Hookit, a sponsorship analytics Startup, is getting some fresh capital this week. The company has just raised new Funding for its sponsorship analytics software.

According to Finsmes, the startup has just raised $16 million in growth funding round led by Arrowroot capital with some participation from Bialla Ventures, Social Starts, and other existing investors. The startup plans to use the fresh capital to fuel its global expansion and grow its team.

About Hookit

Founded in 2001 and based in Solana Beach, California, Hookit is a sponsorship analytics and valuation platform that effectively measure sponsorship value that brands receive from athletes, teams, and events in both social and digital media.

CEO Scott Tilton founded the startup, which tracks nearly 500,000 entities across the social and digital platforms.

Hookit is the leading sponsorship analytics software for the sports today.

The company's core software product tracks hashtags, followers, social media posts and even brand promotions made by athletes, teams, and events. It helps brands maximize their sponsorship efforts while at the same time empower athletes and teams to increase their value to sponsors.

Additionally, the company has become the favorite platform for forward-thinking companies like Canadian Olympic Team, Major League Soccer, Soccer United Marketing, GoPro, McLaren F1 team, Liverpool FC, Monster Energy, PGA European Tour, Kantar Media and World Surf League.

According to startup profiler CrunchBase, Hootkit’s investors include some big-names in the venture capital world. These include Arrowroot Capital, Bialla Venture Partners, Social Starts, Steelpoint Capital Partners, and Tech Coast Angels. The company has already raised $800,000 in seed funding on May 2009.

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And in November 2016, it raised another $100,000 in fresh capital.

The company developed the industry’s first, most trusted standard in the global marketplace that effectively measures $5 billion worth of sponsorship value that brands received, the Finsmes said.

Other startups funding-related news

The sports analytics space is getting more attention these days. However, Hookit is not the only analytics firm that raised fresh funds. The Montreal-based SportLogIQ has also raised $5 million in its Series A funding round, according to Wall Street Journal.

In addition to SportLogIQ, the Nebraska-based Hudl has also raised new funding. As mentioned earlier by VentureBeat, the Nebraska startup has received $30 million in funding to add AI in its offerings. Accel, Jeff and Tricia Raikes, Nelnet led that funding round.