As more marketers look to navigate data privacy lawsthat put restrictions on how data is collected and used, Narrative is one of handful of firms that sells software that companies use to transparently buy and sell data.
The marketing-tech firm has raised $8.5 million in a Series A funding round led by new investor G20 Ventures and previous investors Glasswing Ventures and MathCapital. The five-year-old company has raised a total of $14 million.The startup is also rolling out a new tool to speed up how marketers buy data that mimics an e-commerce website.Narrative runs a marketplace where companies buy and sell data.
"The goal was really to massively simplify how easy it is for people to get their hands on the data they need to run their business," he said. Jordan said that the new tool and funding are part of the company's bigger goal of making it faster and easier for companies to buy and sell data. Traditionally, companies work with multiple departments including marketing and business development to buy data. Narrative also wants to remove data brokers from the process of buying and selling data.
"Data brokers are incentivized for the process to be hard because if the process is hard, you need them — if it's easy, you don't need them anymore," Jordan said. "They are the ones that ultimately get squeezed here because they rely on it being very hard to buy and sell data.
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