Propulso says the funding has already allowed it to double its workforce.
Data intelligence platform Propulso has secured $2.6 million CAD in strategic funding as it looks to expand its services to the United States by 2025.
The funding round closed at the end of February and was led by Anges Québec and AQC Capital, with participation from Investissement Québec. When reached by BetaKit, Propulso declined to disclose if there was a debt or secondary capital component to the round. The startup also said its board would expand in the coming months as a result of the round.
Propulso told BetaKit that the funding has already been used to double its workforce from 10 to 20 employees, and expects to continue hiring at the same rate going into 2025. The startup says more staff will make it possible to strengthen its research and development capabilities and meet growing international demand.
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Propulso said the funding also provides opportunities to collaborate within the community where it’s based—Magog, Qué., a small city just outside of Sherbrooke.
“This strategic investment acknowledges the merits of both our vision and our commitment to ethical innovation,” Propulso founder, president, and CEO Mathieu Le Reste said in a statement. “We’re so happy with the opportunity to create skilled, high-value jobs in the region as we accelerate our expansion domestically and internationally.”
Propulso uses the geolocation data of consenting parties to help advertisers target certain demographics as well as generate market research reports. Examples on its website depict advertisers being able to use Propulso to target geographic landmarks, identify the mobile phones of individuals entering those zones, and anonymously add those individuals’ consumer profiles to the advertisers’ campaign audience.
Propulso says it conforms to national and global privacy standards such as Quebec’s Law 25, Canada’s Bill C-27, and the European Union’s General Data Protection Regulation (GDPR). Propulso did not respond to a question from BetaKit about how it gains consent from the individuals it tracks.
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Propulso claims it sets itself apart by allowing advertisers to select a customizable polygon of a geographic location that is accurate up to 3 metres, like the area around a specific building, while Google Ads and Facebook Ads only allow the selection of a circular area that is accurate up to 500 m and 1.6 km, respectively.
In April, Trans Canada Trail, the organization that manages Canada’s nationwide trail network, announced it had begun using Propulso to track its total visitors, unique visitors, user demographics, entry and exit points, and speed or direction of trail use.
Propulso was founded in 2017 and bootstrapped through the development of its platform, which officially launched in 2021 after years of invite-only testing. The startup says it has already begun exploring opportunities in the United States by participating in major technology events and trade shows.
Feature image courtesy Propulso.
