We recently led a Series A Financing in the the Denver-based company FullContact. Our investment was the culmination of 6 months of working with the company’s founders and watching them take a good idea and, with the help of Techstars, turn it into an exciting business.
FullContact is the API that keeps contact information current. What does that mean? It means they provide technology for developers who are wrestling with databases containing incomplete, out-of-date and generally unruly people data. No small thing. So far, developers have used the FullContact API to build iPhone Apps that complete address books, CRM enrichment applications, HR applications, browser extensions and more. If you want to see how it works (and clean up your contact database) go to the FullContact website and give it a try.
Why do we like FullContact? A lot of reasons, starting with the fact that they are addressing a huge pain point. Who doesn’t struggle with keeping their contact database current? What company wouldn’t be more productive if their sales force was working with accurate data? As a result, the potential market for FullContact’s technology is huge. It cuts across everyone from the individual consumers, to small businesses, to large companies operating in virtually any vertical.
While FullContact is not the first company to address the issue of contact data, they are taking a unique approach. First, they are the only company providing developers with an API. Second, they use the crowd to gather their data. In other words, they collect all of the disparate pieces of contact information from both their users and from the internet at large, aggregate them, and then use their unique algorithms to determine what attributes are current and correct. They only share information that is publicly available, and they provide the consumer the power to edit and control their own contact information. Powerful stuff, and with over 100 million contacts in their database, it is getting more powerful every day.
The final piece of the FullContact story is the team. We feel lucky to be working with Bart Lorang, Travis Todd and Dan Lynn. They are talented, battle tested, and now, proudly, “Techstars Graduates.” We look forward to helping them build a great company over the years to come.