Locu Raises $4M For Local Data
Boston’s Locu has raised $4M from General Catalyst Partners. The startup came out of Tim Berners-Lee’s lab at MIT. What they do is extract data on restaurants and other local businesses from Web sites. So should a local company change its hours of operation or location, Locu might see that and change its data. The business model is to deliver that via an API to directory sites.
Locu says it has several hundred clients which sounds great. However, we have worked in Lucu’s line of business and do not find it attractive. There is a limited pool of companies that want accurate local data and there are a large number of companies that will provide that data at a reasonable price. So we expect they will need to add a new line of business to find growth.
Other investors in the company includeLowercase Capital, Lightbank, SV Angel, Naval Ravikant, Babak Nivi, Quotidian Ventures and Matt Ocko.
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