see a pipeline of opportunity.