US-based crowdsourced competitive intelligence provider InfoArmy has raised $17.3m in Series B funding, which it will use to expand its global community of researchers. Its latest investment, which has been led by Norwest Venture Partners with participation from Trinity Ventures, brings InfoArmy’s total funding to $19.3m: CEO Jim Fowler invested $2m in Series A funding last year. As a result of the funding, Jeff Crowe of Norwest and Patricia Nakache of Trinity will be joining InfoArmy’s Board of Directors.
Founded in 2011 and publicly launched in June this year, InfoArmy creates competitive intelligence reports through the researchers, who are paid $20 for every report published and 40% of the proceeds when it is purchased. Anyone can generate the reports, which are later checked by a senior researcher, who then receives 10% of the revenue. The firm currently offers 1,800 free and paid reports via its web site and iPad app, and earlier this month announced it is expanding to cover public companies as well as private.
‘Our goal is to recruit a global army of researchers to build the largest and most comprehensive database of business intelligence reports in existence,’ explains Fowler. ‘This raise further validates our model and the whole concept of crowdsourcing and the crowdsourcing industry.’