Tamoco sets itself out as the world’s largest proximity network.
When you have TechStars mentor and entrepreneur Simon Andrews, investor, and entrepreneur Brent Hoberman, Nokia CEO Olli-Pekka Kallasvuo, and First Eastern Investment Group’s Victor Chu on your board, it’s easy to forget that the founders themselves bring some serious weight to the five-year-old business.
Founder Sam Amrani is a serial entrepreneur and one of Forbes’s 30Under30, CEO and serial entrepreneur Rune Bromer recently sold his latest venture to the largest retailer in Denmark, CCO Daniel Angel is a digital veteran, with roles at EE and the FT littered through his 20-plus year career, and Dimitrij Dennisenko is the founder of Blacksquare and was the lead architect for AOL in Europe.
Tamoco sets itself out as the world’s largest proximity network. It capitalizes on the near-universal use of smartphones to connect mobile devices with physical sensors for location-based promotions. It collects data in millions of locations around the world, partnering with WiFi providers such as Sky, as well as retailers and big brands, to create a highly scalable proximity network. This means it can provide data that is more precise (accurate with one metre) about an individual’s whereabouts, and provide insight into customer behaviour with unprecedented speed and accuracy.
Its global proximity network comprises over 1.1 billion sensors – WiFi routers and Bluetooth beacons, so it effectively partners with putative competitors such as Foursquare to aggregate data in its network. It also has an active mobile audience of some 40 million, which allows the company to access individual audience movements around the world.
And because its data hub is sector-agnostic, it can be used for, say, advertisements to a single individual, or to identify bigger trends –forecasting retail behaviour for the financial sector, for example.
It already boasts a roster of major multinationals among its customers– many focusing on location based advertising, or FMCG brands and retailers using it to reach consumers (through individual offers to people within proximity of a store).
But CEO Bromer sees it as becoming even more widespread in tracking behavioural and marketing trends and providing ground-level, financial insights or for urban planning. It could, for example, be taken up by Transport of London, or any organisation looking to capture ‘time-and motion’ style information for performance evaluation.
“There is growing demand from businesses looking to use location-based technology,”Bromer says. “We have two clear parameters we measure against: the precision of our data, and the time-lines of that data. We are pushing as much real-time information as possible. Part of our solution is helping customers with volumes of raw data through our insights platform.” The funds raised in this round will be used to expand into new markets and attract more revenue-generative customers.
With the potential demand for more accurate, context-specific data only set to grow, that global board makes a lot of sense. So what is it that Tamoco looks for from its non-execs? Says Bromer: “Chemistry. Most collaborations will break down without basic likeability.” They also have to provide value. “You want to work with someone whose reputation and values match the company’s and who brings something new to the business.” Founders need to listen as well as ask questions of potential board members: “When you meet, you can learn a lot about from what they ask you.”