WatchMyCompetitor (WMC), the AI-powered competitor intelligence platform, has received funding from Wealth Club and existing investment partner Blackfinch Ventures. 1818 Venture Capital has also invested in the business.
WMC automatically tracks competitor activity, market trends and regulatory changes in real-time for market-leading and fast-growing organisations, including Abbott, Reckitt Benckiser and Santander.
Since 2020 the company has doubled in size every year, supporting clients in over 45 countries. This latest investment will be used as a catalyst for the next phase of its growth.
Commenting on the recent investment, WMC co-founder Richard Jackson said:
“This latest round of investment truly shows our desire to push on ahead and establish WMC as the market leader in the competitive intelligence marketplace.
“Our commitment to help organisations – and our individual users – achieve success has been at the heart of our growth over the last few years. With the latest investment, we will continue to invest in providing the best platform and service available.”
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Richard Harley, senior ventures manager at Blackfinch Ventures, said:
“We first invested in WMC in 2021 and have recently completed a follow-on investment. Progress has been excellent on all fronts with sales growing consistently and the product developing at pace to ensure its features fit for customers in new sectors.
“We have been particularly impressed with the team’s ability to diversify the revenue base, which is now increasingly international, and increase the average contract value over the last two years, proving demand for WMC from larger enterprise customers. The management team are thoughtful and diligent with financial reporting, and we look forward to continuing to back the company.”
Competitive intelligence is one of the fastest-growing B2B technology markets, with 90% of Fortune 500 companies actively gathering regular data about their competitors (SCIP). Meaning 73% of companies spend a fifth of their marketing budgets on competitive intelligence (SCIP).
Unlike other CI tools on the market, WMC uses market experts to analyse and curate the intelligence, removing the need for users to sift through endless data and providing them with relevant, actionable insights.
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WMC co-founder Amanda Sinclair said:
“WatchMyCompetitor’s growth trajectory is incredibly exciting. We have a fantastic team at WMC who are passionate about building a platform capable of transforming an organisation’s approach to decision-making, innovation and revenue growth. The recent investment will help us to add more talent to our group, so that we drive new product innovations and raise the profile of WMC across the world.”
The expansion will begin with a move into new premises in London and the launch of WMC’s first US office, which is expected to be announced next year.