Toronto's Locationary raises $2.5 Million in seed financing

Posted by Techvibes NewsDesk

Toronto's Locationary announced today it has secured $2.5 million from new investors, including the Investment Accelerator Fund (IAF) and Trellis Capital. Existing investors Extreme Venture Partners, Plazacorp Ventures, Angels and Management also participated in the financing.

Locationary provides mobile & web solutions to manage the world's local business places information and will use the funding to support the ongoing development and commercial launch of its new local data management system. This new system engages and empowers people around the world to collect, enhance, and distribute local business places data for the benefit of individuals, organizations, and businesses.

"We're excited to announce that we've closed a new investment round that will enable us to hire more engineers, evolve our local data service offerings and to launch our new local data management system for federating local business place information," reported Locationary Chief Executive and Founder Grant Ritchie. "It's a great vote of confidence in our new system that dramatically improves the way local business information is managed and distributed."

Locationary is now commercializing its sophisticated cloud-based, local data management system that helps mobile and web publishers improve quality while reducing the costs and complexity of managing local business places data. Locationary offers a free platform, specialized tools, and access to data updates from a global community, business owners, and other publishers. Publishers can use the specialized tools to enhance their proprietary data, or to synchronize it with other authorized partners, while accessing an extensive, federated database with more than 25 million profiles in 190 countries, maintained in over 40 languages.

Locationary was named one of Canada's Hottest Innovative Companies in the 2010 CIX Awards and participated in the C100's 48 Hours in the Valley in May of 2010.

Company:
Locationary
Website:
http://www.locationary.com
Location:
Toronto, Ontario, Canada

Locationary is changing how local data is collected and verified. Currently, mobile apps and search engines rely on local data licensed from aggregators that copy most of the information from yellow page directories. This process is expensive and results in stale data typically 12-18 months old. Locationary believes that only a global army of locals dedicated to data verification can keep this information... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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