Social media monitoring startup Lucidya raises $1.1 million

With the rise of social media over the last decade, there has been a lot of data that is acquired by those companies. From the simple statistics as likes, followers, shares and other metrics to more in-depth information such as hobbies, preferences and common friends. However, the social media companies themselves are not the only ones that are able to track that data. More and more often, there are third parties that specialise in this particular area as well, in order to gain insights into the behaviour of people and corporations.

In the MENA region, there have been few of these companies. However, recently Lucidya, a Jeddah-based startup that monitors social media for brands, raised an $1.1 million investment from the newly established Business Incubators and Accelerators Company (BIAC), the Small and Medium Enterprises General Authority (Monsha’at), Abu Nayyan Holding, and some other investors from the region.

The funding indicates an appetite for local data analysis companies.