Propulso secures a $2.6M investment to fuel its growth and innovation. The company plans to double its workforce, expanding its horizons and capabilities.
Data intelligence platform Propulso has secured a substantial $2.6 million in funding to fuel its ambitious plans for expansion into the United States by 2025. This funding round, completed at the end of February, was spearheaded by Anges Québec and AQC Capital, with Investissement Québec also contributing. Although Propulso remained tight-lipped about the specifics of the funding structure, they did reveal that their board would be expanding soon.
With this new financial backing, Propulso has already doubled its workforce from 10 to 20 employees and aims to continue this growth trend through 2025. This expansion will bolster their research and development efforts, enabling them to meet the rising international demand for their services.
Propulso, based in Magog, Quebec, is eager to use this funding to foster local collaboration and create high-value jobs in the region. "This strategic investment validates our vision and dedication to ethical innovation," said Propulso's founder, president, and CEO Mathieu Le Reste. "We are excited about the opportunity to create skilled jobs locally while accelerating our growth both domestically and internationally."
Propulso specializes in leveraging geolocation data from consenting users to help advertisers target specific demographics and produce detailed market research reports. Their platform allows advertisers to pinpoint geographic areas as small as three meters, a significant improvement over the broader targeting options provided by Google Ads and Facebook Ads, which are accurate up to 500 meters and 1.6 kilometres, respectively. This precision enables advertisers to target individuals near specific landmarks, such as buildings, and anonymously add their consumer profiles to marketing campaigns.
Privacy is a critical concern for Propulso. The company adheres to various national and international privacy standards, including Quebec’s Law 25, Canada’s Bill C-27, and the European Union’s General Data Protection Regulation (GDPR). However, they did not provide details on how they obtained consent from the individuals they tracked.
An example of Propulso’s innovative application is its partnership with Trans Canada Trail, which manages Canada’s extensive trail network. In April, Trans Canada Trail began using Propulso’s technology to monitor visitor statistics, demographics, entry and exit points, and even the speed and direction of trail use. This collaboration showcases the practical benefits of Propulso’s precise geolocation capabilities.
Founded in 2017, Propulso developed its platform through self-funding, officially launching in 2021 after several years of invite-only testing. The company has already begun exploring opportunities in the United States by participating in major tech events and trade shows, signalling its readiness to expand into new markets.
In short, Propulso’s recent funding is a testament to the strength of its vision and its commitment to ethical, innovative technology. With plans to double its workforce and extend its reach internationally, Propulso is poised to make significant strides in the data intelligence landscape. Their precise geolocation services, coupled with a strong focus on privacy, position them as a promising player in the field, ready to meet the demands of advertisers and researchers alike.
